Ten-year price chart of bitcoin
Nov 23, 2024
(1) Ten-year price fluctuation of Bitcoin
The landmark event of the first transaction of bitcoin was recorded in May 2010, when a programmer exchanged 10,000 bitcoins for two pizzas worth $25. This is the famous "Bitcoin Pizza" event in the history of bitcoin. It is known through calculation that the price of bitcoin at this time is $0.0025.
From $0.0025 to $60,000, how did Bitcoin step by step to where it is today, and where will it go? Why don't we take this opportunity to review the price trend of Bitcoin in recent years, analyze the reasons for its rise or fall, and sort out some rules from it, so as to provide some reference for predicting the future price trend of Bitcoin.
1. Bitcoin rose for the first time.
Since 10,000 Bitcoins bought two pizzas, the price of Bitcoin began to rise. According to the data, on July 18th, 2010, the price of Bitcoin had reached 0.06 USD, which was 23 times higher than 0.0025 USD.
The rising price of bitcoin has also led to the emergence of bitcoin exchanges like mushrooms after rain. At that time, the largest exchange in the world was Mt.Gox. In November 2010, the price of Bitcoin once reached 0.5 US dollars, which was nearly 200 times higher than the original pizza price.
From April to June, 2011, in just two months, the price of Bitcoin climbed from 0.68 US dollars to around 30 US dollars, and mainstream media such as Time Magazine and Forbes published articles on Bitcoin one after another.
However, the good times didn't last long. Hackers attacked Mt.Gox trading platform. Coupled with the lack of market depth at that time, the price could not be supported after several orders were sold. Therefore, from June to November 2011, the price of Bitcoin fell from a high of $32 to $2, a drop of 94%. Although the huge shock of Bitcoin has discouraged some people, it has also enabled more investors who agree with its value to discover the potential of Bitcoin and strengthen their belief in continuing to invest.
2. Bitcoin rose for the second time.
After more than a year of dormancy, Bitcoin once again broke through $30 in February 2013. 2013 is a very colorful year in the history of Bitcoin, because in this year, the property of Bitcoin as a "safe haven asset" was discovered, thus opening the second bull market of Bitcoin.
In 2013, a serious debt crisis broke out in Cyprus. In order to cope with the crisis, the Cyprus government finally decided to sacrifice the interests of uninsured depositors to get relief money, and frozen deposits above 100,000 euros to solve the debt problem.
The government's improper measures caused great panic among the people, and strongly questioned the security of banks. At this time, some Cypriots discovered Bitcoin, which is independent of the sovereign currency and is in the cycle of rising prices. Due to the decentralized and constant total amount of Bitcoin, many people thought that Bitcoin might be the best choice to deal with this crisis, so they rushed to buy Bitcoin. From March 1st to April 9th, the price of Bitcoin rose from $33 to a staggering $235 in more than a month. Unfortunately, this price did not last long, and then the price of Bitcoin fell back to around $80.
However, this incident made more users realize the value of Bitcoin. At the end of 2013, the price of Bitcoin finally ushered in a bigger round of increase, from $106 to $1,177. This is the first time in history that the price of a bitcoin has exceeded the price of 1 ounce of gold, and Bitcoin has opened a new chapter.
However, due to the bankruptcy of Mt.Gox after a large number of bitcoins were stolen, the panic was pervasive, and some policies were bad, so the bitcoin fluctuated downwards and the market once again entered a long bear market. In 2013-2015, the price of Bitcoin dropped by 90% at most.
3. Bitcoin rose for the third time.
Time is the best medicine. After two years of adjustment, the bitcoin trading market has gradually recovered. In 2016, Bitcoin ushered in the second halving. Coupled with the rise of Ethereum, the blockchain industry once again attracted people's attention. The number of investors increased significantly, and Bitcoin also opened the third round of rising.
Even after the first bifurcation of Bitcoin and the September 4th crash, the enthusiasm of investors remained undiminished. Since November 2017, Bitcoin has made great strides and its price has soared to a historical high of nearly $20,000. Looking back on this year, the price of Bitcoin rose from $789 to nearly $20,000, with the highest increase of 24 times. Bitcoin ranks among the hundreds of billions of market capitalization, and has also gained more attention from mainstream financial markets and media.
However, due to the lack of follow-up favorable support, such as the blockchain application only stays in the primary stage, has not yet landed on a large scale, and the market is not perfect, and there are few investment tools. Therefore, Bitcoin has turned from a bull to a bear, which has started a two-year shock decline. The lowest bottom is $3,000, which is about 83% lower than the highest point.
4. Bitcoin rose for the fourth time.
In 2019, the market picked up, and Bitcoin was gradually known by institutions and the public. By 2020, the COVID-19 epidemic swept the world, and the global market economy was once again uncertain. The US stock market melted down many times, and the economy was weak. Many central banks, led by Europe and the United States, adopted loose monetary policies to stimulate the economy. Faced with the concerns that inflation and the purchasing power of the US dollar might gradually weaken, investors once again set their eyes on the anti-inflation bitcoin.
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