Bitcoin: A Brief History
- Bitcoin was first introduced by an anonymous person or a group of people called ‚Satoshi Nakamoto‘ in 2008.
- In 2011, the Bitcoin price surged beyond $1 for the first time and also reached $10. The price on the Mt. Gox exchange hit $30 rising more than 100x throughout the year.
- In 2017, the price ignited a notable bull run and surged close to $20,000, a 20x rise in less than 12 months.
Recent Bullish Rally of Bitcoin
Bitcoin, the largest crypto according to market cap witnessed dreadful days in the past of visiting the bottoms below $16,000. While many speculated the price to drop to $10,000, the star crypto displayed a magnificent recovery and surged by nearly 100%. The volume also has increased considerably due to which the platform remained highly active, impacting the volatility of the asset. The price surge was fueled in the first few days of 2023 as the sentiments flipped after experiencing an extended bearish action. Moreover, the recent turmoil within US banking system also fueled rally to a large extent. The BTC price registered its biggest single-day jump of more than $1500 and currently has held above gained levels.
Will BTC Price Rise Above 30K?
While current conditions imply possibility of bearish breakout, BTC is believed to revamp bullish trend soon. With rebound, it is speculated that BTC will rise beyond 30K and close quarterly trade on a bullish note.
Future Prospects for Bitcoin
Despite negative outlook from some analysts about future prospects for Bitcoin during 2021-2023 period there are still quite optimistic expectations about its performance in terms of both value growth and user adoption over this timeframe. Experts believe that institutional investors will continue their involvement with cryptocurrency markets which could potentially fuel further appreciation in prices while increasing number of merchants accepting cryptocurrencies as payment method could further increase mainstream acceptance of them as well leading to higher demand across different regions globally.