Cryptocurrencies such as Bitcoin have gained popularity and value in recent years. With this increase in popularity comes an increase in the number of people interested in investing or trading cryptocurrencies like Bitcoin.
However, Bitcoin and other cryptocurrencies are highly volatile, so it can be difficult to predict how the price of Bitcoin will change over time. This article will discuss how to track the changing price of Bitcoin since they initially bought it, as well as other tips and tricks for monitoring cryptocurrency prices.
Musk and Saylor down a combined $1.5B on Bitcoin buys
Since the advent of the cryptocurrency phenomenon in 2009, Bitcoin has risen astronomically in value, culminating in Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor’s combined purchase of $1.5 billion worth of Bitcoin in early 2021.
This article will explore the historical price of Bitcoin, and discuss how Musk and Saylor’s purchases have contributed to the recent massive price increases.
Price of Bitcoin in 2017
Bitcoin had a stellar 2017, with prices rising 1,304% to over $19,783 at its peak. The gains were driven mainly by institutional and retail investors enticed by the limited supply of Bitcoin (of which only 21 million will ever be produced) and the potential for price appreciation.
Starting in mid-July 2017, the price of Bitcoin started to strengthen significantly from a low of USD 2,100 to approximately USD 4,235 by early August. This upward trend led to the mid-August peak at around the $5K mark and then an impressive climb in late August when it surged up above the level it closed 2016 at to a high of nearly $4,900 over Labor Day weekend.
It was during this time that CoinMarketCap’s daily adjusted figure first rose above the billion-dollar mark and Bitcoin began receiving widespread media attention. In October, prices soared again up above $6K for one brief day before correcting back down into November.
Despite several severe price corrections throughout November and December 2017 there was generally consistent growth as demand outpaced supply until late December when bitcoin surged from around USD 15K per coin up to its all-time high of nearly $20K just 10 days later. As retail investors looked for exposure in these new asset classes and institutional money flows began pouring in after CME’s futures offerings went live on Dec 18th.
Price of Bitcoin in 2018
When Bitcoin was first released in January of 2009, it had barely any value. The price was about $0.30 for the first year and a half. Then, in late November 2010, Bitcoin saw its first bubble when the price rapidly climbed from less than $1 to around $20. Unfortunately, this bubble quickly popped and the price dropped to around $2 before stabilizing at around $5 in 2011.
What followed was a series of bubbles and crashes between 2011 and 2013. After an initial crash that saw prices fall from over $32 to just over $2 per coin in 2011, Bitcoin stabilized around the $10 mark before taking off on another speculative rush that drove prices as high as over $250 by April 2013 — only to crash them again by October of that same year, taking them back down below the previous stable level of around $10 yet again.
2018 saw Bitcoin reaching an all-time high over 19000 USD per coin in December 2017, the following months showed a drastic decline with Bitcoin dropping lower than 3000 USD per coin by December 2018. Since then prices have been relatively stable with some short-lived bull runs seeing values increasing above 10 000 USD per coin (April 2019).
Price of Bitcoin in 2019
In 2019, the price of Bitcoin began at a very small fraction of a penny and then surged to nearly $14,000 US DOLLARS before settling back near $5,500. During its climb to the all-time high of nearly $20,000 in 2017, it experienced numerous volatility events attributed to news and regulatory changes regarding cryptocurrencies.
From January 8th, 2019 to April 2nd, the price hovered between $3,600 – 4,200. During mid April through mid June it began an ascent from USD 4200 up to around $9888 on June 26th where it then corrected down due to regulatory crackdowns in Asia and nearby countries. On July 1st there was an attack on two Japanese cryptocurrency exchanges that sent prices down close to bottom “$3K”. Prices eventually stabilized out near the beginning of September where prices hovered around the same range of USD 8K until late November when sudden bullish interest drove prices up considerably. On November 26th the price skyrocketed over USD 12K before heading down again due to market bearishness.
Finally at the end of 2019 on December 28th prices closed right around at exactly $7451 US Dollar which served as a key benchmark for 2020 BTC Price action since that time and as we currently know suggests further bullish activity yet is still uncertain as always inside traditional cryptocurrency markets and global financial markets whatsoever!
