Bitcoin has started 2024 with a notable achievement, reaching a new annual high of $43,500 on the Bitstamp exchange. The world’s largest cryptocurrency is up approximately 3% in the last 24 hours.
Bitcoin has started 2024 with a notable achievement, reaching a new annual high of $43,500 on the Bitstamp exchange. The world’s largest cryptocurrency is up approximately 3% in the last 24 hours.
Bitcoin’s remarkable price journey
The last decade has been nothing short of a rollercoaster for Bitcoin, marked by unprecedented and notable highs and lows.
Since 2009, Bitcoin was virtually worthless, a novel concept untested in the financial markets.
However, as the years passed, its value experienced exponential growth. During the period between 2010 and 2017, the price of the largest cryptocurrency jumped from mere cents to over $14,000.
The following years were a testament to the unpredictable nature of Bitcoin. A dramatic decline occurred in 2018, with a sharp drop in prices, followed by a gradual recovery in 2019 and 2020.
The year 2021 was a milestone year as Bitcoin hit an all-time high, driven by increased institutional adoption and widespread acceptance. However, this peak was short-lived as the following years saw major corrections in 2022.
In 2023, Bitcoin managed to recover, increasing by more than 150%.
High hopes for 2024
As the year 2024 begins, predictions for Bitcoin’s future are mixed. On the conservative side, Mark Mobius suggests a potential price of $60,000. On the more bullish side, CoinFund predicts an increase of up to $500,000.
The possible approval of a Bitcoin ETF adds to the conversation, and some like Michael Saylor see it as a fundamental development. However, others, including CryptoQuant analysts, warn of potential post-approval volatility.