The King Of Cryptocurrency
Bitcoin is probably the most famous cryptocurrency along with Ethereum and there is a good reason why. Bitcoin was created as the first-ever cryptocurrency in 2009 and in a decade, it has completely changed the financial industry. The value of Bitcoin has increased from $0.0007 to more than $68,000 and it is now deemed as a store of value asset, similar to gold.
Tale of the Cryptocurrency That Has Started It All
Bitcoin is the most well-known cryptocurrency in the world that has completely changed how the global markets work and created new possibilities since it was released on the 9th of January 2009. The first-ever BTC/USD exchange rate was launched by the website New Liberty Standard on the 5th of October 2009 and you could have bought 1 Bitcoin for $0.0007 back then.
Despite some security issues in August 2010, Bitcoin’s market capitalization reached $1 million for the first time on the 6th of November 2010. At this time 1 Bitcoin was worth $0.50. Bitcoin’s price has continued to slowly rise until it broke the $100 barrier for the first time on the 1st of April 2013. But following this milestone, Bitcoin’s price started to get a bit volatile.
Chinese Foreign Minister Wang Yi announced that people in China can participate in the Bitcoin market on the 20th of November 2013, which later caused Bitcoin to jump over $1,000. By the 4th of January, 2015 Bitcoin had lost most of its gains with one Bitcoin trading below $200 during this time, despite multiple major brands getting on board with Bitcoin over the summer.
During the latter half of the year, 2017 Bitcoin’s value continued to grow ($2,571 on the 2nd of July 2017). On the 18th of December 2017 Bitcoin hit a new all-time high of $20,089. However, after reaching a new all-time high in the previous month, Bitcoin started to fall with the price hovering just below $4,000 at the start of 2019 ($3,893 on the 3rd of January 2019.)
On the 6th of May 2019 developer, Pieter Wuille proposed a Taproot upgrade to improve Bitcoin’s privacy and scalability. This caused Bitcoin’s price to jump to $8,167 in a week. Bitcoin had been trading pretty horizontally until the end of 2020 when the price of Bitcoin started rising. The year ended with Bitcoin jumping to $29,300 on the 31st of December 2020.
On the 8th of February 2021, Elon Musk announced that Tesla invested $1.5 billion into Bitcoin, which pushed the price of Bitcoin even higher through $50,000 for the first time. Thanks to Elon Musk, Tesla, and Twitter, Bitcoin bounced through $50,000 on the 16th of February 2021 and the market capitalization of Bitcoin broke $1 trillion a few days later.
Bitcoin hit another new all-time high past the $68,000 barrier on the 9th of November 2021. The rally was fueled by global interest in the cryptocurrency space and institutional customers.
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