The most well-renowned cryptocurrency of the world bitcoin rose to prominence around the global economic crash of 2008 as people started to look for alternatives to the traditional fiat framework. Up till now, the digital asset has gone through extreme ups and downs when it comes to its price. So how did it all unfold for bitcoin over the past decade? Here’s your overview of the journey that the asset has gone through, but you have to ignore the subtle inaccuracies regarding the price marks, if there are any.
Things didn’t start so well for bitcoin in the beginning in terms of its price. After getting established in 2009, bitcoin did not see any significant price bump in the first few months. The price of bitcoin stayed below $0.01 up until May 2010. 22nd May 2010 was the day when the very first real-world transaction of bitcoin was made by Laszlo Hanyecz for buying pizzas.
Around October 2010, the asset crossed the $0.1 mark. After climbing a linear ladder, it finally reached the $1 mark in the starting months of 2011 from February to April. 2011 also saw bitcoin jump to $31 and coming back to $2.00.
2012 remained quite linear for the asset as it climbed the ramp steadily.
In 2013, the asset was floating above the $100 range. Roamed around $266, came back down to $100 and then again shot up. November 2013 saw it roam above the $1,000 mark.
In the coming months, the price fluctuated again and the Mt. Gox incident also took place. The notorious hack of the Japanese exchange Mt. Gox marred the reputation of this asset as the exchange played a pretty big role in the bitcoin world at that time.
Uncertainty then loomed around the asset for the coming few years as the price of bitcoin largely remained below the $1,000 mark.
2017, a year that shook the financial world to its core. The real bitcoin uprise lies here.
From January till May, the asset saw some serious growth as it crossed the $2,000 mark. June and August of 2017 saw the asset shoot above the $3,000 and $4,000 marks. In September 2017, it crossed the $5,000 level for the first time but then came back down below the $3,000s due to China’s crackdown on ICOs and exchanges.
October and November saw bitcoin shoot past the $6,000 and $7,000. After this came one of the most historic months in bitcoin’s history, December. In December, the asset suddenly shot up abruptly as it almost touched the $20,000 mark on 17th December. This price spike took the financial world by storm as bitcoin gained much attention. But soon, it fell down again as it came back to $13,000s.
Bitcoin floated around the $6,000 mark in February this year, and then again in October.
At the time of writing, the asset is lost in the $3,000s. A major drop is seen here as compared to last year’s peak.
The entire world has its eyes fixated on bitcoin right now. Developments are being made in this world and people are waiting for initiatives like a bitcoin exchange-traded fund (ETF) and Bakkt to gain completion.
It will be interesting to see how things pan out from here on. Uncertainty looms on this world. One thing that can certainly be said about this world of cryptos is uncertainty.
SEE ALSO: Bitcoin and 2019 – What’s in Store?
Edited On 17th December 2018 6:47 PM PKT.