Bitcoin price history

Written by Evgenia Sidorova
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Since Bitcoin was invented over a decade ago, it has been the subject of many forecasts. Its acceptance at the government level is only just beginning, and as it is not backed by any traditional method it is extremely volatile. In our article we look at Bitcoin price history in an attempt to predict its further development.

Every informed person should know about Bitcoin because it could be one of the most important things in the world.

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What is Bitcoin and cryptocurrency?

Bitcoin was invented by someone called Satoshi Nakamoto. The monument to the creator, recently unveiled in Hungary, epitomizes the anonymity of both him and his invention, as well as of cryptocurrency transactions. Bitcoin came in response to the 2008 economic crisis when many people lost access to traditional banks.

At the time it was accepted that cryptocurrency could be the answer, but the fluctuations in price alternately indicated the enthusiasm and annoyance of investors. To this day, the price heavily depends on the people’s interest in Bitcoin, and admittedly, security issues severely affect the purchasing activity. The traction this cryptocurrency is gaining now is due to its increasing value and the role it plays against inflation.

Bitcoin price history

An abstract composition of a golden bitcoin and graph financial data, representing currency stock crash. Source: istockphoto

Bitcoin price history

In the price history of Bitcoin analysts find several price bubbles between 2011 and 2021. Bitcoin price history graphs mimicked the epic Gartner Hype cycles and apparently represented a short-term inflow of investments for the purpose of solving some long-term problems. Indeed, apart from volatility, cryptocurrency’s ecosystem is still not secure enough, and since it is not managed or protected by any financial institution, it needs extra money to develop new protective mechanisms.

Overall, there have been several periods when Bitcoin price experienced a huge increase followed by a no less dramatic fall. So, what is Bitcoin price history?

  1. 2011: Bitcoin investors and observers saw the first sharp increase in price, from mere $1 to $32 in just 3 months. By the end of the year though, Bitcoin was back to just $2. It continued to grow steadily, reaching $4.80 in May, 2012. Then its price jumped to $13.20 by August that year.        
  2. 2013: this year saw two huge price bubbles, in spring and in autumn. First, Bitcoin shot from $13.40 to $220 and then dropped to $70 – all in two weeks! The growth continued through summer, and at the beginning of October Bitcoin cost $123.20. In just two months it spiked to $1,156.10, only to drop to $760 three days later. The bubble continued to melt, and at the start of 2015 Bitcoin cost as little as $315.
  3. 2017: in that year, Bitcoin experienced its sharpest ascent, $975.70 in March to $20,089 on December 17. It placed Bitcoin firmly in the spotlight, with governments and economists beginning to develop competing cryptocurrencies and making extreme forecasts. Most importantly, Bitcoin started to be seen as a real asset, albeit with a questionable future: its price began to slump back down, and by the end of 2019 it cost mere $7,112.73.
  4. 2020: the pandemic affected traditional currencies and exchanges, however for Bitcoin it was the prime time. It rose from $7,200 to $18,353 at the end of November. Stimulus checks, money-printing by governments and central banks, and a somewhat weakened purchasing power of the U.S. dollar contributed to Bitcoin’s appreciation as a store of value. As its supply reached 21 million, institutions also began to take more serious interest in cryptocurrency, whereas before it was largely the retail investors who poured money into Bitcoin.
  5. 2021: from $24, 000 in December 2020, Bitcoin has shot to $64,000 in April, 2021. A short-term drop in the summer was followed by a new bull run, the price fluctuating between $50,000 and $42,500.

June 2021 saw the milestone event, as El Salvador made Bitcoin legal tender.

Bitcoin price value history and fluctuations we have singled out can illustrate both the state of exchanges, the investors’ interest, as well as past and present issues that continue to plague Bitcoin. At the beginning, very few people invested in Bitcoin, hence its liquidity was thin. One can confidently claim that it was not until Bitcoin began to be accepted for purchases by some online retailers that its security and liquidity started to be taken seriously. Its price was further affected by the marginal cost of production that required more and more amounts of energy to mine Bitcoins.  

Of course, Bitcoin’s entire price history, its formation and trading, is far more complex. On the one hand, various governmental regulations affect the swings in price. However, as institutional investors began to speak in favor of Bitcoin and as the pandemic demonstrated its use as a hedge against inflation, Bitcoin has finally become an attractive asset class. The interest from companies that used Bitcoin for treasury management and inflows of money from institutions certainly increases its liquidity and helps to control volatility.

Photo by David McBee: Pexels

Another important factor that influences Bitcoin’s current price-making is industry developments. Bitcoin is unique in that this is a currency born and developed within the tech environment; hence both Tech and Finance have large industrial interests in Bitcoin. Bitcoin futures are now trading at CME and CBOE, but the initial announcement thereof led to a price increase at crypto exchanges in 2017. Bitcoin halving events that are due to algorithmic changes which result in the decline of a total market supply of Bitcoin also catalyze its price. This halving of miner rewards leads to doubling the stock-to-flow ratio of Bitcoin and appears to have a profound impact on its price, although the effect is not as astounding. Whereas in 2012 and 2016 the halving events led to price gains of 8,000% and 600% respectively, a similar occurrence in May 2020 only saw an increase of around 300%.

Last but not least, marcoeconomic problems and instability on a global scale caused by the 2020 pandemic shutdown propelled Bitcoin to unprecedented heights and have led both sceptics and some serious analysts to believe that there could be a connection between these events. For some, the digitalization vector indicates that Bitcoin receives additional support from institutional investors in order to firmly establish it as the currency of the new, Internet-wired world. Since it was first introduced in 2009, in response to the crisis, Bitcoin has always been regarded by its supporters as a supranational hedge against economic instability and governmental control. For instance, in Venezuela, following a period of hyperinflation, Bitcoin has enjoyed an increase in transactions. Similarly, when the Chinese government announced capital controls and banned domestic exchanges from trading in Bitcoin, the cryptocurrency’s market price experienced another uptick.


  1. What was Bitcoin’s lowest price in history?

$0.0008 to $0.08 per coin – when Bitcoin only started trading in July 2010.

  1. What was Bitcoin trading price history in 2009?

When Bitcoin first appeared in 2009, it was traded for free, its value being $0.

  1. What is Bitcoin max price history?

Bitcoin’s highest price to date was $64,863 on April 14, 2021.

  1. What will be the highest Bitcoin price in 2030?

The value of Bitcoin depends largely on those who make the estimate. The cryptocurrency enthusiasts predict the price between $400,000 and $500,000 by 2030.

It’s high time to earn money from cloud mining!

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