7/16/24, 9:45 AM
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`Bitcoin's Price History
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`CRYPTOCURRENCY BITCOIN
`
`Bitcoin's Price History
`
` Updated May 26, 2024
`
`By
`
`JOHN EDWARDS
`Reviewed by JULIUS MANSA
`Fact checked by SUZANNE KVILHAUG
`
`Part of the Series
`Bitcoin Price Guide
`
`Among asset classes, Bitcoin has had one of the more volatile trading histories.
`The cryptocurrency's first significant price increase occurred in October 2010
`when the value of a single bitcoin started moving past its long flat price of less
`[1]
`than $0.10.
`
`The cryptocurrency has undergone several rallies and crashes since it became
`available. This article offers insight into Bitcoin's volatility and some reasons
`why its price acts the way it does.
`
`KEY TAKEAWAYS
`Since it was first introduced, Bitcoin has had a choppy and volatile
`trading history.
`
`Bitcoin was designed to be used as currency in daily transactions.
`
`While Bitcoin is a cryptocurrency, investors have also used it to store
`value and to hedge against inflation and market uncertainty.
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`https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp
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`Exhibit 1038
`Crusoe v. Upstream
`PGR2023-00039
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`Bitcoin's Price History
`Bitcoin's price is a product of supply, demand, and market sentiment.
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`Investopedia / Hugo Lin
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`Bitcoin's Price History
`The price changes for Bitcoin generally reflect investor enthusiasm, demand,
`and supply. Satoshi Nakamoto, the anonymous Bitcoin inventor(s), designed it
`for use in daily transactions—but it has become far more than a payment
`method.
`
`It attracted traders who began to bet on its price changes. Investors turned to
`Bitcoin as a way to store value, generate wealth, and hedge against inflation,
`and institutions worked to create Bitcoin investment instruments.
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`7/16/24, 9:45 AM
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`Bitcoin's Price History
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`Bitcoin's price fluctuations primarily stem from investors and traders hoping for
`an ever-increasing price in anticipation of riches. If you're thinking of investing
`in Bitcoin, be sure to research the best cryptocurrency exchanges and apps first.
`
`Trading View
`
`Here's a quick rundown of Bitcoin's price history:
`
`2009–2015
`Bitcoin had a price of zero when it was introduced in 2009. Its price jumped
`from its long-held level of $0.10 to $0.20 on Oct. 26, 2010. Before the year had
`closed out, it had reached $0.30. In 2011, it started growing past $1, reaching a
`peak of $29.60 on June 8, 2011; however, a sharp recession in cryptocurrency
`markets followed, and Bitcoin's price dropped, closing out the year at about $5.
`[2]
`
`The year 2012 proved to be a generally uneventful year for Bitcoin, though it did
`increase by a few dollars; however, 2013 witnessed strong gains in price. Bitcoin
`began the year trading at $13, crossed $100 by April, then $200 by October.
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`https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp
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`Bitcoin's Price History
`The remainder of the year witnessed historic gains for Bitcoin. It crossed $1,000
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`[2]
`in November and closed out the year at $732.
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`2016–2020
`Prices slowly climbed through 2016 to over $900 by the end of the year. In 2017,
`Bitcoin's price hovered around $1,000 until it broke $2,000 in mid-May and then
`[2]
`skyrocketed to close at $19,188 on Dec. 16.
`
`Mainstream investors, governments, economists, and scientists took notice,
`and other entities began developing cryptocurrencies to compete with Bitcoin.
`
`Bitcoin's price moved sideways in 2018 and 2019, with small bursts of activity.
`For example, there was a resurgence in price and trading volume in June 2019,
`with the price surpassing $10,000. However, it fell to a closing price of $6,612 by
`mid-December.
`
`In 2020, the economy shut down due to the COVID-19 pandemic. Bitcoin's price
`burst into action once again. The cryptocurrency opened the year at $7,161. The
`pandemic shutdown and subsequent government policies fed investors' fears
`about the global economy and accelerated Bitcoin's rise.