Price of Bitcoin in 2020
Since its creation in 2009, Bitcoin has gained widespread appeal, based on its ability to process transactions much faster than traditional forms of money. In 2020, Bitcoin’s price has skyrocketed; some investors have seen as much as a 40-fold return on their investments since the coin was created.
In January 2020, one Bitcoin was worth roughly $7,000 – an increase of almost 65% from its December 2019 value of $4,200. By March 2020, the price had nearly tripled to over $10,000 before surging to an incredible high of around $20,000 in mid-December. Even after hitting this all-time high at the end of 2020 and dropping again over the following weeks, the digital asset maintained a significant pull on investors’ attention. It earned its status as a legitimate asset class.
Bitcoin’s meteoric rise in 2020 stands out even more when compared against historical prices since the coin was created in 2009. The digital asset traded for less than one US cent up until 2010 before rebounding to around 10 cents by April 2011 and finally starting a long steady climb in 2012 that only accelerated during 2020.
This rapid price appreciation has made Bitcoin an attractive investment for many who are willing to accept that any gains they make could also be erased just as rapidly if prices should fall back down. Nevertheless, market analysts continue to monitor Bitcoin’s performance closely throughout 2021 as new investment opportunities appear and interest in cryptocurrency grows nationwide among individual and institutional investors alike.
Musk and Saylor’s Bitcoin Buys
In the past few weeks, Elon Musk and Micheal Saylor have made huge investments in Bitcoin, amounting to a combined worth of over 1.5 billion dollars.
In the wake of their purchases, the price of Bitcoin has drastically fluctuated, making them both huge profits and losses.
In this article, we’ll explore the difficult decisions that Musk and Saylor have made, and how the price of Bitcoin has changed.
Elon Musk’s Bitcoin Buys
Elon Musk is the founder of SpaceX, Tesla and a great supporter of Bitcoin. On February 8th, 2021 Elon Musk’s Tesla Inc revealed purchase of Bitcoin worth $1.5 billion. This move followed Musk’s expenditure into the cryptocurrency through his wife’s company – Gowling WLG on January 29th 2021. The total amount of Bitcoin bought by Musk and his wife totaled to $2.13 billion at that time.
Since their purchases were announced, the cryptocurrency has soared over 50% reaching a record high price yesterday when one bitcoin reached $50K in market value for the first time since its launch.
This further bolsters belief in potential growth of cryptocurrencies as big names like Elon Musk show conviction with large investments in Bitcoin. Analysts expect this move could inspire more corporate leaders to consider investments into cryptocurrencies before they find ways to incorporate them into business decision making models.
Michael Saylor’s Bitcoin Buys
Michael Saylor, the CEO of Microstrategy, is a Silicon Valley executive who has made headlines recently for his high-profile purchases of Bitcoin. Saylor’s investment decisions have been controversial and seen as risky by some. However, according to data from CoinDesk, since he bought Bitcoin for his company Microstrategy in December 2020, its price has nearly tripled from around 20 thousand per coin at the time of purchase.
Saylor has certainly created a buzz with his bold investment decisions and was seen as a pioneer in terms of large-scale institutional investments in Bitcoin. His first purchase came shortly after Tesla announced that it had bought $1.5 billion worth of the cryptocurrency in January 2021, leading many to believe that these huge investments sparked retail investor interest and helped boost the price of Bitcoin even further.
After Saylor purchased an additional $15 million worth of coins in February 2021 at prices ranging between $29k and 32k per coin – bringing his total investments up to $2 billion – the price spike continued and hit an all-time high of over 59 thousand dollars by mid April. This significant growth in such a short period solidified Saylor’s reputation as a trendsetter in institutional investing in digital currency.
Impact of Musk and Saylor’s Bitcoin Buys
In mid-February 2021, tech billionaires Elon Musk and Michael Saylor made Bitcoin buys worth a combined $1.5 billion. It was a move that sent shockwaves through the cryptocurrency world, as it signified a huge vote of confidence in the future of the digital asset.
