How the Bitcoin price was changing

Nowadays, the Bitcoin currency rate perhaps is the most unpredictable thing. All predictions about how BTC price will increase or drop are in some way similar to the weather forecasts. No one can tell what will happen to the coin tomorrow. One of the most important factors that experts rely on is the history of the currency rate over the whole period of BTC existence with its dynamics. It is essential to know what was happening to the coin as this allows you to understand what can happen to it in the future.

2009

At the beginning of its history, the Bitcoin price was ridiculously low. The first exchange of BTC to US dollars was made in the summer of 2009 when Martti Malmi received 5.02 USD for his 5050 Bitcoins.

The first official Bitcoin exchange rate to the fiat dollar was established on October 9, 2009. At that time, for 1 dollar you could buy 1 309.03 BTC. Many people now regret that they missed the opportunity to buy Bitcoin for pennies.

2010

As for Laszlo, he doesn’t regret the lost millions. He was mining coins for his pleasure at that time and spent them to different non-significant things.

In July of 2010, BTC price raised to 0.08 dollars. Then in November, the price went up for 50 percent. In general, 2010 was an excellent period for strengthening the position of Bitcoin. The digital currency was almost able to reach the point of one dollar.

2011

The year 2011 was full of negative events. One of them happened on June 13, when a user’s electronic wallet was first hacked and 25 thousand coins were stolen from there. In a few days, some geeks hacked MtFox exchange where they got data of sixty thousand users. These events negatively affected the Bitcoin rate. It became clear that in the future the price of digital currency will be determined taking into consideration any events that occur in the market.

2012

2013

On the first day of April, the price went up to $100 and within another nine days, the BTC price grew to 266 dollars. But the growth did not last long. By October it was $109. The possible reason for that is the arrest of an anonymous trading platform Silk Road.

Since November 2013, the price of Bitcoin began to grow anew. It was $269 in the first week of November. Another ten days passed and people could see a new record of $503. By the end of November, the price exceeded all expectations and raised up to $1,200 per coin. The reason for overcoming the $1,000 point was the BTC support by Zynga game creator. Experts also noted another event that could affect the growth: one of the higher education institutions in Cyprus started accepting the Bitcoin as payment for tuition.

Bitcoin’s volatility showed itself again in late November 2013. By the end of the first week of December, the price was 1,000 dollars. In the middle of December 2013, the BTC price dropped to 600 dollars because the China Central Bank prohibited the country’s financial institutions to maintain operations with cryptocurrency.

The Bitcoin price chart in November, 2013

2014

Many experts think that it was 2014 when BTC strengthened its position in the market, in spite of the fact that Bitcoin price was low — by the end of the year it settled in at around 310 dollars. In 2014 investors began to consider Bitcoin as a potential investment as Bitcoin price predictions seemed quite attractive.

2015

2016

2017

The Bitcoin price chart in 2017

How did this happen? Here are some reasons that experts point due to the growth of Bitcoin price:

  • In 2017 social media broadcasted a lot of information about Bitcoin and the blockchain system;
  • China resumed cashout of bitcoins from the Chinese cryptocurrency exchanges;
  • In December 2017, the United States officially allowed trading futures for Bitcoin;
  • The number of companies and people who were buying BTC increased as they considered Bitcoin the profitable investment and etc.

However, later in December, the price plummeted from 20,000 dollars to 12,000 dollars. Experts had different reasons including that one of the first cryptocurrency creators sold out all his digital savings and called such investments too risky.

2018

Nowadays

There may be a number of factors that can influence the BTC price in 2019. They are:

  • Nasdaq, the world’s second largest exchange plans to launch futures for Bitcoin;
  • Coming out of the first crypto-ETP in the world;
  • and many other unpredictable factors that can change the price of Bitcoin.

As it was said before, Bitcoin price predictions are almost like the weather forecast — you never know what price it will have tomorrow. If you think about investing in BTC or any other cryptocurrency you should follow its rate at the present time but never forget to compare it to the past. But please, don’t bet to eat any of your body parts :)

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