Originally published on December 23, 2021 and updated on November 19, 2024

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The current Bitcoin all-time high price at the time of writing (November 2024) is  $91,243.46. As impressive as that is, it took over a decade of highs and lows before BTC reached this staggering value. Bitcoin (BTC) successfully shows the world its potential and advantages, rapidly cementing its place in finance.

However, it wasn’t always like this, as we reached new BTC all-time highs that were once thought impossible. Let’s look at Bitcoin’s initial price, how it has changed over the years, and where its current price is. It would be interesting to see how Bitcoin’s development over the years has affected how we value crypto today.

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Key takeaways

• From its humble beginnings in 2009, when 2,300 BTC equaled $1, to reach an all-time high of $91,243.46 in November 2024, Bitcoin’s evolution showcases its capacity to recover from dips and surpass previous milestones.
• Bitcoin halving events (2012, 2016, 2020, 2024) and significant institutional investments are pivotal in propelling Bitcoin’s value, demonstrating how scarcity and adoption fuel its upward trajectory.
• Navigating Bitcoin’s price cycles requires research, patience, and an understanding of market behavior. Dips often precede higher rises, reinforcing the need for informed decision-making and strategic investments.

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Inception and early growth (2008-2011)

When Bitcoin was created in 2009, 2300.03 BTC was equivalent to 1 USD. Fast-forward two years to 2011, and Bitcoin has reached a 1:1 ratio with USD. The value will turn 31.91 USD per BTC in the next four months. Unfortunately, this was short-lived, as prices quickly dropped to 10.25 USD. At this point, Bitcoin starts developing a reputation as something too volatile. 

First halving and bull run (2012-2013)

In 2012, Bitcoin saw its first halving after the first 210,000 blocks were mined. From earning 50 BTC rewards, Bitcoin miners now only make 25 BTC. Bitcoin would prove a good investment for coin holders, climbing up to 200 USD in April 2013.

Sometime that year, authorities took down the Dark Web site Silk Road. Over 26,000 BTC were seized in this operation, dropping Bitcoin’s price from 139 USD to 109 USD.

By November 2013, Bitcoin experienced a breakthrough, surpassing $1,000 and peaking at $1,200, only dropping to around $600 a few months later.

Identity and development (2014-2016)

Moving into Bitcoin’s sixth year, Microsoft’s acceptance of Bitcoin payments was a symbolic leap forward. They would be the first in a long line of big-name corporations to adopt the currency as a payment method. 

While no notable BTC all-time high would be recorded in this period, Bitcoin would stabilize over the next two years. This would combat its previous reputation and show users its capability. 

In 2016, Bitcoin experienced its second halving, further reducing mining rewards from 25 BTC to 12.5 BTC. During this period, Bitcoin’s price fluctuated between $400 and $700, with notable growth in the second half of the year as anticipation for future price movements grew. 

Further growth and consolidation (2017-2019)

Bitcoin holders would find a reason to celebrate at the start of 2017, with January 2 seeing a Bitcoin price breaching the 1000 USD mark again. People would find this suspicious as the price would dip for a few months before reaching new highs. 

By June 2017, Bitcoin would reach 3000 USD, the first in the crypto market. This occurred when scaling issues were prominent, possibly implying people’s intent to adopt the currency for more daily use. 

This implication would be valid despite infighting among some crypto followers. In September, Bitcoin would reach 5000 USD per BTC. Volatility would affect the coin for a while, with Bitcoin reaching 3000 USD before rebounding. 

This volatility was caused by China banning the use of cryptocurrency in transactions and exchanges. Around this time, JPMorgan Chase CEO Jamie Dimon claimed Bitcoin was a fraudulent currency—which didn’t help its price either.

In the end, it wouldn’t matter. In November 2017, Bitcoin passed the 10,000 USD mark and, surpassing that, reached 11,000 USD. The all-time high for the year would be seen in December, though. Bitcoin that month saw a record 20,000 USD price point. Sadly, this wouldn’t last long, with the currency dropping to 13,000 USD.

This amazing run through the year 2017 couldn’t last forever, though. At the start of 2018, the price of Bitcoin would drop to 10,000 USD due to fear, uncertainty, and doubt concerns invading the market. 

Facebook also banned advertising for cryptocurrencies and ICOs on its platform this year. The wave of rumors regarding South Korea possibly banning cryptocurrencies and China increasing the restrictions it’s already placed on them wouldn’t help the situation either. 

