Crypto News

Why did we need to buy Bitcoin?

Bitcoin first came to the market in 2009 and its market price was very small.Bitcoin's price never topped $1 in 2010! Its highest price for the year was just $0.39! On February 9th, 2011, BTC reached a value of USD$1.00 for the first time ever.Bitcoin had a relatively flat 2012, trading within a $0.50 range of $5.00 for the first half of the year. It then reached its yearly peak at the end of December, hitting a high of $13.45.2013 saw the first major spike in the price of Bitcoin since 2011. From $13.00 at the beginning of the year, Bitcoin hit nearly $250 in April. It then cooled off for a while, before experiencing another rapid appreciation to over $1,100 in December of that year.2014 got off to a good start, but things quickly turned sour for Bitcoin. Just one month after it closed, BTC China reopened for trading and Chinese Yuan deposits in January 2014 The price of Bitcoin in 2015 started off weakly, with a -50% selloff in the first two weeks of the year. This included a -24% drop in just one day on the 14th of January. This may have been inspired by the announcement from prominent European exchange Bitstamp that they had lost 19,000 BTC in a hack. Coinbase had better news, though, as the exchange raised $75 million in its Series C funding round. 2016 saw the Bitcoin network's hash rate top 1 exahash/second. The hash rate reflects the amount of computing power committed to Bitcoin and is an important measure of the strength of the network. The price of Bitcoin continued its slow but steady appreciation over the course of the year. After a spike to $750 in June, Bitcoin retraced before closing the year just shy of the all-important $1,000 mark. 2017 is a year that lives in crypto history. As you can see in the chart above, the year saw a steady appreciation in the price of Bitcoin followed by a huge blow-off top to nearly $20,000. 2018 was a tough year for many in Bitcoin, both seasoned investors and those new to the space who had been attracted by the hype of 2017. Bitcoin's year-on-year (YoY) return for 2018 was a painful -73%. Google, Twitter and Facebook all passed bans on Bitcoin and cryptocurrency advertisements on their platforms, with the latter claiming that they were "frequently associated with misleading or deceptive promotional practices." Bitcoin closed 2018 at $3,693 – more than $10,000 down from where it ended the previous year. The good news for investors (though they wouldn't know it just yet) was that the bottom of Bitcoin's bear market had come on December 15, when the price hit $3,122. 2019 was a rollercoaster ride for Bitcoin hodlers. Starting the year under $4,000, the price of Bitcoin rose nearly $10,000 to hit $13,880 by the middle of the year. Yet these gains did not prove to be sustainable. Bitcoin bled out over the next six months, a handful of pumps notwithstanding, and ended up closing the year around $7,160. Still, the bounce from $3,500 to $13,500 proved that Bitcoin was not dead, despite the naysayers of the 2018 bear market. 2019 set the stage for what would prove to be one of the most extreme years in Bitcoin's history: 2020. Bitcoin rose strongly from $7,000 at the beginning of the year to more than $10,000 in mid-February. $10,000 proved to be a critical level for Bitcoin throughout the year, though it would take until October for the price to leave the $10,000s once and for all. First came the March crash. Triggered by the Covid-19 pandemic, a global liquidity event, and exchange liquidation engines run amok, Bitcoin sold off nearly 40% on March 12. It hit a low of $3,850 before doubling in price over the next six weeks. Starting the year just below the $30,000 mark, Bitcoin experienced a significant rally in the first half, reaching its peak close to $60,000 around April. However, post-April, the cryptocurrency faced a decline, stabilizing around the $40,000 mark by July. The remainder of the year showcased a consistent upward trajectory, with a few fluctuations but maintaining its value above the $50,000 mark for a significant duration. The year ended with Bitcoin slightly retracing from its high but still showcasing an overall upward trend from the start of the year. The year 2022 saw a tumultuous start for Bitcoin. Beginning near the $50,000 mark in January, it experienced a steady decline through the initial months, reaching its lowest point around the $30,000 range in May. After May, the cryptocurrency did not recover significantly past this point. The price stabilized, hovering between $20,000 to $30,000 for the rest of the year. There were moments of slight upward movements, but they were met with subsequent declines, maintaining Bitcoin's price within this bracket. The year witnessed a notable constriction in its price volatility, especially when contrasted with previous years. In April 2023, the top cryptocurrency Bitcoin n April 2023, the top cryptocurrency Bitcoin touched the key resistance of $30,000 level, for the first time since June 10, 2022 and then started dipping below till $26,000 level and now has supremely raised at $45,203 after May 2022. touched the key resistance of $30,000 level, for the first time since June 10, 2022 and then started dipping below till $26,000 level and now has supremely raised at $45,203 after May 2022. A recent report predicts that Bitcoin will reach a new all-time high in 2024. Bitcoin (BTC) is expected to reach a new record of $88,000 (€82,000) throughout the year, before it settles around $77,000 at the end of 2024, according to a new report. The cryptocurrency's current price sits at around $43,000.