It’s been nine years since Bitcoins were first introduced to the financial investment markets, mined, and in the meantime, there has had been wild fluctuations in terms of Bitcoin price investment. This article outlines detailed statistics at the price history of Bitcoins prices. Click on more in detail.
About Bitcoins- What You Need To Know About
It has made significant inroads since then and today it has become an alternate means of financial system prevailing side by side with the fiat currency in some countries. In some countries, t is totally banned and in some other countries, it is the legal tender there.
However, with the advancement of technological advancement, today, Bitcoins have travelled a long and tumultuous path to becoming one of the recognized systems of financial exchange of goods and services by many. Bitcoins are gradually getting imbibed into the system of many countries.
Bitcoin has gained popularity on another ground because it is encrypted and there are no chances of anyone breaking into your account. Although it does not have the backing of any central authority, yet is highly accepted because it is secured by high amounts of energy that have gone into its mining. Moreover, with the technological advancements, Bitcoin hacking has become quite impossible.
The Price History of Bitcoins- A Closer Look
When Bitcoin made its entry into the market, it had a zero value. Then it got its kickstart in 2010 when its price became $0.09. In 2011 it got its first break by becoming $1 in April. Gradually its price started increasing and it made its mark in 2013 by becoming $1000 after which it fell to become $530.
The phase 2014-2016 saw it getting stalled without much activity in the market. The middle of 2017 saw its touch to $2000 after which it shot up to $19000 in that same year. Again, in the period, 2017-2019 it fluctuated wildly many times till it became $7,200 by the end of 2019.
2020 was the year of no growth because of the covid situation that rampantly crushed every industry and every market under the sun. But in 2021, it again saw an increase in its value when it became $30,000 in summer and by November it touched $68,000. Its price is continually going up but currently, it has fallen and as of today, the price is $39,000 though it is expected to reach $1,00,000 by the end of the current year.
Factors Responsible For The Fluctuating Bitcoin Prices
Bitcoin is in reality valuable only because its supply is limited and restricted to a few in numbers. It is this reason why the coin is gaining its value so steadily. This is the reason why it is so much in demand and there is a rush to hoard on the coins. Some even call it an inflation hedge.
Again, another factor that drives its prices to go up and down is its ways of functioning. Some like the transparency because of the decentralized system that controls it or makes it move. Its blockchain technology also may have given it the lift that it was waiting for so long. It has increased so much in value that it is making institutional sales and purchases which is also another contributor to its escalating prices.
Important Safety Considerations Before Investing In Bitcoins
Even before you have any plans of becoming an investor in the Bitcoin market you should understand for yourself clearly whether this system of financial jugglery is for you. If you think you are not cut out for this market then clearly stay off from its coasts. Take for example the case of investor Warren Buffet. He did not think himself to fit into this market and so he stayed off it. Never for a moment think that, you are missing out on all that is happening in the market by not getting actively involved with the crypto market.
Final Words
So, from the turbulent history of Bitcoin, it is evident that the market is very volatile and so if you want to invest safely you can do so with the Bitcoin Era to be secure with your crypto assets.
