An overview of Bitcoin’s price so far this year

If you have never dabbled in cryptocurrency and have no idea what APE, DOGE, or XRP are, you probably still know Bitcoin and might even be watching bitcoin live price charts

Bitcoin is a cryptocurrency that has been around since 2008/9 and has a volatile and exciting past. Bitcoin was designed to decentralize cash. Meaning that it offered a way for people to send money without relying on financial institutions or the government being the intermediate party. 

While many other cryptocurrencies are now available, Bitcoin is still the most popular. Before we look at the current state of bitcoin and its future – it’s good to understand some of the histories of bitcoin. 

How did bitcoin start?

In 2008 there was a lot of unrest due to the recession, and a district of banks and the financial system became apparent. A white paper was created and distributed that outlined the issue of decentralization and how citizens could use this to handle cash. 

Looking at the costs associated with the financial institutions handling the money, the Bitcoin system reworked and removed the need for third parties. 

The initial blockchain was mined on January 3rd, and transactions for testing took place only a week after. Bitcoin didn’t have any cash value in the early days and was mined for validation. 

One of the most astonishing facts about bitcoin gaining monetary value was that it all started with pizza. The real-world value of bitcoin started at $25 for 10,000 BTC, which is mind-blowing considering that a single bitcoin reached $17,527 in January 2018 and then $68,000 in November 2021. 

That $25 was the cost of two Papa John’s Pizzas; there is even a celebratory Bitcoin Pizza Day on May 22nd. 

That single transaction kickstarted the possibilities of trading cryptocurrency and, more specifically, bitcoin. 

It became common for people to use Bitcoin to negotiate for services and goods during this period. By 2011, coders and miners built other networks like Litecoin and Ethereum – and made the code behind bitcoin more robust. 

What about the price history of Bitcoin?

Now we know why bitcoin started and how it started to gain monetary value, it’s time to look at some of the pricing histories. 

One of the characteristics of Bitcoin is that it is volatile, and the price fluctuations are so significant they often end up in the global news. Even though it started without any monetary value in 2009, it has seen highs and lows. 

One of the most notable dips was in February 2011, when Bitcoin hit about $1. A few months later, it hit $31 and then dipped right back down. 

But as more people began to mine, invest and understand Bitcoin, the price started to creep up. In early 2013 Bitcoin reached around $200, and by November, it had skyrocketed to $1000. The growth was incredible and saw many more people started to invest. 

By November 2017, the price had risen to $10,000, and then by November 2021, a whopping $68,990. 

Of course, there were crashes, lows, and many losses for people during that time. 

What about Bitcoin in 2022?

At the time of writing, Bitcoin is currently worth around $30,000 – but the last few months have been tricky for all cryptocurrency owners. Experts have estimated that with big names like Elon Musk talking openly about the value of Bitcoin investments and a mature market and a more comprehensive understanding, Bitcoin could see a price tag of $100,000 for a single coin. 

Some things are impacting the crypto market, such as the possibility of tighter regulations coming into play and political tensions globally. 

Since the start of 2022, with a high of $65,238 and a low of around $30k, the track record of Bitcoin shows that after a crash or a low price, it rockets up again and at speed. 

Keep in mind that even with the dips in 2021 and 2022, Bitcoin is still worth more than in previous years, which is a trend that experts predict will continue. 

Bitcoin Price Predictions 

One thing is for sure: Bitcoin is capable of reaching the predicted $100,000 per coin price tag. But equally, it won’t be an easy road to get there, and it might take longer than initially thought. 

In November 2021, when Bitcoin went beyond $68,000, it was easy to say that that bit $100,000 milestone wasn’t far away. Those already invested in Bitcoin can take the highs and lows as they come, but new investors might be hesitant. 

Interestingly many corporations are looking forward to the Metaverse and how they can inject digital products for monetary value. Including but not limited to experiences, products, games, worlds, and more. This trajectory has further solidified the standing of cryptocurrencies and the drive for investments in Bitcoin. 

In summation, Bitcoin will rise and fall and remain volatile; however, that is short-term. In the long term, Bitcoin is set for growth. 

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