Since its launch in January 2009, the price of Bitcoin has been characterized by significant volatility. This is clearly reflected in the historical Bitcoin price chart.
Rapid increases in value have always been accompanied by substantial price swings. Bitcoin frequently makes headlines when its price rises or falls by several percentage points in a single day. However, when examining the price trend over a longer period (4 years or more), a discernible pattern emerges. Bitcoin consistently reaches higher peaks and experiences shallower dips with each cycle.
Here are some interesting facts about the Bitcoin price history over the years:
- From its introduction in 2009, Bitcoin’s value has surged dramatically. In 2010, an American programmer famously purchased two pizzas for 10,000 Bitcoins. We can only hope they were delicious pizzas, as those 10,000 Bitcoins would be worth millions of euros today.
- Until February 2013, the cryptocurrency’s price had never exceeded €25. However, by the end of 2013, it had skyrocketed to over €1,000! This surge was partly attributed to the financial crisis in Cyprus that year.
- Early 2014 brought a significant setback. The market was severely impacted by the bankruptcy of Mt. Gox, the first and by far the largest Bitcoin exchange at the time.
- Yet, 2014 also saw positive developments, albeit on a local scale. Arnhem, a city in the Netherlands, began pioneering Bitcoin adoption. Many shop windows in Arnhem displayed stickers reading “Wij accepteren Bitcoin” (We accept Bitcoin), marking a crucial milestone in Bitcoin’s acceptance as a means of payment.
- A year later, Bitstamp, another major exchange, suffered a substantial hack, resulting in the theft of 19,000 Bitcoins. Market sentiment turned negative, and the price retreated to €180.
- By 2017, Bitcoin had recovered to a value of €1,000. In the second half of that year, the price exploded, reaching a provisional all-time high of €17,000 amidst massive media attention.
- 2018 started promisingly, but it soon became evident that it would not be a celebratory year for the Bitcoin price. Ultimately, the value plummeted to €2,862.
- Recovery began in 2019. On June 26, 2019, Bitcoin reached its highest point of the year at over €12,000.
- The price subsequently declined again, but March 12, 2020, was a particularly dark day for Bitcoin. All financial markets crashed, and Bitcoin’s price halved, hitting a low of €3,600.
- In hindsight, that was the optimal time to buy Bitcoin. Bitcoin quickly rebounded, and in August, it broke through the psychological barrier of €10,000.
- This marked the beginning of a new bull run. Increasing numbers of institutional investors poured capital into Bitcoin, and around Christmas, Bitcoin surpassed its previous record of €17,000.
- That was just the start, as on March 13, 2021, Bitcoin shattered the new psychological threshold of €50,000.
- On April 14, 2021, cryptocurrency exchange Coinbase went public on the American stock market. On that day, Bitcoin reached a provisional peak of €54,000.
- Subsequently, in May 2021, China took strong action against Bitcoin mining. Both the hashrate and the Bitcoin price experienced a significant dip, falling to €26,700.
- However, the bullish trend resumed in July, and in November 2021, the price reached an all-time high of €57,225.
- In late 2021, the Federal Reserve announced its intention to begin reducing its bond purchases, gradually withdrawing liquidity from financial markets. The prospect of reduced liquidity triggered a decline in the Bitcoin price.
- 2022 can rightfully be labeled a “Bitcoin winter.” Notable events during that year included the collapse of stablecoin TerraUSD and the rapid downfall of FTX. By the end of December, the price hit a low of €15,746.
- Early 2023 saw Bitcoin begin to show signs of recovery, and by April, the price was back above €27,000. The year concluded with the price hovering around €40,000.
- January 10, 2024, marks a historic moment for Bitcoin. On this day, 11 Bitcoin spot ETFs were approved. Suddenly, a vast amount of capital gained access to Bitcoin. The long-term impact on the price remains to be seen in the coming years. Expectations are, in any case, high.
