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How Bitcoin turned out to be a pricey one

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Crypto Business World Follow

INDIA

Dec, 22 2020

Dec, 22 2020

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Previous year for the very first time Bitcoin along with other cryptocurrencies shall take the world by storm. Rather it was so strong that all wanted to get the action piece. Whether you already have your cryptocurrencies or planning to get one now or later, you need to have better knowledge about crypto coins and understand how they can be worth once their get converted to the currency of the selection. Later, you may need to even understand whether you want to stick to the coins or wish to sell them by which you can earn little profit during the process.


To analyze the price chart can be a daunting task. Some of us might not be even aware of the trading terms that are used in the world of finance especially if you are a newcomer. That is why given is a short summary of the price movement of cryptocurrencies that can give you better clarity on how to go for the right investment in them.


The phase of discovery (2009-2010)

In the year 2009m, there was no place for Bitcoin trading on any kind of exchanges. The first price that was recorded ever was in the year 2010. Ideally, the price of the Bitcoin then was 0% when it came into existence. However, later as well the Bitcoin price did not top in 2010 rather than the highest price of the year was $0.39 only.


The phase of acceptance (2011-2016)

Right after Bitcoin turned 2 years, it then achieved parity with the dollar on the Mt Gox exchange in the year 2011. Then Bitcoin managed to come on the top amongst the bubble with a value of $31. It was then followed by a huge drop in the price say lower than $2 by end of 2011. It literally eroded the price for more than 955 by the value. However, by this time, there were notions on the Bitcoin can be improved since the previous strategies were not implements. Then came the projects by some people on own and there was the existence of the altcoins. It was this period when the other coins like a prime coin, litecoin, and namecoin existence then the value of Bitcoin started increasing again from $2 in 2011 to $750 in 2016.


The meteoric rise (2017)

The year 20178 was considered to be the price movement year where Bitcoin turned to be an attraction for many new investors. The price of the Bitcoin even rose from $900 in January 2017 to $20,000 by December 2017.


The phase of sustenance (2018)

This was the year when for everybody there was only one question and that was to understand the usage and durability of cryptocurrencies. Bitcoin and other cryptocurrencies turned to be the asset class but Bitcoin shall still be facing huge volatility for different reasons. Besides this was the year when Bitcoin faced fierce competition with other cryptocurrencies competent for dominance.


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