Since it was invented as the first virtual cryptocurrency, Bitcoin has become one of the most valuable crypto assets. The price of Bitcoin today is surpassing $50,000, and the last Bitcoin bull run has marked the beginning of a new, exciting period for the crypto world in general. We’re looking at mass adoption of cryptocurrencies, and thanks to the incredible bull market phase, price predictions are very positive. In this article, we provide an overview of Bitcoin’s price history and future predictions.
Bitcoin’s History
Initially, the price of Bitcoin was very low, and it started trading in a range between $0.0008 and $0.08. A notable rise in the price of Bitcoin was in 2012 after Bitcoin halving an event that is scheduled to occur after 210,000 BTC are mined in the network. Before the halving in 2012, the block reward was 50 BTC.
Then it dropped to 25 BTC. Regarding the price, it rose from $11 to $12. The next year, there was a slight improvement, and the price reached $13.40. By April 2013, it shot up to $220. The first bull run will reach its peak in December 2013 when the price hit $1156.
The fluctuations of the price continued in 2014, and Bitcoin reached a price of $920. After the next halving in 2016 the price will go from $576 to $650. The next important bull market phase that has attracted a lot of hype happened in 2017, as Bitcoin hit $2,000 in May.
Its bull run lasted throughout the year, and in December 2017, Bitcoin’s price reached over $17,000. The next years are valuable for Bitcoin’s history because even though the price dropped, it was a period of low volatility. By 2019 Bitcoin stayed within the range of $7,000 to $10,000.
Current Bull Market Phase
After the Bitcoin halving in May 2020, the price soared to $9,999. During 2020, the price was constantly rising, and by December, it increased over $20,000. What’s more, in January 2021, it exceeded 40,000, and in February, a new record was reached of $50,000. As a result, the number of investors and exchange sites has grown significantly.
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So, as you can tell, each halving pushes the price of Bitcoin even higher, and the price never falls back to its previous price point before the event. This bull cycle is different because not only the price of Bitcoin is reaching new high prices, but there is continued institutional interest and support from reputable businesses and non-profit organizations, which mean the demand for BTC and the price are increasing even further.
Future Predictions
Needless to say, the future predictions are very optimistic because Bitcoin has been on a bull run since 2020. Some crypto supporters feel that it will hit $96,000 in 2023 and rise even further to $100,000 by 2025. On the other hand, others think that it is very likely that it will surpass $100,000 by December 2021 and reach 170,000 by 2022. The Winklevoss Twins, famous entrepreneurs, and crypto investors think it will climb to $500,000 by 2030.
When it comes to the market cap of Bitcoin, many believe that its market capitalization will also continue to rise as the price rises and surpass $1 trillion by the end of 2021, and if the price reaches $500,000, it will have a market cap of $9 trillion.