BTC is the first to make a name for itself in the cryptocurrency world. After this system was introduced, different Altcoins started to be introduced globally. However, BTC is the most well-known cryptocurrency worldwide. For this reason, there are many people who want to learn when Bitcoin came out, its price over the years, and how it followed in history. Especially on a platform such as Binance, it is possible to learn how the current buying and selling prices are.
Bitcoin was introduced into circulation in 2009 as an alternative to traditional investment and payment instruments. After a very short time, BTC, which gained value and attracted attention, became used both in the trading market and in investment purchases. However, although it is not well known and is not estimated due to its current price, the BTC debut price was 0 US dollars in 2009. A year later, it reached $0.06.
However, it gained great popularity between 2010 and 2011, as a result of which it jumped from a very low 0.06 to a huge 6.05 US dollars. While it was seen in the 8.46 band a year later, it reached 189.54 from 8 in 2013. Currently, BTC is about 27,000 US dollars. In Turkish lira, it is equivalent to 558,000 TL. However, this article has been prepared to inform you and is not an investment recommendation.
Factors That Determine BTC Price
When the Bitcoin 10-year chart is examined, it is noticed that it is not stable and has changed over the years, and even large fluctuations are seen from month to month. The values of the few years we have given above also show this.
This situation may bring questions such as what affects the BTC price. In detail, these are as seen below.
Supply and demand
Supply and demand are also important factors in cryptocurrencies. This is true not only of altcoins, but also of Bitcoin. Depending on the supply and demand situation, BTC prices may change over time.
Technological developments
Bitcoin is based on Blockchain technology and developments in this area can affect the value of Bitcoin. Improvements in the speed and efficiency of the network can increase demand for Bitcoin, while technical issues can cause Bitcoin to drop in value.
Security Concerns
Any security concerns or hacking incidents related to Bitcoin can cause its value to drop.
Rivalry
After the emergence of Bitcoin, many Altcoins were introduced to the industry. There is also a competition between them, which can affect the value of Bitcoin. When a new cryptocurrency comes out, its effect on BTC and other units can be observed.
Media
The news published to inform people about the developments in the crypto money industry can increase or decrease the price of Bitcoin.
Mining
Like other commodities, production costs play an important role in determining the price of Bitcoin. The difficulty levels of Bitcoin algorithms can vary. This, in turn, can speed up or slow down the Bitcoin production rate. Thus, it can affect its price by affecting its overall supply.
Big Fluctuations Bitcoin Experienced
If the Bitcoin chart is examined in general by years, it can be observed that it differs every year. However, if you are new to the world of cryptocurrencies, you should know that prices vary by months, weeks, days and even seconds, not years.
In the spring of 2013, one BTC was traded at $233 USD. However, it experienced a decrease of 71 percent in April, and as a result, it decreased to 67 US dollars. The reason for this has been linked to the popularity of BTC.
In the same year, the second fluctuation was experienced in the autumn months. In November 2013, it was traded at 1,150 USD and decreased to 500 USD. In addition, there was a decrease in the life of BTC in 2014. The big drop in February was Mt. It was started after the news of the hacking of Gox company. Because it has been announced that over 850 thousand BTC was stolen. As a result, Bitcoin, which was traded at 867 US dollars in February 2014, declined to 439.
There is also a 2017 summer leveling. Its value decreased to 3,000 USD in June of 2017, and continued in July, displaying a 36 percent decrease. In this regard, although Bitcoin was introduced to the market in a not so distant date, there have been many fluctuations throughout the period. For this reason, Bitcoin prices should also be examined up-to-date.