Bitcoin Price History Chart 2009 To 2022 Forbes Advisor INDIA – Forbes
Its sometimes easy to forget that Bitcoin (BTC) is just a teenager, launched in 2009 by the enigmatic Satoshi Nakamoto.
Since then, Bitcoin has seen a meteoric rise, increasing from fractions of a penny to an all-time high of nearly INR 56,96,689 in November 2021.
The big B was the best-performing asset class of the decade preceding that all-time high. Bitcoin returned more than 230% during the 10-year period ending in March 2021. For that reason alone, its now firmly entrenched in the mainstream.
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But Bitcoins price journey has been far from smooth. The original digital currency has experienced many violent dips and pumps. Lets take a closer look at the ups and downs of Bitcoins price history.
Bitcoin was originally worth next to nothing.
The transaction that first gave Bitcoin monetary value was in October 2009, when Finnish computer science student Martti Malmi, known online as Sirius, sold 5,050 coins for around INR 414.65, giving each Bitcoin a value of $0.0009 each.
The exchange took place on PayPal. That can be hard to believe, with so many crypto exchanges dedicated to buying and selling BTC nowadays.
The growth in BTC adoption in the early years started slow. If you look at Bitcoins pricing data on Google Finance, it only goes back to Nov. 20, 2015.
The early years were characterized by very little infrastructure, with only a few hobbyists buying and selling BTC.
There was no action to speak of and no news cycle, says Alex Preda, a professor of professions, markets, and technology at Kings Business School in London. Bitcoin was a fringe phenomenon confined to a subculture of software engineering and not a financial phenomenon.
The first real world transaction took place in May 2010 on a Bitcoin forum.
Posting to the bitcointalk.org forum, Florida native Laszlo Hanyecz enquired whether anyone would order him two pizzas for 10,000 Bitcoins.
After purchasing two pizzas from Papa Johns worth approximately INR 3,380, the price of each Bitcoin came to $0.0041. Those pizzas are the most expensive ever ordered, worth nearly INR 16 billion today, averaging around INR 1 billion per slice.
Hanyecz did the impractical transaction for the sake of it, telling The Sun, I wanted to do the pizza thing because, to me, it was free pizza. I mean, I coded this thing and mined Bitcoin, and I felt like I was winning the internet that day.
Bitcoin wasnt even worth a dollar until February 2011.
Thats when the fireworks started. By June 2011, the price of Bitcoin had shot up 30 times, reaching a value of INR 2,471. In a hint of what was to come, the spike didnt last long, with Bitcoin dropping to INR 411..
Liquidity in late 2011 was low, and Bitcoins first competitor, Litecoin (LTC), emerged on the crypto scene in October 2011.
The introduction of LTC spelled some doubt among the community, with a 90% drawdown testing resolve. Despite a slight rebound, 2012 was uneventful, and BTC closed the year around INR 1,070.
Bitcoins price trajectory began to change in 2013.
Exchanges, most notably Mt. Gox handled 70% of all Bitcoin transactions by the end of 2014 and started onboarding more and more users. Crypto became more accessible as a result.
The price followed the increase in adoption. Opening in 2013 at INR 1,070, BTC skyrocketed to breach INR 82,389 by November 2013.
Success waned the following year after the Tokyo-based Mt. Gox experienced a security breach with hackers stealing INR 4,942 million from its coffers. Mt. Gox shut down due to insolvency causing Bitcoin to slump to around INR 24,710 by the end of the year.
The Mt. Gox case generally demolished investor trust in BTC, and it affected the sentiment toward crypto on a much broader scale, says Alex Faliushin, CEO of crypto lending platform CoinLoan.io.
Between 2015 and 2016, Bitcoin trudged slowly along, making the price action relatively muted. It closed 2016 at around INR 82,389.
The following year saw more investors pour into the asset as increasing media coverage began to draw in the average retail customer.
Price barriers were torn apart with ease. BTC broke through INR 82,389 in early January 2017 and INR 1,64,733 in May 2017. BTC then doubled to INR 3,29,464 in August 2017.
Now, Bitcoin was finally beginning to win doubters over. Futures contracts began trading on the CME and many in the market felt like Bitcoin was becoming a genuine financial asset class.
The fear of missing out took hold, and more and more people flooded in to buy this up-only asset. Bitcoin popped to INR 8,23,537 in November 2021 before nearly doubling to almost INR 15,64,720 the following month.
Little did investors know then, but it took nearly three years to regain these price levels again.
The year 2018 didnt slow Bitcoins downtrend. BTCs price collapsed, closing out the year below INR 3,29,464. Then digital currency closed out 2019 at around INR 5,76,472.
