Wednesday, May 7, 2014

Bitcoin Value History – Bitcoin’s Highs and Lows

Bitcoin's price has been on a roller coaster ride since it was created. Read and find out more about its bitcoin value history - its ups and downs.

Suddenly, Bitcoin seems to be everywhere. It has become one of the fast-rising trends in the internet given that sets in this digital currency are advantages that made financial transactions faster and more convenient. On the other hand, investors find bitcoins to be a good avenue to earn more profits due to its price instability. As a matter of fact, looking at the bitcoin value history, lots of market volatility has been spotted since it was first created.

  • This digital currency started with no worth. In January 2009, when it was first introduced, there were no exchanges or markets. Its users were mainly cryptography fans who were sending bitcoins for low or no value. It stayed this way for almost a year until a user, named ‘Lazlo’ made the first real-world transaction. He bought 2 pizzas for 10,000 BTCs. The price of Bitcoin then was less than $0.01.
  • In June 2010, its price grew 1000% in just five days rising from $0.008 to $0.08 for 1 BTC. It takes parity with the US Dollar in February 2011 to April 2011. 
  • In December 2012, Bitcoin already worth $31 and is slowly rising.
  • It was on April 11, 2013 when it reached $266. It is the top of the price rally, during which the value was growing by 5-10% daily. 
  • However, after a few months, bitcoin’s price dropped to $70, but in July, bitcoin is surging again to $110.
  • The most remarkable part of the bitcoin value history is when it broke the $1,000 threshold on November 27, 2013.
  • After this, the bitcoin’s value has been unsteady until it settled in the range of $800 - $900 in the first month of 2014. 
  • The shutdown of Mt.Gox this February has created a sudden bang in bitcoin’s value as it fell to $550 before recovering again to the $600 - $700 range.
  • At the moment of writing, bitcoin’s price is around $450, and at the moment bitcoin is being used in bitcoin casino because players want to bet with bitcoin because of its anonymity.

It is no secret that the majority is still viewing bitcoin as the digital currency in the future and since numerous jurisdictions are considering their stand about this cryptocurrency, sooner than later, its value will hopefully become more stable.