`
`At the close on Nov. 23, Bitcoin was trading for $18,383. Bitcoin's price closed at
`$28,993 on Dec. 31, 2020, increasing 416% from the start of that year.
`
`2021–2023
`Bitcoin took less than a month in 2021 to smash its 2020 price record,
`surpassing $40,000 by Jan. 7, 2021. By mid-April, Bitcoin prices reached new all-
`time highs of over $60,000 as Coinbase, a cryptocurrency exchange, went
`public. Institutional interest propelled its price further upward, and Bitcoin
`[2]
`reached a peak of $64,895 on April 14, 2021.
`
`By the summer of 2021, prices were down by 50%, closing at $30,829 on July 19.
`September saw another bull run, with prices scraping $52,956, but a large
`[2]
`drawdown took it to a closing price of $40,597 about two weeks later.
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`https://www.investopedia.com/articles/forex/121815/bitcoins-price-history.asp
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`Bitcoin's Price History
`On Nov. 10, 2021, Bitcoin again reached an all-time high of $69,000 before
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`closing at $64,921. In mid-December 2021, Bitcoin fell to a close of $46,211. The
`price started fluctuating more as uncertainty about inflation and the emergence
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`[2]
`of a new variant of COVID-19, Omicron, continued to spook investors.
`
`Between January and May 2022, Bitcoin's price continued to gradually decline,
`with closing prices only reaching $47,459 by the end of March before falling
`further to $29,000 on May 11. This was the first time since July 2021 that Bitcoin
`closed under $30,000. On June 13, crypto prices plunged. Bitcoin dropped
`below $23,000 for the first time since Dec. 2020. Bitcoin then dropped below
`[3]
`$20,000 by the end of 2022.
`
`Fortunes changed for Bitcoin in 2023, which saw a stellar rise in the price of the
`cryptocurrency. Bitcoin opened 2023 at a price of $16,530. It rose consistently
`[2]
`throughout 2023, ending the year at $42,258.
`
`FAST FACT
`Interestingly, Bitcoin's price trends appeared to mimic those of the
`stock market from Nov. 2021 through June 2022, suggesting that
`the market was treating it like a stock. It similarly followed this
`trend through most of 2023 and 2024.
`[2]
`
`2024
`In January 2024, the long fight for Bitcoin Spot ETFs came to a close after the
`SEC was forced by courts to review its denial of certain Bitcoin-related
`investment products. Some brokerages swarmed the market and increased
`their holdings, while others, like Grayscale's Bitcoin Trust (GBTC), experienced
`significant outflows at the onset.
`
`The outflows from certain funds slowed going into March, settling the market
`somewhat. The marketwide rebalancing was likely because there were
`suddenly more options for investors to choose from.
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`Bitcoin's Price History
`Bitcoin's price climbed quickly after the fund approvals—in late February and
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`early March, it once again breached $60,000, setting a high of $69,210 on March
`6 and another of $70,184 on March 8. On March 14, Bitcoin continued setting
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`records, reaching $75,830 by mid-day on EXMO, a cryptocurrency exchange in
`[2]
`Poland.
`
`What Affects Bitcoin's Price?
`Supply and Demand
`Like other currencies, products, or services within a country or economy,
`Bitcoin and other cryptocurrency prices depend on perceived value, supply, and
`demand. If people believe that Bitcoin is worth a specific amount, they will buy
`it, especially if they think it will increase in value.
`
`By design, only 21 million Bitcoins will ever be created. The closer Bitcoin gets
`to its limit, the higher its price should be (as long as other factors remain the
`same). This limit is intended to keep increasing the value of Bitcoin over time as
`new coins become more and more scarce, which should increase demand.
`
`Bitcoins are created by mining software and hardware at a specified rate. This
`rate splits in half every four years, slowing down the number of coins created.
`The last halving occurred on April 19, 2024. If events unfold the same way they
`have in the past, Bitcoin's price will rise again; however, there is no guarantee
`that it will react the same.
