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The world media drew attention to the cryptocurrency first when the cost of Bitcoin exceeded several hundred dollars. The society began to talk about the crypt seriously in 2017, when the price of Bitcoin soared to $18,000. Since that moment the world has learned such words as blockchain, tokens, and other terms from the world of virtual assets.
The development of cryptocurrency began much earlier, but only a few people paid attention to the new financial market.
How much did Bitcoin cost after launch?The history of the development of cryptocurrency began with the release of the Bitcoin coin in 2009. There were no cryptocurrency exchanges and a separate infrastructure related to digital assets, so it is difficult to name its exact rate at that time. It is known only that in 2009 it was possible to buy 1,309.03 coins for just a dollar. Technically, the coin was not even worth a cent, but those, who believed in the prospect of developing the cryptocurrency market and bought Bitcoin literally for a penny, became millionaires by 2017.
Bitcoin quickly began to grow despite the distrust and misunderstanding of a completely new asset at that time. It has risen in price exactly twice just six months after the launch. It is the most popular digital currency with the largest market capitalization today.
How has the world of cryptocurrencies changed since 2009?
So, the first page in the history of the development of cryptocurrency is the launch of Bitcoin in early 2009. Two years later he had his first competitors, for example, in the fall of 2011, the Litecoin coin was released, now it is one of the market leaders. The coin has several critical differences from Bitcoin. The duration of its blockchain is less than half. The creators of Litecoin also used a different hashing algorithm. Litecoin transactions are faster and more accessible than Bitcoin thanks to these differences.
Experts call 2013 a turning point in the history of the development of cryptocurrencies in the world. The cryptocurrency market began to take shape against the backdrop of an increase in the crypto community. The number of market participants gradually increased during the year, and trading activity increased. In 2013 the price of Bitcoin fluctuated between $100 and $150, and in early December it crossed the $1,000 mark for the first time.
The development of cryptocurrency in the world economy did not stop until 2017, but there were no major changes. The capitalization of the crypto market already exceeded $30 billion by that time, but compared to the stock markets, this amount was not significant. The daily trading volume on the crypto market exceeded $1 billion in the spring of 2017, and in December the price of Bitcoin already rose to $19,000. It fell by almost five times a year later, like the prices of other coins that were popular at that time, but the recovery in the crypto market began already in 2019. The world is shaken by new ups and downs of popular coins every year, but the general dynamics is unchanged – the currency is becoming more popular and more expensive.
How much could you earn if you invested in crypto 5 years ago?
The active development of the cryptocurrency market leads to an increase in demand for virtual assets, and as a result, assets grow in price, there are cryptocurrency funds and companies whose activities are aimed at mining coins. Business in some countries even accepts cryptocurrency as payment for goods and services.
The highest Bitcoin exchange rate was recorded at the end of 2021, so it amounted to $67,789. It costs $637 for 5 years before that moment. This means that by investing in Bitcoin in 2016, when its price was at its peak 5 years later, you could increase your initial capital by more than 100 times, not taking into account inflation.
The price of the coin decreased in 2022, in mid-June the rate was less than $21,000. However, the prospects for the development of cryptocurrency, as well as the market as a whole do not change. They are optimistic, the main thing is to follow trends, choose the right moments for buying and selling assets.
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