After being introduced to the world in 2009, Bitcoin has gained a lot of popularity in the while. Though the progress of bitcoin has been gradual, we cannot exactly call it consistent. Many times, the price of bitcoin has seen sudden ups and downs in the process of progress, and as a matter of fact, in the present as well, its price seems to fluctuate very frequently. 

Since bitcoin is an independent entity and no institution is controlling it, it is extremely volatile. The factors that affect bitcoin price are supply & demand needs, government regulations & restrictions, users’ & investors’ sentiments, and media hype. 

Bitcoin started with zero value, and if we compare its value to today’s price, the difference is almost unbelievable. What makes bitcoin so valuable is that it is limited, which means there cannot be more bitcoins produced after that. In fact, they are estimated to run out by the year 2140. Since the supply is limited and the demand is not, it is only natural for the price to increase gradually. 

Let us look at the price history of bitcoin and its several setbacks and gradual progress.

Phase 1  

In 2009, the price of bitcoin was nothing noteworthy. It saw its first step towards growth on July 17, 2010, when the price became $0.09. The price then rose suddenly from a dollar to $29.6 by the first week of June 2011. However, as volatile as bitcoin is, the price fell to $2.05 by November 2011. In 2012, the price of bitcoin fluctuated as well. However, no sudden or drastic price rise was seen. 

Unlike 2012, 2013 was quite eventful concerning bitcoin. It started the year at $13.28 and reached $230 by April itself. However, on July 4, the price fell to $68.50 again. It reached $123 in October and then with a steep growth of $1237.55 in December. The price yet again fell to $687 in December itself. The price saw another setback and reached $315.21 at the beginning of the year 2015. 

Phase 2 

2015 and 2016 saw their fair share of ups and downs in bitcoin prices. 2016 ended at a price of almost a thousand dollars. Till May of 2017, the price of bitcoin fluctuated around a thousand dollars. In May the price raised to $2000. By the end of the year, the price had faced a drastic rise, the price being $19,345.49. This was especially the time when bitcoin went mainstream, with people other than investors being intrigued by it. The year 2018 and 2019 saw changes in price as usual, but there was nothing major. 

At the beginning of the year 2020, the price of bitcoin was $6,965.72. The global pandemic and halt to the world’s economy played a great role in regaining the popularity of bitcoin. The price of bitcoin increased to $19,157.16 in November and further increased to $29,000 in December. 

Phase 3 

2021 is the year when the price of bitcoin skyrocketed once again. People began to trade and exchange bitcoin on apps like dogecoin-millionaire.app. The price of bitcoin had already reached $40,000 by 7th January 2021. In April, the price went up insanely to over $60,000. On April 12, the price of bitcoin was $63,558. But as you already know how the prices fluctuate. The price went down to $29,796 by July 19. It once again rose to $52,693 in September and then again saw a setback leading the price to $40,710 soon enough. 

The price again went up on the roofs in November to $68,789. In December, it fell to $46,164. The price of bitcoin declined to $28,305 on May 11, 2022. 

Conclusion 

By seeing the bitcoin price history, anyone can see how volatile and prone to inflation and fluctuation the cryptocurrency is. Due to its sudden price rise, it is tempting to many investors. And because of its popularity, many companies, including PayPal and Starbucks, have started accepting bitcoin as a mode of payment. Irrespective of its current situation, the bitcoin price is expected to rise in the future. 

Because of the volatile nature of bitcoin, one must carefully think before investing in it and consider the bitcoin price history and patterns prior to investing.