In 2011, Bitcoin first hit a price of $1. After 10 years, the price of Bitcoin has changed to tens of thousands of dollars. And if it is converted to VND, the price of 1 BTC is worth billions of VND.
The world’s first bitcoins were born 10 years ago. Since then, it has undergone several rallies and crashes with hacks, high volatility, and strict regulations from governments.
Bitcoin is a cryptocurrency/ digital asset designed to act as a medium of exchange using cryptography to control creation and management instead of depending on governments. Bitcoin was invented by Satoshi Nakamoto, who integrated many existing ideas from the cypherpunk community.
During bitcoin’s journey, it has had tremendous growth to become a significant currency today. Since the mid-2010s, a number of enterprises have started to accept bitcoin in addition to traditional currencies.
We edited this article for next generations’ reference of Bitcoin’s price in its first decade of existence.
This may be an article that gives you a bunch of feelings if you have traded now in the market. Or else, can you recall what you were doing at the time without knowing Bitcoin? Also, a kind of feeling!
Bitcoin price history
* In 2011, the Bitcoin price increased from $1 in April to a peak of $32 in June, increasing 3,200% within only 3 months. A sharp downturn followed that spike in the crypto market, and Bitcoin price bottomed out at $2 in November 2011. There was a slight improvement in the following year, and the price went up from $4.8 in May to $13.2 on August 15.
* 2013 was a decisive year for Bitcoin. It started to be traded at $13.4 and went through two price bubbles in the same year. The first occurred when the price rose to $220 in early April 2013. That rapid rise was followed by an equally rapid decline towards $70 in mid-April.
* Yet that’s not the end; another protest (and a related “accident”) happened later this year. At the beginning of October, BTC was trading at 123.2$. By December, it had spiked to $1156 but dropped to around $760 three days later. Those rapid changes signaled the beginning of a multi-year decline that hit as low as $315 in early 2015.
* The 5th price bubble occurred in 2017. BTC was hovering around $1,000 earlier that year. After a short decline in the first 2 months of the year, the price went up significantly from $975.7 on March 25 to $20,089 on December 17. Governments and economists noticed and started developing digital currencies to compete with Bitcoin. Analysts have debated its value as an asset even when many experts and investors make extreme forecasts.
*As in the previous cycle, Bitcoin price moved sideways for the next two years. In the midst of this period, there are signs of a resurgence. For example, there was a price and volume recovery in June 2019. The price surpassed $10,000, rekindling hopes of another rally. But it fell to $7,112 in December of the same year.
* It was not until 2020, when the economy was shut down due to the pandemic, the Bitcoin price boomed again. The cryptocurrency started at $7,200 in the early year. Covid-19 and government policies have increased investor fear about the global economy and accelerated the rise of Bitcoin. A shock drop to below $4,000 in March did not affect the growth path much. At the close on November 23, Bitcoin was traded at $18,353. The printing of money by governments and central banks has helped strengthen the narrative of Bitcoin as a store of value as its supply is capped at 21 million.
* By March 2021, the Bitcoin price reached a new all-time high of over $60,000. The constant institutional interest in cryptocurrency further drives its price up. Bitcoin peaked at over $64,000 on April 14, 2021. However, the price dropped 50% over the summer, hitting $32,000. Fall 2021 sees another bull run, with prices hovering around $50,000 but followed by a steep drop to around $42,500.
* On November 10, 2021, Bitcoin once again hit an all-time high of $69,045.
In the Admin group, there is a question: The price of Bitcoin 10 years ago was 1$, so what will its price be in the next 10 years?
There are two notable answers:
– Back to 1 $ (from Sharkta, a frank answer)
– It is – still 1, but 1 million dollars (from Sharkkim).
So, what’s your opinion?