Following a peak near the $20,000 mark in December 2017, the Bitcoin price on cryptocurrency exchanges experienced a significant downturn. Within a year, the price plummeted to below $4,000 before beginning a recovery in 2019. This period highlighted the volatile nature of Bitcoin prices and trading values, a characteristic further emphasized during the Corona crisis.
Similar to stock markets, the Bitcoin price sharply declined in March 2020 as investors grappled with the unfolding pandemic and widespread panic ensued. In just two days, Bitcoin’s value halved, dropping from approximately $8,000 to as low as $4,100 at times. However, Bitcoin demonstrated remarkable resilience, initiating an impressive recovery. By late April 2020, it had regained its pre-crisis level of around $8,000, and soon after, it surpassed the $10,000 threshold once more. The loose monetary policies adopted by many countries during the crisis year of 2020 seemingly positioned Bitcoin, with its inflation-hedging properties, as an attractive option for investors in the cryptocurrency market. After a period of sideways movement in the summer, the Bitcoin price began a strong ascent from autumn 2020, culminating in a new high when it broke the $20,000 barrier on December 16, 2020.
2021 proved to be a historic year for Bitcoin and cryptocurrencies in general. Early in January, price alerts were triggered as Bitcoin reached $30,000, and within days, investors had to pay $40,000 per unit to buy Bitcoin. This dynamic surge was significantly influenced by figures like entrepreneur Elon Musk. The co-founder of renowned companies such as PayPal, SpaceX, and Tesla, Musk frequently fueled the Bitcoin price with positive tweets and memes shared with his extensive Twitter following of over 40 million.
On February 18, 2021, Elon Musk further solidified confidence in Bitcoin with a major announcement. Tesla, the electric car manufacturer known for innovation and led by Musk, disclosed a $1.5 billion investment in Bitcoin and declared its intention to accept the cryptocurrency as payment for vehicles and other products. This news ignited investor enthusiasm, fostering hopes that other prominent companies would follow Tesla’s lead, thereby increasing Bitcoin’s mainstream acceptance.
In the weeks that followed, the Bitcoin price climbed to over $60,000, ironically before Elon Musk triggered a temporary price downturn. A tweet from the Tesla CEO announced that the automaker would temporarily cease accepting Bitcoin due to concerns about the high energy consumption associated with mining and its environmental impact, pending a shift towards more renewable energy sources in mining operations. Adding to the downward pressure were announcements from Chinese authorities about stricter Bitcoin regulations and a US plan to require automatic reporting of transactions exceeding $10,000 to the IRS. By mid-2021, Bitcoin had retreated significantly from its peak, at times falling below $30,000 per unit on crypto exchanges. Nevertheless, the price recovered, reaching an all-time high of $64,400 on November 12, 2021. In subsequent months, Bitcoin, along with other cryptocurrencies, experienced a sharp 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 slight recovery in Bitcoin’s value, with the $30,000 mark being surpassed in April 2023. By June 2023, the price of 1 Bitcoin hovered around $26,000 to $28,000. The market capitalization in June 2023 stood at nearly $500 billion USD. Late 2023 marked the start of a new price rally that extended into early 2024. After a correction to $24,000 in September 2023, the price surged to almost $43,000 by December 6th. Leading into 2024, the Bitcoin price stabilized around $38,000 Euro. With the anticipation of a Bitcoin ETF approval in the US (e.g., from Grayscale or VanEck) at the start of 2024, the price climbed again, reaching a new all-time high of $73,000, triggering numerous price alerts for crypto investors. The Bitcoin halving that followed in April did not immediately ignite the expected price surge.
For the latest Bitcoin price and further data, you can refer to the chart at the top of this page. This chart displays the price trend daily, weekly, or monthly. Additionally, the BISON app allows you to check the current value of your Bitcoin wallet at any time.
