Market trends and risk factors largely influence the cryptocurrency market, and its volatile nature is well known worldwide. It is still the cryptocurrency with the largest market cap. What makes it so popular? If you have been meaning to invest in cryptocurrencies and Bitcoin Trend in general, it is important you have a good idea about their price history to have an overall better understanding.
Diving deeper into that, Bitcoin saw its first major jump or, let us say, rise shortly after its launch in the year 2009. In the summer of the year 2010, the price of Bitcoin jumped from a fraction of a cent to $0.09. This was during those times when the world hardly knew anything about bitcoins. The only people aware of the bitcoin and who had knowledge about it were people in the field of finance, tech buffs who love learning about new technologies, and so on. The same year, by the end of October of the same year, the market price of Bitcoins was at $0.10.
Finally, in the year 2011, Bitcoin was valued at $1, and since then, its value has increased multifold, about 3,000 % over the coming two to three months. But by the November of 2011, it hit its bottom again at $2. Bitcoin’s followers know that Bitcoin is one of the most volatile cryptocurrencies and has seen tremendous rise and fall during its run since its origin.
Bitcoin was known to remain largely stable in 2015. There were a few ups and downs, but that is part of any digital currency and bound to happen. No digital currency’s value can remain unchanged for weeks or months in the end. These fluctuations, however, were not huge or surprising.
Then, the world faced something it was unprepared for. The pandemic hit the planet, and everything took a back seat. People saw things they had never even thought of and faced circumstances nobody was prepared for.
As the pandemic hit in 2020, almost all businesses slowed down, offices were shut, and numerous firms even reached the brink of collapse. However, amidst these problems, something apart from the number of Coronavirus cases saw tremendous growth. It was Bitcoin.
As the world economy started to suffer due to the closure of business and economic activities, Bitcoin saw a major acceleration in its demand, and its value started rising unimaginably. The pandemic and worldwide lockdown gave people the time they needed to think about Bitcoins, and eventually, investments started pouring in.
As a result, by the December of 2020, when Coronavirus was still at its peak, Bitcoin’s prices increased by more than 300 % since the month of January when the year had started. Bitcoin ended the year 2020 at almost $29,374. This was the highest Bitcoin has ever been valued since its launch way back in the year 2009.
However, this increment in Bitcoin’s value was short-lived, as at the beginning of the next year, that is 2021, Bitcoin saw a major downfall. Its prices fell just as quickly and as steep as they had risen and erased.,
In the first half of 2021, Bitcoin’s price skyrocketed and reached the all-time high of $64,000. But it again fell just as quickly and rolled to $30,000 around the summers.
Around November, Bitcoin hit an all-time high yet again and got valued at $68,000 in 2021, only to drop back to under $35,000.
Finally, if you are going to dive deep into Bitcoin trading, as a trader, you should be well aware of the fact that Bitcoin is extremely volatile, and its prices are affected by several things.
If you plan to become a Bitcoin investor, the chances are that you may be facing risks with your invested amount; in such cases, you should remain patient and wait for the market to rise. Most importantly, you should be able to take risks in Bitcoin investment as much as you can afford to lose.
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