This pattern would continue for 2018, with Bitcoin dropping to 5,868 USD at the lowest. This slump wouldn’t last too long, however. Soon after, Bitcoin’s value began to creep upward slowly and steadily in 2019, reaching 12,024.08 USD in June.

Current all-time highs and milestones (2020-Present)

Many were concerned at the start of 2020 about where Bitcoin would end up, and that was before the coronavirus pandemic hit the globe. As with many things, the onset of the global pandemic had a negative impact, dropping BTC’s value to 6483.72 USD per BTC in March of that year.

Unprecedented highs, regulatory challenges, increased mainstream acceptance, and notable fluctuations have marked Bitcoin’s journey from 2020 to 2024. Here’s a breakdown of its significant price milestones in recent years:

Significant Price Milestones

• March 2020: Amid the COVID-19 pandemic, Bitcoin’s price dropped to $6,483.72. However, the market rebounded quickly as global uncertainty drove interest in alternative assets.
• December 2020: Bitcoin surged to $28,768.84, driven by institutional investments and the perception of Bitcoin as a hedge against inflation. Companies like MicroStrategy and Square made significant BTC acquisitions.
• March 2021: Bitcoin reached $58,734.48, primarily due to heightened retail and institutional interest following Tesla’s $1.5 billion BTC purchase announcement.
• April 2021: BTC achieved a new high of $63,000, supported by favorable market sentiment and expanded accessibility through exchanges and financial products like Bitcoin ETFs in certain regions.
• June 2021: A regulatory crackdown in China and environmental concerns surrounding Bitcoin mining led to a price dip to $35,945. This setback raised questions but did not dampen long-term enthusiasm.
• August 2021: The price rebounded to $47,663.02 as market confidence returned, bolstered by institutional adoption and broader acceptance of crypto in financial services.
• November 2021: Bitcoin hit its all-time high of $68,789.63, fueled by excitement over new investment vehicles like Bitcoin ETFs and inflation concerns.
• 2022: Bitcoin faced significant volatility amid rising interest rates and geopolitical tensions. Its value fell below $20,000 in June during a broader crypto bear market, exacerbated by the collapse of major players like Terra (LUNA) and FTX. By year-end, Bitcoin stabilized around $16,500.
• 2023: In early April, Bitcoin saw a resurgence, reaching $30,000, driven by optimism surrounding its resilience as “digital gold.” The price was buoyed by increased interest from countries experiencing inflation and currency devaluation.
• October 2023: Bitcoin reached another high of $35,000 amid renewed interest from institutional investors and increasing clarity around cryptocurrency regulation in the U.S. and Europe. Large financial institutions filed for spot Bitcoin ETFs, further boosting confidence.
• January 2024: Following regulatory developments regarding Bitcoin Spot ETFs, Bitcoin’s price climbed rapidly. It reached $69,210 on March 6 and another peak of $70,184 on March 8.
• April 19, 2024: Following its fourth halving event, which reduced the reward for mining from 6.25 BTC to 3.125 BTC, Bitcoin closed at $63,821.
• November 7-13, 2024: Bitcoin hit an all-time high of $91,203.83 following Donald Trump’s presidential re-election. This surge was attributed to investor exuberance over his campaign promises related to cryptocurrency regulation and infrastructure136.
• As of late November 2024, Bitcoin is trading between $89,000 and $91,000, reflecting a cautiously optimistic market sentiment ahead of potential future developments in cryptocurrency regulation and adoption

What’s the way forward?

As 2024 draws to a close, Bitcoin is experiencing significant volatility and excitement in the market. Currently trading around $90,000, it has recently surged following the U.S. presidential election, driven by optimism regarding regulatory clarity under the incoming Trump administration and increased institutional interest.

The life of a crypto trader requires patience. Many times in its short history, Bitcoin has found a relatively high spot, dropped low, and climbed even higher, a cycle that confuses newbies. 

But that’s the thing: as we learn more and more about cryptocurrencies, it’s becoming more apparent that pulling out your money the minute you see a dip isn’t the best move. In fact, over the last 10 years, we’ve seen that these dips are followed closely by a high rise. The best step for new and experienced investors is to ensure they’ve researched. It helps to be prepared, after all. Do your due diligence and learn more about cryptocurrency price behavior and what you should do when things shift.