Bitcoin has a much more extensive track record compared to other cryptos, though it's still in its relative infancy compared to the 200+ year history of the US stock market. So, How long did it take for Bitcoin to rise?
Here's a quick rundown of bitcoin's past, which is full of the same ups, downs, and big swings.
2009: Bitcoin's Origin
The invention of the Bitcoin currency (BTC) was simultaneous to the invention of bitcoin as a blockchain, and it was the first of its kind in history.
“The unit of value (BTC) wouldn't have been possible without blockchain technology, but there was never a bitcoin blockchain without the currency either,” says Robert Konsdorf, CEO of Facings, a Michigan-based company that creates user-friendly blockchain publishing tools.
Bitcoin's first price was $0. The founder, known pseudonymously as Satoshi Nakaomoto, famously released the bitcoin white paper to explain how the new technology would work.
2010: The First 'Jump'
Bitcoin's first “big” jump happened in the summer of 2010. The price rose from a fraction of a cent in the spring to $0.09 by July. Very few people, except for very niche tech experts and finance enthusiasts, knew enough about bitcoin to buy the currency. By October 2010 the price was about $0.10.
2011: Bitcoin Breaks $1
Bitcoin broke $1 in April 2011, entering its first mini “bull run.” It rose by roughly 3,000% over the next three months and peaked between $29 and $32 (depending on the source) by June 2011. By November 2011, the price bottomed out again at $2.
The following year was uneventful. Bitcoin didn't bounce back in 2012, finishing the year between $13 and $14.
2012: First halving
In 2012, of course, Bitcoin saw its first halving, from a 50-coin reward for mining BTC to 25 coins. This set the stage for its precipitous growth. But the pattern of an 80% – 90% correction from record highs would continue to repeat itself going forward, even as much more Bitcoin liquidity would come into being.
2013: $13- $1,100
In 2013, the EFF began accepting Bitcoin again, and this was the strongest year in Bitcoin price history in terms of percentage gains. The cryptocurrency saw gains of 6,600%.
Starting at $13 at the beginning of the year, the price of Bitcoin rose to almost $250 in April before correcting downward by over 50%. The price consolidated for about six months until another historic rally in November and December of that year, when the price peaked at $1,100.
This bull run saw Bitcoin's market cap exceed $1 billion for the first time ever. It would be over three years before the Bitcoin price would reach $1,000 again. The Bitcoin price in 2013 bottomed out at -85% off its record high.
2017: $1,100 – $20,000
The Bitcoin price in 2017 breached the $1,100 mark in January, a new record high at the time — following the Bitcoin halving in July of 2016. By December, the price had soared to nearly $20,000. That's a 20x rise in less than 12 months, and it was followed predictably by a decline through 2018 and 2019. Bitcoin wouldn't see the other side of $20,000 until late 2020.
2021-2022: An Epic Rise and Fall
In August 2021, the price of Bitcoin was hovering around $46,000, and by November 2021 BTC hit its all-time high of over $68,500.
In any case, as of July 15, 2022, the price of BTC can be viewed through a couple of different lenses. One could note that at about $20,000, BTC is currently about 70% off its all-time high. Or one could take a long-term view going back to 2009, and calculate its staggering growth in just 13 years.
Bitcoin Price History 2009-2022: How long did it take for Bitcoin to rise? I hope this article can tell you how long it took for bitcoin to rise.
