In the last decade, Bitcoin, the first and most prominent cryptocurrency in the world, attracted the attention of investors with its dramatic rise and fall in price. But with the forthcoming bull run this 2024, many are left wondering: is it too late to buy Bitcoin? Let’s take a deep dive into what Bitcoin is all about, its price history, and examine if it’s still worth investing in Bitcoin this 2024, especially with the anticipated bull market. Also, we share knowledge on where traders can buy Bitcoin for people who may be interested in buying Bitcoin in anticipation of the forthcoming bull run.
The history of Bitcoin
Launched in 2009 by an anonymous creator Satoshi Nakamoto, Bitcoin is an innovative and revolutionary cryptocurrency that changed the finance industry forever. This coin was built on blockchain technology. Bitcoin is best depicted as a decentralized digital currency that does not need the supervision of any government, corporate authority, or financial institution.
With blockchain technology, secure and anonymous transactions can be executed via peer-to-peer networks. This provides new opportunities for people to handle their finances and invest their funds without needing the help of traditional banking structures.
The Bitcoin network is captivating because it can be used by anyone anywhere across the world, offers near-instant transactions, and has relatively low transaction fees. In all, it is safe to say that Bitcoin offers its users a very unique kind of financial independence.
Bitcoin price history
People often wonder: Is it too late to buy Bitcoin? To get insight into this question’s answer, you have to consider the coin’s price history. Bitcoin’s price history can give you insight into its possible price movements in the future, which lets you decide if investing in the token is still worth it.
Bitcoin price – 2009 to 2017
In the early years of Bitcoin, the token was widely adopted in shady online marketplaces like Silk Road. In the early 2010s, the price of Bitcoin began to increase, and in no time the price grew by more than 5,600% (between 2013 and 2014). Many top crypto exchanges were also developed around this period due to the potential that people saw in Bitcoin.
At the start of 2017, the price of this digital currency was around $1,000, and at the end of the year, it rose to as high as $20,000.
Bitcoin price – 2018 to 2021
The price of BTC stopped rising in 2018. Rather, by the start of 2019, it dropped as low as $4,000 to the dismay of investors. In the first six months of 2019, the value of this digital currency grew by roughly 200%, attaining $12,000 by August. However, the price remained between $8,000 and $12,000 for the subsequent six months.
In March 2020, the Covid-19 pandemic hit the world, which sent the whole crypto market into chaos. During that period, BTC faced a quick bear market, losing over 50% of its total value in merely 48 hours to trade below $5,000. However, this drop was just a brief setback, as BTC experienced rapid growth after March 2020.
At the end of 2020, the price of this crypto reached as high as $30,000 and this was just the beginning. BTC price surged again in January 2021, reaching $40,000, and by March 2021, its price had increased to $60,000.
After several turbulent months, the price of Bitcoin finally attained an all-time high of about $69,000 in November 2021.
Bitcoin performance in 2022
The year 2022 was pretty difficult for the world market as high levels of inflation affected the world’s economy causing investors to face recession. This caused BTC to face a decline, dropping to as low as $33,184.06 on 24 January 2022. In February, the market attempted to recover, increasing to $45,661.17, however, it eventually fell before the end of February after Russia invaded Ukraine.
Bitcoin increased to $48,086.84 on 28 March 2022, however, it could not sustain the gains and eventually dropped to as low as $26,350.49 on 12 May 2022, which prompted some investors to remove their funds.
On 21 July 2022, Bitcoin plunged below $23,000 after Tesla declared in its second-quarter financial statement that it had already liquidated 75% of its TC investment holdings for $936m in cash. All of these events combined created a very negative atmosphere for both Bitcoin and its supporters. Eventually, the coin completed the year at $16,547.50, which was more than 60% down from the previous year.
Bitcoin performance in 2023
Despite the challenging economic conditions, 2023 was a standout year for Bitcoin, especially in comparison to the great plunge in 2022. Bitcoin started 2023 just a little above $16,000, however, its price began to increase as the year progressed, much to the surprise of many investors who lost faith in the crypto market.
At the start of December 2023, the crypto was at a 12-month high price of $45,000 with the gains getting sustained till the end of the year.
Bitcoin’s rise from as low as $US16,000 in 2022 to about $45,000 within one year, depicts an incredible 180% gain. This encounter emphasizes its possibility for resilience in the face of major global tailspins.
Some crypto analysts believe that Bitcoin’s days of exponential increase are long gone, hence, investors aiming at quick profits may be better off investing in other assets. However, based on its historical performance, there is still a possibility that Bitcoin will generate gains in the future even though it may not reach the all-time high of $69,000 in November 2021.
Also, with the predicted bull run this 2024, many still have faith and anticipate the surge of BTC price. So you can expect the price of this crypto to increase this year further, however, nothing is ever certain in the crypto market.