`
`Bitcoin's price should continue to rise as long as it continues to grow in
`popularity and its supply cannot meet demand. However, if popularity wanes
`and demand falls, there will be more supply than demand. Then, Bitcoin's price
`should drop unless it maintains its value for other reasons.
`
`New Bitcoin Securities
`Another factor that affects Bitcoin's price also relates to the supply and demand
`of related securities. Bitcoin became a financial instrument that investors and
`financial institutions used to store value and generate returns. As a result,
`derivatives have been created and traded by investors. This also influences
`Bitcoin's price.
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`Bitcoin's Price History
`Speculation, investment product hype, irrational exuberance, and investor
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`panic and fear can also be expected to affect Bitcoin's price because demand
`will rise and fall with investor sentiment.
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`As witnessed after the SEC approved Spot Bitcoin ETFs, regulatory activity
`causes market participants to take action. As new Bitcoin securities hit the
`market, Bitcoin's price will adjust due to any changes in the supply of and
`demand for more products.
`
`Bitcoin ETFs
`In January of 2024, the U.S. Securities and Exchange Commission
`authorized U.S. exchange-traded products to buy and hold bitcoin
`directly on behalf of their investors. Before that date, ETFs were
`[4]
`only permitted to gain indirect exposure to bitcoin through futures
`contracts. As of May 2024, there are 34 bitcoin spot ETFs, with
`combined assets exceeding $60 billion.
`[5]
`
`Cryptocurrency Competition
`Other cryptocurrencies may also affect Bitcoin's price. There are several
`cryptocurrencies, and the number continues to rise as regulators, institutions,
`and merchants address concerns and adopt them as acceptable forms of
`payment and currency.
`
`Lastly, if consumers and investors believe that other coins will prove to be more
`valuable than Bitcoin, demand will fall, taking prices with it. Or, demand will
`rise along with prices if sentiment and trading move in the opposite direction.
`
`Is Bitcoin a Good Investment?
`Bitcoin is a cryptocurrency designed to be used as a payment method. Investors
`and traders also began using it as an investment, but its price is very volatile.
`This creates a significant amount of financial risk. It is best to talk to a
`professional financial advisor about your circumstances and goals before
`buying Bitcoin as an investment.
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`7/16/24, 9:45 AM
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`What Is Bitcoin's All-Time High Price?
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`[2]
`Bitcoin reached an all-time high price of $75,830 on March 14, 2024.
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`Bitcoin's Price History
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`What Was Bitcoin's Cheapest Price?
`Bitcoin began trading at $.06 in July 2010.
`
`[3]
`
`How Long Does It Take to Mine One Bitcoin?
`The average time to open a new block and receive the reward, by design, is 10
`minutes, and each block comes with a reward of 3.125 BTC. The reward for each
`[6]
`bitcoin block will halve again in 2028.
`
`The Bottom Line
`Bitcoin has seen its share of volatile prices. If past and recent events and prices
`are any indication, it will continue demonstrating volatility as long as there is
`demand for it as an investment asset.
`
`The comments, opinions, and analyses expressed on Investopedia are for
`informational purposes only. Read our warranty and liability disclaimer for
`more info. As of the date this article was written, the author does not own
`cryptocurrency.
`
`ARTICLE SOURCES
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`7/16/24, 9:45 AM
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`Bitcoin's Price History
`
`TRADE
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`TABLE OF CONTENTS
`Part of the Series
`Bitcoin Price Guide
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`Bitcoin as Cryptocurrency
`1 What Determines Bitcoin's Price?
`
`2
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` Bitcoin's Price History
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` Bitcoin vs. Altcoins: Which is Best?
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`4 Why Bitcoin Has a Volatile Value
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`5 What Is Bitcoin Halving and Why It Matters for Crypto Investors
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`Bitcoin vs. Other Coins
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`7/16/24, 9:45 AM
`Bitcoin's Price History
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