Bitcoin is a cryptocurrency asset that has the largest market capitalization in the world, as well as being the most expensive cryptocurrency at the moment.
The amount of supply of bitcoin which is low, makes bitcoin get a large market capitalization value from its high price. The highest bitcoin price ever was nearly $70000 in October 2021. If converted to rupiah, the value would probably be equivalent to IDR 987,000,000 based on the exchange rate at that time.
But, did you know that bitcoin doesn’t have the high value it has today? Even the price of bitcoin when it was first introduced to the public in 2009 was $ 0.
However, as time goes by and investor interest in bitcoin increases, the price of bitcoin slowly strengthens until it becomes one of the most valuable assets, competing with conventional assets such as stocks, commodities and foreign exchange.
Bitcoin Price Changes from Year to Year
The journey of the bitcoin price as a financial asset started in 2009 when bitcoin was officially released and until now it has been 13 years. Of course during that time, the price of bitcoin did not continue to rise until the price became very high. There are phases where bitcoin experiences long rallies and phases where bitcoin corrections. So, it’s actually the same as other assets.
But, since the number of bitcoins is very limited, while the demand for them is growing, the price of bitcoins has experienced a significant spike, which even conventional assets do not experience.
Curious about how the bitcoin price became what it is now?, here’s how bitcoin prices go from year to year!
Bitcoins 2009 – 2011
Although the history of bitcoin began in 2008, the official launch of bitcoin to the public was only carried out in 2009 by Satoshi Nakamoto. At that time, the price of bitcoin was 0$ because nobody was interested in buying and selling it.
In the following year, namely 2010, bitcoin began to be glimpsed and traded at prices below one cent. Bitcoin began to crawl slowly until in April 2011 the price managed to get out of $ 0 and touched the $ 1 level.
In 2011, bitcoin trading is getting busier. Thus making bitcoin grow significantly. The highest level reached that year was $32, although the following month the price plunged back to the bottom, ending at the $2 level.
Bitcoins 2012 – 2015
After the crash bitcoin is no longer as aggressive as before. Throughout 2012, bitcoin price movements tended to be slower. But, even so bitcoin managed to creep up, which was at the level of $ 2 rose to a level of $ 13 in August.
In 2013, bitcoin price movements became more volatile. It was noted that there were two price movements that rose and fell significantly. The first was in April, where the bitcoin price briefly rose to $220 but then plunged to $70. And the second was in December, where bitcoin rallied long and touched $1,156 but fell again to $760.
After the last drop, bitcoin continued to weaken throughout 2014 and into early 2015. The lowest level of the drop was $315.
Bitcoins 2016 – 2019
In 2016 the price of bitcoin began to slowly rise again. Until the end of the year there was a significant price increase that brought bitcoin to a level of $ 1000.
This increase turned out to be the beginning of bitcoin’s heyday. Throughout 2017, bitcoin was not only in a bullish trend, but its bullish movement even made the bitcoin price soar so high that it almost touched the $20,000 level.
From the beginning of 2018 to the end of the year, bitcoin underwent a correction and fell to as low as $3128. And in early 2019 until mid, bitcoin has strengthened again to the level of $ 13200. after that, from mid-2019 to early 2020, bitcoin again underwent a correction.
Bitcoins 2020 – Now
A significant increase in bitcoin again occurred at the end of 2020. Starting from October, the increase in bitcoin continued in the following months and only ended in April 2021. The highest level reached by bitcoin at that time was $ 64899 or almost to $ 70000.
From May to June 2021, unfortunately bitcoin has to be corrected quite deep. The lowest level bitcoin reached at that time was $28800. However, in July 2021, bitcoin is gaining ground again. The peak was November 2021, where bitcoin reached $69000.
And after this achievement, bitcoin eventually weakened again until now. The current low is at $15512.
Summary
So, that was a summary of the bitcoin price journey, from its initial release to the public until now. Although the corrections that occur are often quite significant, the overall trend for bitcoin prices is bullish. And for that reason, bitcoin is also referred to as digital gold, because the trend of price movements tends to continue to strengthen like gold.
Bitcoin is a risky instrument. Price fluctuations were actually normal until 2017. But since then, bitcoin has become quite dangerous where many speculators are playing in cryptocurrencies, especially bitcoin. I myself see bitcoin as difficult to become a digital currency in the future because its very high price fluctuations make this instrument very risky. During the 13 years of its appearance on earth, bitcoin fluctuations have been very high and often out of control. It would not be wise for us to depend on digital currency for our economy in the near future.
However, based on the journey of bitcoin prices from the beginning to the present, we can see that bitcoin is a very risky asset. The tendency to continue to go up is quite good, but when bitcoin’s corrections get really dire, the price movement on the way down can be very significant.
