A Dazzling History of Bitcoin's Ups and Downs
Bitcoin is perpetually rising and falling in relative fiat value, and even early 2018’s 70% decline isn’t surprising, nor is it the worst ever witnessed. Even amidst the most sickening of freefalls, experienced traders remain unfazed, because they’ve been there before.
Bitcoin Price on June 2011
In mid-June 2011, Bitcoin’s price reached as high as $32.00 per coin before dropping all the way to $2.00 in November it’s over all 94% decline, though those who held strong are now counting their lucky stars (and wads of bills). Accordingly, $32 seemed like a good time to take profit, especially after such a spike, and other traders began to capitulate.
Downfall of Bitcoin Price on January 2012
The second significant break down of Bitcoin prices happened just few months after, bottomed out at $2.00 per coin. Though the price had more than doubled from lows by the end of 2011, the market was still fearful, as it had watched the crypto-currency fall from $32.00 only recently.
Bullish phase for the crypto-currency on April 2013
The period between early 2012 and 2013 was uneventful. Bitcoin gained gradually and began 2013 at a price of around $13.00, reaching as high as $17.00 in 2012. Early 2013 was a bullish phase for the crypto-currency, as it pushed past its all-time high of $32.00, reaching $49.00 before a one-day minor correction back to $33.00.
Bitcoin dramatic behavior on November 2013
Known as the biggest and most exemplary of Bitcoin crashes, it’s no surprise that the infamous 87% decline happened in November 2013. In late 2013, the price was nearing $1,200.00—a psychologically significant price that helped the subsequent decay last for years. The post-November low was only reached in January 2015 at about $150.00.
Bitcoin as Profit Giant on November 2017
5 years on the dot after Bitcoin’s four-figure debut, the king crypto-currency skyrocketed past the five-figure mark at $10,000.00 and pushed all the way to $20,000.00 before losing steam. The two years’ prior would prove to be some of the best opportunities to buy, and even those who purchased Bitcoin at the year’s opening price of $750.00 gained significantly.
Conclusion: Its go to invest in Crypto-Currency
This long history of repeated boom and bust is a buoyant signal. However, the multi-year struggle that occurred post-2013 demonstrates that the path backwards isn’t always straight. After some time its boom and reaches its higher level.