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More about Bitcoin BTC

Factors that influence the price of Bitcoin

Similar to share prices in the traditional stock market, the exact bitcoin price at any moment is decided on by hundreds or even thousands of buyers and sellers, each bidding a slightly higher or lower price on which they are willing to buy or sell.
As price accelerates, more speculators are willing to buy at higher prices, causing a chain reaction as supply gets bought and buyers become willing to spend even more to acquire bitcoin in the expectation of the price trend continuing upwards.
Similarly, when many investors expect a price dip and therefore sell, the bitcoin price begins to decline. During this bearish run, traders exit the market and sell their holdings to avoid losses due to further falling prices — causing a chain reaction of selling action.
Besides trading momentum, price is also influenced by market news including:
Regulations around cryptocurrency
Bitcoin halving and rewards for Bitcoin miners
Competing cryptocurrencies
Institutional analysis

Popular Bitcoin Insights

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.

Satoshi Nakamoto

Bitcoin is the oldest cryptocurrency; created in 2009 by an unknown individual(s) with the pseudonym, Satoshi Nakamoto with publication of the Bitcoin whitepaper . The true identity of Satoshi has never been verified. 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.

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.

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 wild fluctuations over the years as you can gather from the bitcoin pricing chart above.
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 and by April reached 185 EUR, promptly dropping to 60 EUR then rallying all the way to 636 EUR by year end.
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.

Acceleration Above €10,000

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.

Surge Above US$20,000

Towards the end of 2020 Bitcoin broke above its previous All Time High of $20,000 with analysts projecting upwards of $300,000 in the not too distant future.

The Evolution of Digital Currency

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. The goal of Bitcoin Cash is to reduce the transaction fees of BTC by increasing the size of ‘blocks’ on the bitcoin blockchain protocol.

Ripple

Unlike Bitcoin, Ripple (XRP) is not based on blockchain. XRP uses a distributed open-source protocol and underpins a payment network called RippleNet.

Ethereum

Ether (ETH) is the crypto coin for the Ethereum network built to provide digital (‘smart’) contracts. The Ethereum network powers most DeFi (decentralized finance) projects.
Check out how to buy Bitcoin and other cryptocurrencies on Kriptomat.

Bitcoin FAQ

What is bitcoins price and future price prediction?

The current bitcoin price is 23736.60 EUR with analysts from Citibank projecting €250,000+ by end of 2021.

Is bitcoin a good investment?

Many analysts today have changed their previous views that BTC value could drop to 0 EUR. They believe this new form of money will at minimum remain as a long-term storage of value. A digital version of gold. Other virtual currencies such as XRP are more likely to be used as day to day cash.

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. If the old fiat economic system continues to decline, perhaps the price of traditional assets such as gold and digital assets such as bitcoin will soar to even higher heights.

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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.