Bitcoin currently the world’s largest cryptocurrency by any specific standard a digital currency could be measured against, marks its 12th inauguration day on the 3rd of January. So as we get closer to its Birthday let us explore how this giant crypto coin has gotten where it is at this point in time.
It was October 31st in 2008, the intensity of economic depression had just started to dilute when a white paper came into the market, published by the person named Satoshi Nakamoto who claimed to be a citizen of Japan, whose identity has always been ambiguous. The paper encompassed 12 sections, addressing the new form of currency labeled as the digital currency, Bitcoin launched on Jan 3 next year.
Market’s reaction to the Bitcoin’s Launch:
Initially, it was quite an enigma to masses perhaps, even to market gurus. People were continuously asking about its systems, nature, and vision behind it. Is it really a currency? Will it be feasible as the alternative to fiat currency?. Or is it part of the Cyberpunk manifesto? Many perceived it as liquidity to support illegitimate dealings of guns, smuggling, and kidnapping for ransom and most significantly as the launchpad for the investment vehicle structurally similar to the collateralized debt obligation that caused the economic recession of 2008, in the first place — and had given birth to the volatile, rather devastating environment in which crypto flourished?
The way Bitcoin really went throughout the years following its launch:
After its launch in Jan 2008, It Did not perform that well Until almost 9 years after its launch. It was Feb 2017 when Bitcoin for the first time surpassed the $1,000 price level. That was the point where the price of the coin skyrocketed. Though In February, its average price was recorded as $1,189, But at the end of Dec 2017, it traded at an average of $13,062. Soon, Dramatically its value crumbled hard. The same coin traded at the $10,000 price level in Dec 2017 was dropped down to the $3,000 (average) price level in Jan 2019.
Then in 2019, though, it did recover but still was unstable and subject to sudden downfall. But the year 2020 proved to be The Year for the Coin as it began the year with a $19,000 price level and after the growth of roughly overwhelming 45% surpassed the $29,000 price level in the last quarter of December and is contemporarily inching towards surpassing $30,000 price level.
Nevertheless, though Bitcoin did have face plenty of hurdles in its path as for now it is surging and surging high, as it celebrates its 12th Birthday on the 3rd of January.