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The first BTC price increase happened from $0.0008 to $0.08 in 2010. The price increase and decrease is a sign of adoption and dissatisfaction of investors. Previously, retail investors were getting in and out of BTC positions without solid reasoning and facts.
The two infamous narratives giving reasoning for cryptocurrency investment are: 1. Store of value 2. Hedge against inflation. These narratives are gaining merit due to repetitive reinstatements by Bitcoin Fanatics.
The cryptocurrency market has been maturing slowing and institutional investors have already taking positions in the cryptocurrency space.
Regulators are trying to step into the cryptocurrency space by mandating taxing regulations, AML, and KYC norms.
Bitcoin price depends upon an array of factors within the mainstream economy. The factors moving the BTC price are more than due to the influence of getting influenced by speculators looking for quick profits through momentum trades.
Bitcoin investors prospect to deal with the high volatility that shows up as double-digit ups and downs in price ranges. Apart from this, there are interventions by fraudsters and scam artists trying to rob thoughtless investors. There have been dramatic price crashes, making the whole thing feel like a bubble.
Bitcoin Volatility Trends Through The years:
2011: BTC from $1 in April to $32 in June (3,200%) further bottomed at $2 in November.
2012: Price trended from $4.80 in May to $13.20 by Aug 15.
2013: From $13.40 through two price bubbles. First price bubble from $220 in April and during mid-April at $70. The story furthered to another rally and crash. $123.20 in October, $1,156.10 in December, and down to $760. The rapid changes indicated a multi-year slump
2015: $315
2017: Price bubble from $1,000 to $975.70 in March and further to $20,089!
The 2017 hot streak price attracted mainstream attention to Bitcoin. Analysts were debating the reasoning behind its value. Extreme price forecasts made its way to the market.
The price moved sideways for two years.
2019: Price surpassed $10,000, creating hopes of another rally, and the price fell to $7,112.73 in December.
2020: Economy shut down due to the pandemic. BTC price from $7,200 to $18,353 in November 23, 2020. Institutional price interest in cryptocurrency propelled BTC price upward. $24,000 in December 2020.
2021: $40,000 in January peaked at $64,000 in April 14, 2021. Price declined, trading in the $40,000 range again.
