It’s no secret that bitcoin price often go up and down like a rollercoaster. Although it has been discovered since 2008, Bitcoin only really started taking off in 2013. The digital currency started trading that year at around US $ 13.50 per bitcoin. The price went up in early April 2013.
On last Sunday, the Bitcoin price had shot up to over US $ 220 before dropping back to around US $ 70 in mid-April. This is the first real rally and fall for the currency.
Bitcoin started to rally in October and November 2013. The currency was trading around US $ 100 in early October and peaked at around US $ 195 at the end of the month. In November, prices changed from about US $ 200 to over US $ 1,075 at the end of the month.
One factor in the ups and downs of bitcoin prices is the Mt.Gox
Rally caused by new bitcoin exchanges and miners in China entering the market. This is the same period when Mt. The Gox Exchange is in operation. Mt. Gox is involved in about 70% of all bitcoin transactions.
The price started to become very volatile after reaching the highest level. Rumors of a lack of security through Mt. Gox, along with poor management is making the market nervous. Then people have problems withdrawing their money from the exchange.
Prices hit a high of US $ 1,079 on 4 December 2013 and fell to around US $ 760 on 7 December, down about 29% over several days.
Trade was stable to some degree and was valued at around US $ 920 in January 2014. However, there was another major slump in early February, when Mt. The Gox Exchange filed for bankruptcy protection in Japan.
Bitcoin was trading around US $ 850 on February 4, but fell to around US $ 580 on February 16, a decrease of about 32%. The price then fell and the decline was slower and more gradual.
The currency was trading for around US $ 600 in mid-July 2014. It eroded to around US $ 315 in early 2015.
The price was stable to some extent during the summer of 2015. However, early November saw another big surge. The currency changed from around US $ 275 on 23 October to around US $ 460 on 4 November on selected exchanges.
This currency was quite popular and was trading around US $ 360 at the end of November 2015. During 2016 Bitcoin continued to increase, breaking through US $ 1,000 in early 2017.