With two years of relative inactivity and a consistent downtrend, many wrote Bitcoin off as a fad, having failed to solidify its place in the mainstream market.
Then the Covid-19 pandemic struck, and the stock markets dropped violently in mid-March 2020.
Bitcoin wasnt spared, shedding 50% of its value in less than 48 hours to trade below INR 3,29,464. Some hypothesized that the Covid-inspired dip would be Bitcoins final nail in the coffin.
But those skeptics were very wrong. With the Federal Reserve responding to the Covid-19 pandemic by printing money for fiscal stimulus, asset prices across the board rose sharply.
Growth and tech stocks showed explosive gains, but Bitcoin got everybody talking. After halving to less than INR 3,29,464in March, BTC hit INR 8,23,537 in May 2020.
But it made its real move in the final quarter of 2020. It shattered its all-time high by breaching INR 12,35,197 in November 2020, moving above INR 16,47,196 in December 2020, and ending the year at around INR 23,88,435 with a market cap of more than INR 44,384 billion.
As retail investors poured into markets and the Federal Reserve kept printing money, assets continued to inflate. Bitcoin hit INR 32,93,890 a week into 2021, INR 41,17,363 in February 2021 and INR 49,41,104 in March 2021.
After a turbulent couple of weeks in May, it dropped to less than INR 27,99,959 before rising to another all-time high close to INR 56,81,883 in November 2021.
Since November 2021, Bitcoin has struggled with the rest of the market. The up-only narrative from the days of money printing was over, with economies struck by rampant inflation.
The Fed has been hiking interest rates since early 2022, with assets furthest out on the risk spectrum getting punished the most.
Higher interest rates mean a greater cost to borrow, less investment, and a general reduction in the level of demand in the economy.
Bitcoin has been in freefall since early this year amid the crypto winter.
The most damaging month this year was May, when the collapse of stablecoin TerraUSD sparked a round of contagion in the cryptocurrency markets, pulling Bitcoin down from INR 32,10,148 in early May to INR 16,46,230 by mid-June, where it hovers today.
Investors hope this downturn is just the latest dip to precede a sharp rise, as history has repeatedly shown for Bitcoin.
Historically, October is known as a green month, increasing 26% on average. If thats the case, we may see prices head toward the INR 19,75,609 mark.
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The Bitcoin market witnessed a strong recovery in 2023 after facing a slight downside due to global macroeconomic situations and inflation data. The year turned out to be uncontrollable for the cryptocurrency, BTC.
In the first month of the year January, Bitcoin was trading at a low value of $16,000, it touched its peak later in July at $31,000 with a market capitalization of around $607 billion.
The stubborn inflation in countries like the U.S. and the U.K. also led BTC to fall below the level of $26,000. But, Bitcoin walked the stairs of recovery in the second half of the year. In July 2023 it reached around $30,500 but maintained recovering stability from October, when it was trading at around $34,298. At the end of the year 2023, BTC was trading at $42,809 as of Dec. 20 with a market capitalization of $838.58 billion.
At the beginning of the current year 2024, in the first week of January BTC was trading at around $43,906 with a market capitalization of around $915.81 billion. The recovery and rise have brought stability among the coins BTC and ETH.
As of Feb. 13, 2024, BTC hit the level of $50,107 for the first time since Dec. 2021 with a market capitalization of $982.72 billion and a cryptocurrency market capitalization of $1.87 trillion.
