Bitcoin Highest Price History
At the time of writing (December 2021), Bitcoin’s all-time high price is $68,789.63. After more than a decade of ups and downs, Bitcoin finally reached this staggering price. Bitcoin (BTC) has successfully demonstrated its potential and advantages to the world, quickly cementing its place in the financial world.
While Bitcoin is now at an all-time high price that was once unimaginable, its journey has not been smooth sailing. Let’s take a look at Bitcoin’s initial price, how it’s changed over the years, and where it is now. See how Bitcoin’s development over the years has affected how we think about cryptocurrencies today.
Getting Started and Early Growth (2008-2013)
At first, the idea of cryptocurrencies was very foreign to people. The concept was first introduced when an anonymous internet user named Satoshi Nakamoto registered the domain name Bitcoin.org and published the Bitcoin white paper on October 31, 2008, the day when Bitcoin was established by consensus.
In 2009, the genesis block (the first block on the Bitcoin blockchain) was created. At this time, the coded nature of the first 50 BTC does not allow the currency to be used. But that same year, the New Liberty Standard priced Bitcoin at $1 equal to 2300.03 BTC.
Two years later, the ratio of Bitcoin to the U.S. dollar managed to reach 1:1. Over the next four months, its value changed to $31.91/BTC. However, the momentum did not last long, and just a few days later, the price fell to $10.25. It was at this point that Bitcoin gradually developed the general impression that it was too volatile.
The first Bitcoin halving occurred in 2012 when 210,000 blocks were mined. Bitcoin miners were rewarded with 50 BTC before, and only 25 BTC after the halving. Bitcoin is a good investment for holders as its price climbed to $200 in April 2013.
In the same year, the darknet “Silk Road” was banned by the authorities. In this operation, more than 26,000 bitcoins were confiscated, and the price of bitcoins fell from $ 139 to $ 109.
November 2013 has been a roller coaster experience for Bitcoin holders; Bitcoin will reach a price comparable to gold: at least $1,000. However, the good times didn’t last long, and the price then fell to around $600 and stagnated for the next few months.
Awareness and development (2014-2016)
In its sixth year, bitcoin’s biggest leap was Microsoft’s acceptance of bitcoin as a form of payment. This is the first well-known company to adopt Bitcoin as a payment method.
While Bitcoin did not record an all-time high during this period, the price of Bitcoin stabilized over the next two years. Bitcoin’s previous reputation improved while it began to demonstrate its capabilities to users.
In 2016, the Bitcoin mining reward experienced its second halving. The miner’s reward was reduced from 25 BTC to 12.5 BTC.
Early preview (2017-2019)
The beginning of 2017 was something to celebrate for Bitcoin holders, with the price of Bitcoin once again breaking the $1,000 mark on January 2. Typically, Bitcoin prices go through several months of declines before reaching new highs.
In June 2017, Bitcoin price hit $3,000, breaking the history of the cryptocurrency market. At the time, scalability issues were prominent, so a breakout in this price could signal an intention to use the currency for more everyday uses.
Despite the debate among some cryptocurrency enthusiasts, the hint was finally confirmed. In September, Bitcoin continued to rise to $5,000 per BTC. In the following period, its price was affected by volatility, and it rebounded again after falling to $3,000.
The volatility was caused by China’s ban on the use of cryptocurrencies in trading and exchanges. Around this time, JPMorgan CEO Jamie Dimon claimed that Bitcoin was a fraudulent currency — which also negatively affected its price.
But in the end, those effects all melted away. In November 2017, Bitcoin crossed the $10,000 mark, reaching $11,000. But the year’s all-time high came in December. By December, the Bitcoin price hit a record of $20,000. Sadly, this price didn’t last long and Bitcoin quickly dropped to $13,000.
This wonderful journey in 2017 did not last forever. In early 2018, the price of Bitcoin fell to $10,000 amid fear, uncertainty and skepticism in the market.
This year, Facebook began banning cryptocurrency and ICO ads on its platform. Meanwhile, according to market rumors, South Korea may ban cryptocurrencies, and China will also increase restrictions on cryptocurrencies, which have negatively affected the market form.
This pattern continued into 2018, when Bitcoin prices fell as low as $5,868. But this price decline was quickly reversed, with Bitcoin’s value starting a slow but steady climb in 2019, reaching $12,024.08 in June.
Current all-time high price (2020-present)
In early 2020, before the coronavirus swept the world, many were concerned about where Bitcoin would end up. The global outbreak of the epidemic also had a negative impact on the price of Bitcoin, with the value of BTC falling to $6,483.72/BTC in March of that year.
Fortunately for holders, this effect did not last long. Starting in March, Bitcoin’s value climbed rapidly in the following months. By December 2020, the value of BTC reached $28,768.84, and by March 2021, it reached $58,734.48.
By mid-April, BTC was worth over $63,000, a record high at the time. While it seemed at the time that Bitcoin’s price might have peaked, in reality, the all-time high has yet to come.
In June, BTC experienced a brief and rapid decline in the price range of $35,945 before recovering quickly to $47,663.02 later in August. After a brief dip, in November 2021, Bitcoin reached its current all-time price high: $68,789.63.
As the year draws to a close, Bitcoin’s value hovers around $48,000, a far cry from its all-time high a few weeks ago. This brings us to the question: where will Bitcoin go in 2022?
The life of a cryptocurrency trader requires patience. In Bitcoin’s short history, we have often seen the currency reach relatively high prices, then fall, and then climb to highs again, a cycle that can be difficult for newcomers to interpret.
But here’s the heart of the matter: as we learn more about cryptocurrencies, you’ll find that withdrawing money quickly as soon as you see a price drop isn’t the best thing to do. We’ve seen over the past 10 years that this price decline will be quickly followed by the next climb.
Nonetheless, whether you are a novice trader or a seasoned player, be sure to do your own research. After all, it’s always good to be prepared. Do your own research to delve into cryptocurrency price action in detail and learn what to do when prices change.