Bitcoin price has been a roller coaster ride since its inception. The largest and the most popular cryptocurrency has had a history of gaining and losing its value by up to 90% during a single bull or bear run. This makes it the most volatile asset in the world – at least in our era.
Though bitcoin was first introduced in 2009, the coin started bubbling in 2011. BTC price movement stunned investors when it jumped from $0.95 in April 2011 to $32 by mid-June, and then plunging back to $2 in the next four months – the crash of 94% is the most significant crash in bitcoin history.
Bitcoin price regained momentum during 2012 on increasing changes and extended its momentum into early 2013. The major events during 2012 were: BitPay reported having over 1,000 merchants accept bitcoin under its payment processing service, and WordPress had started accepting bitcoins. These moves along with increased media coverage led BTC price to hit $260 in April 2013 before losing 83% of value in the next few months. The outages at MT Gox and cyber thefts were among the major contributors to the selloff.
BTC coin traded in the range of $500 to $1000 between 2013 to the beginning of 2017.
Fiscal 2017 was considered the best year for Bitcoin bulls. BTC price astounded financial and global markets after its price jumped from the $1000 level at the beginning of the year to its all-time high of $20,000 by the end of the year.
Bitcoin Outlook Depends on Regulators Actions
Fiscal 2018 started with bad news, bans, and crackdowns on the crypto market – leading the bears to collapse the total cryptocurrency market capitalization by 70% in the first three months of the year. The increasing use of cryptocurrencies as the medium of exchange forced regulators to look at the crypto markets and their trading activities. Some countries have banned all sorts of cryptocurrency platforms while other taking steps for regulating the emerging virtual currencies.
Bitcoin currently trades in the range of $7000, and analysts believe the future of the most popular coin depends on regulations – which could also help in reducing the price volatility.
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