When Bitcoin (BTC) was introduced, it had a price of zero in 2009 after Satoshi Nakamoto mined the Genesis Block. To contrast this information with the price today is absolutely mind-boggling. Think about how much money some people must have made!
Even when the price was around $0.09 in 2010, anyone who had bought and kept just a few Bitcoins until now will have made incredible percentage gains. It’s clear that BTC has changed the way we think about money, and how it has spurned the great “crypto rush” we are seeing today.
For anyone who’s just getting started with crypto, it pays to understand BTC’s price history. Learning about the first cryptocurrency (BTC) and how its price has shifted over the years can help you make better decisions if you wish to buy it.
Let’s now run through three things to learn about BTC’s price history to help you get started with crypto.
- BTC Has Always Been Volatile
To get started with crypto, you must first understand that you’ll be playing a volatile game. The BTC price history is solid proof of how crypto can shift in price dramatically.
Bitcoin price history links to supply and demand and corresponds to factors like:
- Media hype
- Government and company regulations
- Users’ sentiments
It’s typical that you might see all of these factors happen at the same time to influence the price of Bitcoin. For instance, when Tesla chose to announce it would stop receiving crypto as a way of payment, the company helped to wipe off $365 billion of the crypto market! Of course, media hype will have contributed to this and users’ sentiments.
So, you’ll find yourself checking the price of the cryptos you invest in, as fluctuations happen all the time. If you’re based in Canada, here is a link to check out the current 1 BTC to CAD rate.
- Bitcoin Shocks the World in December 2017
At the end of 2016, Bitcoin was priced at around $900 or so, which is incredible in itself. However, by mid-December 2017, it was trading at more than $19,000!
When this staggering price rise happened, the world paid attention. Governments, mainstream investors, scientists, and economists had to look into this new cryptocurrency phenomenon. Previous to this, some of these people may have seen Bitcoin as having zero impact on the financial industry.
- BTC’s Peak Price Point
In April 2021, Bitcoin exceeded prices of $64,000. This was likely due to the trading platform Coinbase going public, which generated huge interest from the financial industry,
However, it was not long before prices dropped by more than half as the hype calmed down in July. It’s amazing to know that cryptos have the potential to rise to astronomical prices in such a short space of time, but they also have that same capacity to fall.
Do Your Research When Getting Started with Crypto
So before getting started with crypto, we recommend you carry out a lot of research before you put in large sums of money. In the meantime, there should be no problems with buying small amounts and learning how to do things about storing it and buying with it.
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