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The only currency that has astonished people so much with its price fluctuations is Bitcoin. Its price was negligible was bitcoin was introduced, and no one predicted that bitcoin would explode soon. The first purchase of bitcoin was made in 2010, where a person purchased two giant pizzas for 10,000 bitcoins which depicts that its price was negligible.
The early adopters of Bitcoin have earned massive gains by investing a little in bitcoin. Even though bitcoin has been the only asset whose market is highly volatile but still is seen in the long-term, it had provided incredible gains to its investors.
In 2009, when bitcoin was invented, the initial value of a digital coin was $0, but it has turned into the best-performing asset over time. The journey of bitcoin can be defined as an emotional rollercoaster ride that scared and astonished people at the same time. If you have purchased bitcoin and hold it and went through ups and downs, you might have experienced bumps but also remarkable returns on your investments.
The fluctuations in the market of bitcoin have made people traders hesitate to enter into the bitcoin world. You can learn about Bitcoin Storm App to make a profit in the Bitcoin world.
Even when bitcoin’s price is at its peak, and the cryptocurrencies are in a bubble, you must know to enter and when to exit because your hesitation can make you lose money. It is imperative to put a glance at the past of bitcoin to understand its market.
Let us now know that how much your $1000 would turn if you have invested in bitcoin in its early days.
Price History of Bitcoin
In the early days of 2010, when the first purchase of bitcoin was made, the price of a bitcoin was around $0.06, and it didn’t hesitate much to grow in its value. In the following year, at the end of 2011, the bitcoin’s price became $3.19, which was a pretty good increase in its value.
Later in 2012, bitcoin’s price increased to $12.54 for a bitcoin, whereas in 2013, bitcoin’s price took a turn, and it climbed to around $638, making people astonished about this much increase in price. People seemed unthinkable when bitcoin’s price increased to a great extent for the first time.
The nature of bitcoin is peak or crash, and following the rise in 2013, its price crashed in 2014 and became $350. It became a good time to invest and hold bitcoin for the long-term. Since then, there were slight fluctuations in bitcoin’s price as the bitcoin’s price rose to $424 in 2015, making it an appropriate surge.
In 2016, bitcoin’s price was around $780, and this is often known to be the calm before the storm. In 2017, bitcoin’s price exploded and made many potential investors turn into millionaires when bitcoin’s price reached $13,160. That was the very first time when the price of bitcoin skyrocketed.
After 2017, there was a considerable drop in bitcoin’s value as its price became $3212 and made investing in bitcoin a lousy idea. People hesitated a lot and avoided investing in cryptocurrencies, but their value started to climb up and turned $6584.03. In 2019, the investors and traders had no idea about the coming year and how bitcoin’s price will turn.
In 2020 when people faced the covid-19 pandemic, all started to invest in bitcoin, and its value climbed to $19,045. Bitcoin became the only currency whose price skyrocketed in the covid-19 pandemic and provided almost 100% returns on user’s investments. Many investors have nearly doubled their money by investing in Bitcoin.
People believed that 2020 was when they experienced skyrocketed prices and thought the bitcoin market would go down in 2021. But you will be shocked to know that bitcoin’s trading price surpassed $37,462, leaving a miraculous impression on all the users of bitcoin.
At present, bitcoin is the only currency that is most costly these days because of significant jumps in its price. In the entire journey of bitcoin till data, if you have ever invested $100, then by 2021, the value of your bitcoins of $100 would be around $48 million. It is a highly volatile asset, and it provides excellent returns on investments in the long-run.
How to predict the future price of cryptocurrencies?
No one can predict the proper future of cryptocurrencies because they could all be millionaires if anyone could. The prices are highly volatile of all cryptocurrencies. High volatility indicates that values are uncertain and can go and up down in seconds without explaining any authority or individual. This makes it more difficult to predict the price of cryptocurrencies. If you still want to consider or predict future value, it is imperative to know the real world’s events.
The real-world events include new partnerships, enhanced technologies, regulations, and even future objectives. Another crucial thing is that you never believe in anyone’s opinion but take advice from crypto experts. Please do your research on cryptocurrencies but considering their history, market, price variations and read about bitcoin from all possible sources.
Also, each investor or trader will have different opinions and views, and in the end, there is no guarantee that who is right. You can use price predictors to know the value of bitcoin in the future and never rely entirely on them.
User adoption is another major factor that determines the price of bitcoin and other cryptocurrencies. If more and more people, organizations, and companies have started accepting bitcoin, its price will rise, and its market will provide higher returns. If no people are accepting it or losing it, then its value will go down. Therefore, it is better to understand bitcoin’s real-world usage, and then you can easily predict the price of bitcoin in the future.
There is a great competition because, after bitcoin, thousands of cryptocurrencies have been developed. Competition and regulations on other cryptocurrencies also play a great role in determining bitcoin’s price.
Thank you for reading!