In the following weeks and months, we saw the price of Bitcoin fluctuate drastically, prompting us to ask what the real impact of these Bitcoin buys have been. Let’s take a closer look.
Price of Bitcoin Before and After Musk and Saylor’s Bitcoin Buys
In mid-December 2020, high-profile figures Elon Musk and Microstrategy CEO Michael Saylor announced the purchase of Bitcoin worth billions of dollars. The news immediately affected price action and caused Bitcoin to swell past $20,000 for the first time in three years.
It is well documented that Musk’s Twitter activity is known to instantly move markets. Following his public announcements of personally investing in Bitcoin, we have seen further demand increases, as well as a sharp appreciation in the price. Since then, Musk has been one of the most vocal cryptocurrency supporters and has even added references to his Twitter bio.
To quantify the impact that these purchases have had on Bitcoin prices, it’s useful to compare changes before and after the purchase was announced. Looking at major exchanges like Coinbase and Kraken, we observe a large increase during the period following the announcement.
Before Musk’s buy: -Bitcoin was trading around $19400
After Musk’s buy: -Bitcoin price surged over 20% and reached near $24000
Similarly, Michael Saylor made headlines when he announced an estimated 500 million dollars investment into Bitcoin by buying 17850 BTCs over two days. Goldman Sachs soon followed suit by investing its capital into crypto shortly after this news circulated in multiple media outlets.
Before Saylor’s buy: -Bitcoin was trading around $19800
After Saylor’s Buy: -Bitcoin gained another 5% growth rate on top its existing surge up to around $25200
Impact of Musk and Saylor’s Bitcoin Buys on Price of Bitcoin
When Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor made their collective investments in Bitcoin, the price of the world’s leading cryptocurrency skyrocketed. In February 2021, Musk purchased $1.5 billion worth of Bitcoin for his company, prompting a wave of corporate support from other firms. Then, on March 21st, Saylor concluded an aggressive buying spree that saw him spend an estimated $3.5 billion to acquire a staggering amount of Bitcoin for his firm.
The influx of massive institutional investments resulted in the cryptocurrency’s all-time high price at nearly $61,000 per coin in April 2021. This represented a 700 percent increase from when North America Business Daily first reported on Musk’s investment into the digital currency asset two months prior.
The two billionaires also drove Bitcoin–US dollar (BTC/USD) trading volume to new heights with more than 77 percent and 80 percent month-over-month increases in February and March respectively according to data analytics provider Glassnode Insights. Such an unprecedented surge led to record options bets as investors rush to take advantage of these bullish trends via various derivatives contracts offered by leading exchanges like Chicago Mercantile Exchange (CME).
The catalytic effect seen these influential figures had resulted in greater investment into Bitcoin by both retail and institutional firms alike with some estimates pegging cumulative investment volumes up 70 percent since January 2021 alone according to Refinitiv Lipper data published by Bloomberg Analytics. This is likely due to yet more large corporations announcing their purchases shortly after both Musk’s and Saylor’s respective moves thus pulling more capital into the digital asset class which includes cryptocurrencies like Etherium’s Ether (ETH) and XRP among others as well as non-fungible tokens (NFTs).
Conclusion
The price of Bitcoin is continually changing and predicting future movements is often difficult. Over the years, Bitcoin has experienced extreme volatility, relative to other currencies and financial instruments. For example, between 2013 and 2016 the price of a single Bitcoin went from $100 to $650, although in 2017 it dropped back to around $250. In 2021, prices reached over $60,000 per BTC token.
For investors who have been holding onto their BTC for a long time and are now looking to cash out their profits may benefit from certain strategies such as HODLing (HODL:” hold on for dear life ”) which involves buying and holding onto an asset for a longer period with the expectation that it might appreciate shortly.
This strategy combined with other more strategic methods such as timing entry and exit points can help maximize profits when trading. Investors should be aware that prices could rise or drop at any given time without any specific explanation due to its nature as a highly volatile investment instrument. They should also consider using stop-loss orders which helps them minimize potential losses if prices suddenly crash.