The crypto market is expected to recover in the next few years, creating a more suitable environment for the price of BTC to rise. If this occurs, experts believe that Bitcoin will be worth $35,000 at the end of 2024.
Also, if financial institutions around the world adopt Bitcoin and there are more use cases of blockchain technology, BTC will probably be the best long-term cryptocurrency to hold. If this happens, experts predict BTC to be worth $60,000 at the end of 2025 and about 90,000 at the end of 2030.
Bitcoin highs and lows since its launch in 2009
Listed below are the highs and lows of BTC right from its launch till date:
2009 witnessed the first Bitcoin transaction, with the price of each coin being as low as $0.0009 back then.
The price of BTC first started to increase in 2013, when it went from roughly $100 to $1,150 in just a single year.
The BTC price dropped in 2014 and continued to fluctuate in 2015 and 2016.
December 2017 saw a high of about $19,735, depicting a 933% rise in just five months.
December 2018 witnessed a low of $3,270.
June 2019 witnessed a high of $13,910.
March 2020 witnessed a low of $3,881.
The BTC’s all-time high of $68,789 happened in November 2021, exceeding the extreme lows of March 2020 by about 1,644%.
November 2022 witnessed a low of $15,757.
December 2023 saw a high of about $45,000, which was a major recovery from the past year.
How could Bitcoin be used in the future?
Bitcoin’s future carries a wide range of intriguing opportunities, potentially stretching beyond its present function as an investment asset. Listed below are some thrilling ways Bitcoin can be utilized in the future:
1. As a global currency
One of the goals for Bitcoin is for it to become a universally accepted and widely adopted digital currency. This will help to simplify international payments and circumvent traditional banks and financial institutions. The decentralized nature of this digital currency could eradicate central bank authority and currency manipulations, facilitating better financial inclusion for the unbanked populations.
2. Secure identity management
The blockchain technology upon which Bitcoin was founded may serve as a safe platform for holding and managing digital identities. So users can easily control their personal data, decreasing the risk of fraud and identity theft.
Bitcoin’s capacity to conduct tiny transactions swiftly and efficiently can revolutionize online micropayments for freelancers, content creators, and even musicians. Its fast processing speeds and near-zero transaction fees can encourage seamless monetization of all digital goods and services.
4. Supply chain management
Tracking goods via the supply chain with the power of blockchain technology could provide real-time transparency and eradicate fraud. Bitcoin’s immutability will guarantee the authenticity of all products and their tracking.
5. Decentralized finance (DeFi)
Bitcoin can also play a major position in DeFi, a wide ecosystem of financial services developed on blockchain technology. The services here can include borrowing, investing, lending, and even insurance, all without depending on conventional intermediaries.
Bitmama is the best platform for purchasing Bitcoin at the best prices. You can either purchase through an instant order or directly through the Bitmama P2P platform for cheaper rates. Download the Bitmama app to get started today.
Is it too Late to Buy Bitcoin?
So, is it too late to buy Bitcoin? The answer to this question primarily depends on your investment goals and risk tolerance. If you’re seeking fast profit, Bitcoin may not be the best investment option for you. However, if you’re ready to withstand volatility and have faith in the long-term prospect of Bitcoin (especially with the anticipated bull run), it can be a very worthwhile investment.
Here are a few things to consider before you buy Bitcoin:
Do your research: You have to understand the technology, risks, as well as potential rewards of crypto before investing.
Invest only an amount you don’t mind losing: Bitcoin is an extremely volatile asset, so you have to always prepare yourself to stomach possible losses.
Diversify your portfolio: Never put all your eggs in just one basket. Learn to always spread out your investments across various asset classes to reduce risk.
Ensure that your Bitcoin is stored securely: Make sure that you use a reputable wallet or cryptocurrency exchange to store your Bitcoin safely.
Ultimately, only you can decide whether or not to purchase Bitcoin based on your risk tolerance and investment goals. Make sure that you weigh the risks and rewards very carefully before you eventually make any investment decisions.
Is Bitcoin going to appreciate in value soon?
Since the 2024 market has been predicted to be bullish, it is expected that the value of Bitcoin will increase this year. However, nothing is ever certain when it comes to the extremely volatile crypto market.
Is it too late to Buy Bitcoin in 2024?
Another question that is frequently asked is “Is it too late to buy Bitcoin in 2024?”. Well, the answer to this question also depends on your unique trading goals and risk tolerance.
Regardless, if your goals are to make substantial returns in a short space of time, crypto may not be the suitable asset class for you.
Ultimately, is it too late to buy Bitcoin? The answer to this question solely depends on your risk tolerance and investment goals. If you are looking for a quick profit, investing in BTC may not be suitable for you. However, if you are willing to invest in it over the long term, you may profit from your investment. All in all, we can say that even if it has plunged by nearly 75% from its peak in 2021, Bitcoin still remains one of the best digital investments of the decade. As long as you can do your research, invest responsibly, and brace up for the long haul, you are likely to succeed as a BTC investor.