History and determination of Bitcoin price

History and determination of Bitcoin price

Since its emergence, Bitcoin has been an important crypto-currency. Initially, the price of bitcoin started from $0.30 in the year 2011. But day by day, the high value of currency rose its prices.

Bitcoin Price History

  • 2011-2012

Although having a less price of $0.30 in, still bitcoins were accepted as a payment way in many areas.

  • 2013-2014

In the year 2013, the market price of one Bitcoin had a jump to $22.

  • 2015-2016

Then the hacking of cryptocurrency exchanges in 2015-2016, the value of bitcoins declined in the market.

  • 2017-2018

But day by day, bitcoin gained attention, and its value rose exponentially, making it part of the mainstream. This lead to an astronomical increase of the bitcoin price t $20,000.

  • 2019-2020

Recently the price of bitcoin has come down to $4,800 after the effect of the corona pandemic.  But as always, the value of bitcoins is expected to rise and be a promising factor shortly.

A Brief Guide On Bitcoin

What determines the Bitcoin Price?

Bitcoin revolves around the basic innovation known as ‘blockchain’. It’s a decentralized, time-efficient, secured record storing technological framework, turning bitcoin into a powerful payment getaway capable of payments in different unbanked, under-banked, and foreign payment areas. Since bitcoins are recorded on nearly all cryptocurrency trading and exchange platforms, setting their great value and marketplace in the currency sector.

The bitcoin’s price depends on certain factors;

  1. It offers great exchange deals and cost shifts depending on the market price of the bitcoins at that time. These can vary as the price of the bitcoins also varies in the market.
  2. Market liquidity also has a great impact and influence on the varying price range of the bitcoins.
  3. Apart from these, Bitcoin cost is also influenced by political occasions and any changes or updates in the technical field.

Before investing in bitcoins, one needs to know that it can have high shifting degrees since it’s very volatile. Thus an individual should be extremely careful investing in this high-risk asset.