Bitcoin is regarded as a forerunner of the cryptocurrency space since it is the most traded currency amongst other currencies. The coin found in the year 2009, remains to be one of the most popular cryptocurrencies even now. With this popularity, the coin has become an alternative to fiat currencies like U.S. Dollars which are regulated by central banks. There have been various collapses and rallies in the evolution of Bitcoin. Let us learn how Bitcoin's value over time is fluctuating.
The value of Bitcoin price initially worth $0 in 2009, started its upsurge in 2010 to US$0.9. From then a Bitcoin rally started, reaching US$29.60 in 2011. In the midst of this, there was a global economic crisis, which had an impact on the price of crypto bitcoin. Due to this, Bitcoin had a rough 2012. However, after emerging from the global financial crisis, Bitcoin started trading at US$13.28 and quickly rose to US$68.50. In 2013, Bitcoin valued at US$123 witnessed a bullish trend as its value started climbing gradually from hundreds to thousands.
On December 2013, the Bitcoin price after being spiked to US$1,2375 declined to US$687.02 in just three days span. The value of Bitcoin underwent considerable oscillations in 2014 and starting in the year 2015 it settled at US$315.21. After this Bitcoin made a resurgence in value at US$19,345.49 in December 2015, forcing investors to grab this coin to enhance their crypto portfolios. In 2016, the value of Bitcoin was that considerate as it made a huge fall and reached the value of US$900. However, the coin swung from US$1000 to US$2000. The value of Bitcoin in 2018 and 2019 also was not that considerate. However, in 2020 a pandemic year that slowed down each sector also affected the crypto sector for this reason the coin value remained low. Gradually by the end of the year 2020, Bitcoin traded at US$19,157.
The coin within a few days in 2021 surpassed the 2020 record and settled at US$40,000. From a value of US$20,000 to reaching US$40,000 was a huge success of Bitcoin. While affected by various factors the coin again experienced a downfall of 50% in the middle of 2021 reaching US29,796. Again, at the end of the year 2021, Bitcoin reached the top at US$68,789 more than ever before, just after fifteen days the coin ended with a downfall settling for US$46,164.
Later on, the prices started fluctuating throughout the year 2022, and miserably it ended at US$20,000. Today on February 8th, 2023 the value of Bitcoin is trading at US$22,988 indicating a promising future ahead.
Bitcoin value fluctuations that have been perceived over time are mostly affected due to the crypto market trend. When a particular cryptocurrency coin is broadly discussed in the media, its demand increases dramatically. The increasing demand for the coin inevitably leads to an increase in the coin's price when there is a shortage of coins. Along with this, the crypto coins get affected by external factors like rising interest on value gains in crypto.
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