Tracking the Value of Bitcoin

Bitcoin value has generated ample excitement over the years since its introduction. At times, it’s also caused plenty of hearts to drop right along with its worth. According to some people, there’s no way it could have any true value at all, so it’s a moot point. For those who are in favor of this revolution in the financial world, opinions vary greatly regarding just what does give cryptocurrencies their value. Most agree, though, true worth comes from a combination of all their innate traits.

Bitcoin Price in the Beginning

No one can argue the fact that bitcoin got off to a slow start. It ventured way off the beaten path and strayed so far from the mainstream few people understood the concept. Even fewer were willing to buy into it. After lingering in limbo for the first couple years of its existence, though, it finally sparked a flame that has yet to be extinguished. On May 22, 2010, 10,000 bitcoins purchased two pizzas, and the wheels truly began to turn.

Onward and Upward

Over the next couple years, a total of four years after its launch, bitcoin continued to trudge along. By 2013, its price had crept up to $100. Not many people saw the next turn of events coming, but the tides were about to shift. In just over a month, bitcoin value surged to $1,000. Before long, this amount dropped to about half its former glory, but the brief spike was more than enough to send people running for the exchanges or mining lessons.

A Major Glitch

For quite some time, bitcoin value lingered between $200 and $700 with no real upticks or drops to speak of. Then, Mt. Gox fell. Hackers stole almost $500 million worth of bitcoin and $30 in cash from the exchange. Unexpected security issues came to light, and the institution got an overhaul. From there, a few more years went by before any additional newsworthy events took place.

By 2017, bitcoin finally revisited its former high point of $1,000 before causing jaws to drop once again. Within just a few months, its value shot up to $20,000, and quite a few people were hooked from there. Analysts are expecting even bigger things to come from this most popular of cryptocurrencies. Whether or not their predictions come to fruition remains to be seen; in the meantime, feel free to click here for more details.

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