In 2021, everyone wants to obtain BTC, from popular celebrities like Snoop Dogg to established brands like Tesla. Not only has Bitcoin started a crypto gold rush, but it also amassed a huge new audience due to its bull market phase. Namely, the price has increased over $60,000 in March. Hence, there is an incredible number of retail investors that consider Bitcoin an attractive asset and want to include it in their portfolios.
However, the reality was much different in 2009. When Bitcoin was first introduced to the market, it barely caught any attention from the media or significant institutional investors. So, the question arises of how Bitcoin became one of the most popular and valuable assets in 2021? In this article, we provide an overview of Bitcoin’s rise from obscurity to a precious cryptocurrency.
Brief Price History
The main attribute of Bitcoin is that it’s a decentralized cryptocurrency which means the supply and demand are the only forces that control the price of Bitcoin.
Early on, it was a lot easier to mine on the network and gain BTC. In other words, the available supply was higher than the demand as Bitcoin didn’t have a lot of supporters in the beginning. In fact, the main way of getting BTC was as a miner. However, it was written in the Bitcoin protocol for the block reward of the miners to get halved every four years, or when 210,000 BTC are already mined. Thus, after the first halving, the price had risen from $11 to $12.
It might seem an insignificant increase, but it shows that the blockchain system was working. Actually, by the end of the year, it will go up from $100 to $1,075 in November. Over the following years, the price stabilized at $920. That was in 2014, and after halving in 2016, the price went from $576 to $650. But this time, Bitcoin was capturing the attention of other investors because there were also more trading sites which meant there were more opportunities for anyone that wanted to invest in BTC.
The Popularity of Online Trading
This brings us to an important point that popularized Bitcoin, and that is online trading. For example, the globally recognized platform exchange platform bitcoin-rush.org is great for beginners. The platform is optimized for mobile trading, which makes it a lot more convenient for new users to access the site and obtain BTC. The AI trading robot completes the trading for you, which also makes trading a lot easier for newcomers.
Due to the high price of Bitcoin today, you can choose from an enormous number of trading sites. They make it more accessible and easier for anyone that wants to get BTC to find the site that suits their requirements.
The Last Bull Market Phase
2017 was a significant year for Bitcoin, as it marks the first great bull market phase, which resulted in a record-breaking price at that time of $19,000. Afterward, the cryptocurrency will enter a bear market phase which marks a period of very low volatility, and it traded at $6,300. In the following years, the price continued to rise, and it fluctuated in a range between $8000 and $10,000.
But, the last halving made Bitcoin even more popular. By the end of 2020, the past halvings have diminished the available supply of BTC, which made it even rarer. Simultaneously the public was getting more acquainted with the benefits of Bitcoin, especially during its bull runs.
What made this bull cycle different is, of course, the high price of over $60,000, but also the continual institutional support of BTC. Furthermore, the media has generated a lot more attention regarding Bitcoin, which prompted the interest of a high number of crypto investors. Lastly, the accessibility of online trading sites made Bitcoin trading easier for the general public.