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More about Bitcoin BTC

Bitcoin overview

Bitcoin is a decentralized virtual currency based on cryptography.  It is the oldest cryptocurrency having been created in 2009 by an unknown individual(s) with the pseudonym, Satoshi Nakamoto. The true identity of Satoshi has never been verified up to date. Some Bitcoin enthusiasts like Craig Wright have claimed to be Satoshi. and others like Nick Szabo, Hal Finney, and Dorian Nakamoto have been speculated to be Satoshi

The first Bitcoin block was mined successfully on January 9 in 2009. The idea behind Bitcoin was to have an electronic peer-to-peer cash system. By being decentralized, it can be used, transacted, bought and sold without the involvement of a central authority like a bank. This highlights its main difference with fiat currencies that are managed by central banks.

Bitcoin (BTC) price history

Of all cryptocurrencies, Bitcoin arguably has the most volatile price history. At its inception, the coin traded for almost nothing. It has since seen multiple wide fluctuations over the years as you can gather from the bitcoin pricing chart above .

Historical course development

For a better understanding of Bitcoin’s price chart (and price action), we have reviewed the most important moments and price developments. At its inception, the coin traded for almost nothing.

Although Bitcoin had been created and mined in 2009, it had never been traded. This made it difficult to attach a monetary value to it.  It wasn’t until 2010 that the first real-world Bitcoin transaction took place when a bitcoin miner paid for two Papa John’s pizzas with 10,000 bitcoins. At bitcoin’s price today, the bitcoins would fetch you over 96 million EUR. It was the first time someone had sold their bitcoins.

Bitcoin started gaining traction in around 2011, and this led to the creation of alternative crypto coins commonly referred to as altcoins. These altcoins tried to improve on Bitcoin, mainly its speed and privacy. Litecoin and Namecoin were among the first altcoins to hit the market.

2013  was the year where Bitcoin established itself before suffering a huge price crash. Its price at the start of the year was around 10 EUR. The price of BTC at the beginning of April 2013 reached 185 EUR briefly. It then dropped to 60 EUR mid that month. As the year came to an end, the BTC price rallied to 630 EUR.

It peaked at a high of about 636 EUR on December 12. The price, however, didn’t stay in the 630 EUR level for long. The following year, Bitcoin prices plummeted gradually in the coming months after posting a high of 643 EUR in January . The closure of the Silk Road website and Mt Gox in 2013 and 2014 consequently earned Bitcoin negative popularity.

Bitcoin became inactive between Oct 2014 and Oct 2015. Its price revolved between 210 EUR and 280 EUR. BTC price gradually increased from Nov 2015 to April 2017. During this window, the coin moved from 250 EUR to 1,200 EUR. More and more people started adopting Bitcoin and this led to an exponential growth of Bitcoin popularity-wise. Many got drawn into the crypto space, which meant more money being injected in Bitcoin.

In the following months, the increase became even sharp and Bitcoin’s price doubled to 2,400 in July. By December, it had exceeded 10,000 EUR. On January 20, the coin was trading at 10,850 EUR – its all time high. The price of bitcoin then started declining and crashed to around 6,705 EUR in April before dropping even further to 3,100 in January 2019.

It started a new resurgence in around Feb 2019 rising steadily to 9,200 EUR in July and 9,500 in Sept. Once again, it was on a downward trend a few weeks later dropping to around 6,500 EUR in December. Bitcoin tried recovering in the first two months of 2020.

It then dropped sharply to 6,500 EUR in April before clawing its way to 8,500 in June. After a brief dip in July, the coin rose to 9,900 EUR at the end of August and has plateaued at this level. Bitcoin currently has a market cap of over 182 bn EUR and represents over 50% of the crypto market sector.

What will bitcoin be worth in 2030?

According to the June edition of the Crypto Research Report , the estimated value of Bitcoin in 2025 and 2030 will be 289,850 and 338,300 EUR respectively. The report bases the estimation on a popular valuation method called the equation of exchange.

Factors that influence the price of Bitcoin

Bitcoin’s value at a given time hinges on two market forces – supply and demand.

When many investors expect a price increase in the future, the price of Bitcoin goes up. Traders often hold their cryptos during this bullish run and sell as soon the price hits the peak. Similarly, when many investors expect a price dip, the bitcoin price declines. During this bearish run, traders exit the market and sell their holdings to avoid losses due to falling prices.

The Bitcoin price chart above indicates the Bitcoin price development and today’s Bitcoin price. The current Bitcoin price is the meeting point between buy orders and sell orders. Buyers who do not have the urgent need for Bitcoin coins are most interested in buying at the lowest possible price, and sellers who do not have an urgent need for profit are most interested in selling at the highest possible price.

If you’re going to invest in Bitcoin, it is imperative to know the factors affecting its price. These are:

  • Regulations around cryptocurrency
  • Bitcoin halving and rewards for Bitcoin miners
  • The competing cryptocurrencies
  • Future analysis
  • Media & news outlets
  • Bitcoin market value (market cap)

These factors can influence the price of Bitcoin in two ways. They can make the price jump to a higher level (bullish) or make it dip (bearish).

Is Bitcoin a good investment?

At Kriptomat, we don’t provide any piece of investment advice. We, however, show and study general market trends of cryptocurrencies, including Bitcoin.

Although Bitcoin can be rewarding as an investment, it comes with its risks. You need to weigh its risks against rewards to determine if it’s a good investment option for you. Bitcoin price has in the past exhibited extremely high volatility.

At the end of 2017, for instance, its price went up to nearly 10,000 EUR. Around the same time the following year, its price had dipped to about 3,000 EUR. For this reason, it is also important that you factor in volatility if you’re looking to invest in Bitcoin.

There is also the uncertainty aspect. Theoretically speaking, there’s a chance that BTC value can go as low as 0 EUR i.e. if better virtual currencies are innovated or if the whole project fails. Generally, Bitcoin is more suited to investors with a high-risk reward, because it can also go much higher than most competitors.

Bitcoin Halving

Bitcoin halving (halvening) is a process that involves the reduction of block rewards by half. It is part of the Bitcoin monetary policy, and helps ensure the Bitcoin ecosystem remains within its limit. The process occurs after every approx. four years. The mining rewards are halved towards the limited maximum Bitcoin supply of 21 million.

After this cap is reached, there’s no new supply of Bitcoin rewarded to miners. Instead, miners earn from the transaction fees. Bitcoin halving can lead to high volatility, i.e. if it causes scarcity of Bitcoin. It could also result in miners exiting the market because of low profits. The next bitcoin halving is estimated to be around May 24 in 2024 (block #840,000).

Relationship between Bitcoin and other cryptocurrencies

Bitcoin cash

Bitcoin cash (BCH) is a standalone digital currency regarded as an offshoot (fork) of Bitcoin. It was introduced in 2017, and a year later, it split into two – Bitcoin Cash and Bitcoin SV.


Unlike Bitcoin, Ripple (XRP) is not based on blockchain. XRP is built upon a distributed open-source protocol and underpins a payment network called RippleNet. It is the third largest crypto in terms of market cap behind Bitcoin and Ethereum.

Ethereum (ETH)

Ether (ETH) is the crypto coin for the Ethereum network and is regarded as the best alternative to Bitcoin. It is the 2nd largest crypto in terms of market cap. It is the Ethereum network that powers most DeFi projects.

Note that most cryptocurrencies (including those that are not represented here) are independent of each other.

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This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with Kriptomat or any of its affiliates and Kriptomat is not responsible for its content. This content and any information contained therein, does not constitute a recommendation by Kriptomat to buy, sell and store cryptocurrencies.