In late February, the exchange rate of Bitcoin, the world’s first and most popular crypto-currency, reached a new all-time high – 1 183,68 USD/BTC. This happened earlier in the morning, on February 24, at itNit, which is a New York-based exchange. A couple of hours before setting the all-time high, the exchange rate exceeded the $1000 threshold.
According to a number of experts, the key reason for setting the price record was positive sentiment exposed by traders. They believe that the SEC is very likely to approve the creation of the world’s first Bitcoin ETF in early March.
At the same time, experts say that since Bitcoin came into existence in 2008, the exchange rates has had a lot of ups and downs. This has been a real roller-coaster for the Bitcoin market. There were periods in the past when the BTC exchange rate was flat from months. Even despite the fact that Bitcoin has been a very volatile currency, experts indicate over 300 000 Bitcoin transactions made daily, and the number keeps on growing on a daily basis.
In case you don’t know, Bitcoin got quoted 12 months after it came into existence. Back then, on October 5, 2009, New Liberty Standard set the initial exchange rate at 1 USD per 1 309,03 USD. A curious thing happened on May 22, 2010. An American guy bought a pizza for 10.000 BTC. Back then it was $25. Now this is millions of dollars. On February 9, 2011, a historical thing for Bitcoin happened. Bitcoin reached parity with the U.S. Dollar. On June 2, 1 BTC was equal to 10 USD. A week later, it skyrocketed to 31,91 USD.
Up until 2013, there was a standstill around 30 USD/BTC. On April 1, it jumped all the way up to 100 USD and even 266 USD a week later, but in late April the exchange rate crashed. In late November, it was over 500 USD and even over 1200 USD a week later. It was in late 2013 when everyone realized the importance and potential of Bitcoin.