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Bitcoin Price History Chart 2009 To 2022 Forbes Advisor INDIA - Forbes
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- Bitcoin Price Falls as Technical Signs Flash Red. Why Cryptos Could Have a Rough Week. - Barron's - May 1st, 2024 [May 1st, 2024]
- Bitcoin and ether drop as investors question the U.S. economy's strength - CNBC - May 1st, 2024 [May 1st, 2024]
- Early bitcoin investor Roger Ver arrested, charged with alleged tax fraud - The Block - May 1st, 2024 [May 1st, 2024]
- Hong Kong Bitcoin and Ether ETFs Have Soft Debut - CoinDesk - May 1st, 2024 [May 1st, 2024]
- Hong Kong Debuts Spot-Bitcoin (BTC), Ether (ETH) ETFs in Crypto Hub Bet - Bloomberg - May 1st, 2024 [May 1st, 2024]
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- Bitcoin Price Struggles. Cryptos Hit With a Wave of Profit-Taking. - Barron's - May 1st, 2024 [May 1st, 2024]
- Bitcoin ETF Bandwagon Heads to Australia After $53 Billion Haul in US - Bloomberg - May 1st, 2024 [May 1st, 2024]
- Bitcoin Price Dips: Is the Crypto Bull Rally Over? Experts Weigh In - Coinpedia Fintech News - May 1st, 2024 [May 1st, 2024]
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- Why Ethereum, Dogecoin, and Bitcoin Cash Are Slumping Today - The Motley Fool - May 1st, 2024 [May 1st, 2024]
- 'Bitcoin Jesus' Roger Ver arrested on $50m tax fraud - crypto.news - May 1st, 2024 [May 1st, 2024]
- Bitcoin price wobbles ahead of Fed's rate decision - Crypto Briefing - May 1st, 2024 [May 1st, 2024]
- Worst month since 2022 bear market? 5 things to know in Bitcoin this week - Cointelegraph - May 1st, 2024 [May 1st, 2024]
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- Forget The Fed And ETFsTreasury Secretary Janet Yellen Could This Week Drop a $1.4 Trillion Bitcoin And Crypto ... - Forbes - May 1st, 2024 [May 1st, 2024]
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- Bitcoin top $70K or $210K? Analysts, price models clash over BTC cycle peak - Cointelegraph - May 1st, 2024 [May 1st, 2024]
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- Leak Reveals Another Huge Wall Street Bitcoin ETF Price Earthquake Could Be About To Hit Crypto - Forbes - May 1st, 2024 [May 1st, 2024]
- Bitcoin's Streak of Weekly Gains Puts Record High in Sight If History Right - Yahoo Finance - February 20th, 2024 [February 20th, 2024]
- Bitcoin, Ethereum lead crypto in $145m liquidation day - crypto.news - February 20th, 2024 [February 20th, 2024]
- Bitcoin ETFs notch best-ever week with $2.5bn haul amid signs bigger players are jumping in - DLNews - February 20th, 2024 [February 20th, 2024]
- Coinbase rides bitcoin ETF frenzy to first quarterly profit in 2 years - Yahoo Finance - February 20th, 2024 [February 20th, 2024]
- Attacks on Bitcoin and Ethereum now 'economically unfeasible': research - The Block - February 20th, 2024 [February 20th, 2024]
- Bitcoin (BTC) Price Forecast: Breakout above $60k in the Week Ahead? - FX Empire - February 20th, 2024 [February 20th, 2024]
- Bitcoin Whales Are Betting Big on a Pre-Halving Sinkhole - DailyCoin - February 20th, 2024 [February 20th, 2024]
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- Trader Says DeFi and Another Crypto Sector Are Going To Significantly Outperform, Updates Outlook on Bitcoin - The Daily Hodl - February 20th, 2024 [February 20th, 2024]
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- ChatGPT Predicted Bitcoin Price Will "Skyrocket" - Cryptonews - February 20th, 2024 [February 20th, 2024]
- Bitcoin Price Inches Higher. Why Next Week Could Be Key. - Barron's - January 27th, 2024 [January 27th, 2024]
- Bitcoin Technical Analysis: BTC Reclaims $41K Mark Following Short-Term Consolidation Markets and Prices Bitcoin ... - Bitcoin.com News - January 27th, 2024 [January 27th, 2024]
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- Bitcoin Halving 2024: What to Expect? - Yahoo Finance - January 27th, 2024 [January 27th, 2024]
- No bitcoin ETFs at Vanguard? Here's why - Vanguard - January 27th, 2024 [January 27th, 2024]
- Crypto-Linked Stocks Rise With Bitcoin as Analyst Says 'Not The Time to Turn Bearish' - CoinDesk - January 27th, 2024 [January 27th, 2024]
- This Ethereum-Based Altcoin Could Explode by Over 160% Against Bitcoin, Predicts Analyst Michal van de Poppe - The Daily Hodl - January 27th, 2024 [January 27th, 2024]
- Is the worst over for Bitcoin? - Financial Times - January 27th, 2024 [January 27th, 2024]
- Crypto Is Going Mainstream, Which Means It's Over - Bloomberg - January 27th, 2024 [January 27th, 2024]
- Swan Bitcoin Unveils Mining Unit as Parent Company Prepares to Go Public - CoinDesk - January 27th, 2024 [January 27th, 2024]
- Bitcoin bounces even as ETF outflows mount - Blockworks - January 27th, 2024 [January 27th, 2024]
- Grayscale Led the Fight for Bitcoin ETFs. Now Its Fund Is Bleeding Billions. - The Wall Street Journal - January 27th, 2024 [January 27th, 2024]
- Bitcoin put-call options ratio is a bearish indicator for the market, says analyst - The Block - January 27th, 2024 [January 27th, 2024]
- BlackRocks Bitcoin ETF First to Reach $2B in AUM - CoinDesk - January 27th, 2024 [January 27th, 2024]
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