Bitcoin is the first and most popular cryptocurrency globally and the most valued community among crypto users. Bitcoin is well known among the non-investors and people who do not even work in the market. Its popularity is defined by the fact that it is used as a face for the cryptocurrency community. – Bitcoin’s journey
The popularity, fame, and market value bitcoin currently possesses thanks to its introduction to blockchain technology. Check why bitcoin needs the world to know how digital currency trading works. This blockchain technology possesses a new form of processing and storing, which helped Bitcoin revolutionize the global market and its working entirely. At first, bitcoin was worth mere cents, and now, one bitcoin is worth more than $50,000, and how this price hike even happens.
Questions have arisen regarding the impossible to grasp development in both market price and the acceptability and functionality of Bitcoin In the global market. So the write-up is about a complete tour of Bitcoin since its creation to the point of presence. It rules over the cryptocurrency market.
The Start of a new Crypto Era and Bitcoin’s journey
In the Year 2008, an anonymous software developer working under Satoshi Nakamoto has created this virtual coin called bitcoin, with the motto of creating a peer-to-peer digital system where virtual currencies or any digital asset made would be there. It also includes a platform where the role and influence of government should not be present.
In 2009, the creator Satoshi Nakamoto initially created only 50 bitcoins with the invented blockchain technology that will be constant in the system and not be used in any transaction. And surprisingly, the first-ever payment done by Bitcoin was by the creator itself, for two pizzas with about 10,000 Bitcoin, which as a fact, today would have been worth about $5 hundred million!
With Bitcoin being available to the general media, the price of Bitcoin in the global market has started growing as more and more Bitcoin is being used for transactions and payments. By 2010, Bitcoin has scored a price from $0.0008 to $0.83, or more than 1000% growth.
As the name of Bitcoin started spreading to far-fetched regions, many companies and businesses started owning and using Bitcoin in the hope that they too will get benefitted. As a result, more people for whom these companies and businesses are inspirations started to own Bitcoin resulting in a price hike of $250 by 2012 and a new high of $1,164 by the end of 2013. Furthermore, many new cryptocurrencies like Litecoin stand out as alternatives in the crypto community, inspired by Bitcoin.
Bitcoin Continues with controversies and Fluctuations and Bitcoin’s journey
The year 2014 was not very good for Bitcoin, as it experienced its first price fall in its carrier. Bitcoin fell to $760 in 2014. The estimated reason for this price fall was that many Bitcoin owners sold their Bitcoin, selling the high price market that foreshadowed its fall. Because of so many people selling their Bitcoin stock for profit, Bitcoin experienced a worldwide decline in buying assets, and a fell in price.
Bitcoin felt relief; in 2016, it rose to $416 and recovered to around $1000 by the end of 2016, experiencing an increment value of around 120 per cent. In 2017, bitcoin crossed the $1500 mark and was accused by many famous businessmen and corporate CEOs, calling Bitcoin a fraud viewing its escalating market value, which they apologized later.
In 2018, Bitcoin experienced the most significant fall ever, falling from the all-time highest $20,000 to $3,000 or a price fall of more than 650 per cent. This price fall affected the Bitcoin investors severely, costing them many proportions of their savings. It remains consistent until the Covid-19 pandemic, which results in a continuous increment in Bitcoin’s price. From now till present, it experienced a stringing growth, which by perspective, is $10,000 by the end of 2019, $21,000 in 2020.
And an all-time greatest $40,000 in 2021, along with the investment of$1.5 billion by Tesla, skyrocketing Bitcoin’s value to $64,000 in mid-2021. And presently, it is facing minor fluctuation in price value.
There you have it, folks, the entire history of Bitcoin’s market price since its introduction in the global market, including reasons for several ups and downs Bitcoin experienced in its carrier.