Bitcoin’s journey in the cryptocurrency market has been marked by significant price swings, capturing the attention of investors and financial observers worldwide. After initially flirting with the $20,000 mark in December 2017, the Bitcoin price experienced a sharp correction in cryptocurrency exchanges. Within a year, its value plummeted to below $4,000 before staging a recovery in 2019. This volatility continued to define Bitcoin’s price, impacting both buying and selling points, a trend vividly illustrated during the Corona crisis.
Similar to the stock markets, the Bitcoin price tumbled in March 2020 as the implications of the burgeoning pandemic dawned on investors, triggering widespread panic. In a dramatic 48-hour period, Bitcoin’s value halved, dropping from approximately $8,000 to as low as $4,100. However, Bitcoin demonstrated remarkable resilience, initiating an impressive rebound. By late April 2020, it had reclaimed its pre-pandemic level of around $8,000, and shortly thereafter, it surpassed the $10,000 threshold once again. Fueled by the expansionary monetary policies adopted by numerous countries, Bitcoin, perceived as an inflation hedge, emerged as an attractive alternative for many investors in the turbulent year of 2020. Following a period of sideways movement in the summer, the Bitcoin price began a strong ascent in autumn 2020, culminating in a new record high when it breached the $20,000 barrier on December 16, 2020.
The year 2021 proved to be a historic chapter for Bitcoin and the broader cryptocurrency landscape. Just two days into the new year, price alerts were triggered as Bitcoin surged to $30,000. Within days, investors were facing prices of $40,000 per Bitcoin for those looking to buy. This rapid ascent was partly propelled by influential figures like Elon Musk. The entrepreneur behind PayPal, SpaceX, and Tesla, frequently used his Twitter platform, with its vast following of over 40 million, to post positive tweets and memes that consistently boosted the Bitcoin price.
Elon Musk further solidified confidence in Bitcoin on February 18, 2021, with a landmark announcement. Tesla, the electric vehicle manufacturer renowned for innovation and spearheaded by Musk, disclosed a $1.5 billion investment in Bitcoin. Moreover, Tesla revealed plans to accept the cryptocurrency as payment for its vehicles and other products. This news ignited investor enthusiasm, fostering hopes that Tesla’s high-profile endorsement would encourage other corporations to invest in Bitcoin, thereby broadening its acceptance.
In the subsequent weeks, the Bitcoin price soared to over $60,000. However, it was Elon Musk himself who triggered a temporary reversal. A tweet from the Tesla CEO announced the automaker’s decision to suspend Bitcoin payments, citing concerns over the high energy consumption associated with Bitcoin mining and its environmental impact, pending a shift towards more sustainable energy sources in mining operations. Compounding this, announcements from Chinese authorities signaling stricter Bitcoin regulations, and a U.S. proposal to mandate reporting of cryptocurrency transactions exceeding $10,000 to the IRS, contributed to a market downturn. By mid-2021, Bitcoin’s price on cryptocurrency exchanges had retreated significantly from its peak, occasionally dipping below $30,000 per unit. Nevertheless, Bitcoin demonstrated its characteristic bounce-back ability, recovering to reach an all-time high of $64,400 on November 12, 2021. In the months that followed, Bitcoin, along with other cryptocurrencies, experienced a substantial decline in value. By November 2022, just a year later, its value had plummeted to under $17,000, approximately one-third of its all-time high.
The beginning of 2023 saw a modest recovery in Bitcoin’s value. In April 2023, the $30,000 mark was surpassed. By June 2023, the price of 1 Bitcoin fluctuated between $26,000 and $28,000. The market capitalization in June 2023 stood at nearly $500 billion USD. Late 2023 marked the start of a new price rally, which extended into early 2024. After a correction to $24,000 in September 2023, the price climbed to almost $43,000 by December 6th. As 2024 commenced, the Bitcoin price stabilized around $38,000 Euro. Anticipation surrounding the approval of a Bitcoin ETF in the U.S., particularly applications from firms like Grayscale and VanEck, further propelled the price upwards in early 2024, reaching a new all-time high of $73,000, triggering numerous price alerts for crypto investors. The Bitcoin halving in April did not immediately ignite the expected price surge. For the current Bitcoin price and further price data, you can refer to the chart at the top of this page. This chart provides a detailed view of the price trend on a daily, weekly, or monthly basis. Furthermore, the BISON app allows users to monitor the real-time value of their Bitcoin wallet.
