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Bitcoin, the most popular cryptocurrency of today, was once considered mysterious enough to be not taken seriously. Satoshi Nakamoto is the creator of this digital currency, which is just a decade old. Bitcoin was first introduced in 2008, and later on, in 2009, it was developed into a software. The very first transaction took place between Nakamoto and an early adopter in 2009. In 2010, bitcoin saw the first real-world transaction in which a customer bought two pizzas from Papa John’s in Florida worth 10,000 BTC.
Gradually in 2012 and 2013, bitcoin witnessed some more transactions. With this slow and steady rise in purchasing, malpractices by federal authorities were also tracked down. Few websites which used the BTC for black-market trading were forced to shut down. But 2013 was also the year when bitcoin shot up the ladder with $13.50 per BTC. The price then further arose to $220 in April and then again falling back to around $70 by mid-April. Thus it’s the first-ever real rally that faced a crash.
Again, around October-November, in 2013, BTC rallied from $100 to $195 by the end of October. In November, the price went from $200 to $1,075 by the end of November. This rally was due to the influx of entrants of miners from China. The prices were much volatile during this period. The price reached a high of $1,079 in December but again had a 29% drop by the end of the year.
2014 saw a little stability at around $920 in January. February witnessed another major crash when it’s Mt. Gox exchange filed for bankruptcy cover from Japan. In February, BTC was trading at $850 but saw a fall of nearly 32% by mid-February. Then onwards, there was a gradual decline to its value being for $315 at the beginning of 2015.
2015 was a slightly better year. Early November has witnessed significant growth. The currency from $275 to $460. Throughout 2016, bitcoin had a gradual steepening with its highest standing at $1,000 in early 2017.
2017 was a stalwart of great heights with its maximum value ascribed for $20,000 by the end of the year after witnessing good steeps for months. In 2018 however, the value crashed again, and by November 2018, the price of BTC stood at $3,500.
2019 also saw history repeating itself with making an excellent start to the year. But with many tumultuous growth rates, the price again drooped at $7,000 by the end of the year and has been fluctuating. In 2020 due to the Covid-19 pandemic, the market crashed at $5,000 in March. But with measures like halving, it has seen a steady recovery so much that it is being considered a future bankable asset.
