Bitcoin, like other cryptocurrencies, is radically different from traditional currencies in the way it is produced. It does not have a single emission center, there is no central bank whose interventions can affect its exchange rate.
Theoretically, Bitcoin should not depend on the policies of states, oil prices, wars and revolutions. Is it true that it is a more reliable investment tool than dollars? Can someone manipulate its price? Here are all the details of Bitcoin (BTC) price in 2019.
Beginning of 2019
The beginning of 2019 was marked by several historical dates for Bitcoin: on January 3, the community celebrated the 10th anniversary of the creation of the genesis block, followed by a celebration of the launch of the first implementation of network software and, finally, the first Bitcoin transaction in history, sent by Satoshi Nakamoto on January 12, 2009, Hal Finney.
Bitcoin began the new year with a very low price. BTC price on Jan 2019 was $3500. However, already on January 6, the price of bitcoin reached $4000. The next day, CoinFLEX exchange announced the launch of bitcoin futures. This positive trend has continued throughout the year.
During this period, the founders of the Gemini exchange, brothers Tyler and Cameron Winklevoss, said they “are determined to make Bitcoin ETF a reality.” At the same time, the Bitwise cryptocurrency fund submitted an application to the US Securities and Exchange Commission (SEC) to launch Bitcoin ETFs.
However, CNBC entrepreneur and cryptocurrency expert Brian Kelly claimed that in 2019, many-expected exchange bitcoin funds (ETFs) will also not receive approval from U.S. regulators.
In January, Nick Szabo claimed that in a situation where the central bank cannot trust government bonds or is forced to work under international sanctions Bitcoin can be used to replenish national gold reserves. All this strengthened Bitcoin in the eyes of the public.
On January 28, the weighted average of bitcoin exchange rate fell below $3,500, which was the deepest drop since December 18th of last year.
Bitcoin in Spring 2019
In February and March, the price of one BTC was around ±$3,800. Attempts to launch ETF continued. The Chicago Options Exchange (Cboe) has again applied to the U.S. Securities and Exchange Commission with a proposal to amend the existing rules, which, if approved, would have allowed them to launch a Bitcoin-linked exchange investment fund (ETF).
As of February 2, the price of Bitcoin had been showing a downward trend over the past 411 days. That was the longest bear market in the ten-year history of Bitcoin.
According to Bitcoin Visuals, at that point the volume of transactions in the Bitcoin network reached the end of November 2017 level. It has been reported that in February 2019, the Bitcoin network processed around 330 thousand transactions per day.
However, the founder and CEO of investment company Galaxy Digital Mike Novogratz said that he still believes in the growth of Bitcoin. This will happen not earlier than in a few months.
On February 18, the price of the first cryptocurrency reached $3,700 on the Bitstamp exchange, thereby updating the monthly maximum. Bitcoin’s growth has been bolstered by high volumes and an increasing number of long positions.
On February 19, the number of short positions on bitcoin on the Bitfinex exchange updated a six-month low at around 18,888 BTC. The last time such values were recorded was on August 4, 2018. On February 23, BTC price confidently overcame the $4000 mark.
At the end of February, CoinFLEX has launched a platform where you can trade deliverable cryptocurrency futures with leverage up to 20x.
On March 4, the capitalization of the cryptocurrency market decreased from $130 to $126 billion in a few hours.
On March 15, the daily trading volume of the first cryptocurrency exceeded $11 billion. The last time such a figure was recorded was on April 25 last year, when Bitcoin was trading for $8,845.
In late March, it became known that the US Securities and Exchange Commission (SEC) has postponed the deadline for making decisions on applications for the launch of exchange-traded funds (ETFs) previously filed by VanEck and Bitwise Asset Management.
Before the New Rise
On April 2 Bitcoin showed a sudden increase. The price managed to touch the $5000 mark in about an hour. After that, the price of Bitcoin would continue to rise until August 2019.
Despite the pessimistic mood in the market during 2018 and early 2019, the total number of transactions included in the found block of Bitcoin reached an absolute historical maximum. The peak value of transactions per block (2718) was reached on Saturday, March 30.
Already in April, trader and cryptanalyst Josh Rager suggested that the bitcoin accumulation phase would last until mid-July, followed by a steady rise in price.
Against the backdrop of a jump in prices in early April, the indicator grew from 1.26% to 3.31% in just two days. Since then, Bitcoin had been trading in a relatively narrow range – between $4,900 and $5,400.
On April 23, the price of the first cryptocurrency reached a five-month high, rising above the $5500 mark.
On May 8, Bitcoin confidently broke the $6,000 mark, reaching the values recorded in November 2019.
On May 10, the first cryptocurrency updated its six-month high at $6,336. This indicated that the next level would be $6506 (100-week). Bitcoin successfully crossed the resistance zone of $6055- $6100, and the candlestick was closed above $6156.
On May 12, the price of bitcoin surpassed the mark of $7200. At the same time, the total cryptocurrency market capitalization exceeded $215 billion.
The same day, shortly before the correction of the Bitcoin price from marks in the region of $7,500 to values below $7,000, an unknown major market participant moved 6015 BTC from one wallet to another ($45.2 million at the time of sending).
On May 13th, Bitcoin successfully overcame the recently reached milestone of $7,500.
The upcoming Bakkt cryptocurrency platform announced that testing of deliverable Bitcoin futures will begin this summer.
On May 14th, Bitcoin reached a new annual high, exceeding the $8000 mark. Bitcoin was last traded at these levels on July 31, 2018.
On May 26, the price of BTC updated once again its new high this year, having managed to grow in price by almost $800 in a few hours and get to levels above $8800. On the Bitstamp exchange Bitcoin price reached $8802 at 20:05 UTC, after which it was adjusted to around $8600.
Bitcoin (BTC) in Summer 2019
Institutional investors will ensure the further growth of bitcoin, said Sonny Singh, commercial director of the BitPay cryptocurrency service. He also noted that the popularity of bitcoin is growing along with each implemented cryptocurrency solution.
On May 30, the price of the first cryptocurrency made a sharp leap upward, rising above the $9000 mark. However, shortly afterwards, an equally impressive correction occurred.
As a result of another recalculation, Bitcoin mining difficulty rose to a new historical maximum, reaching an indicator of 7.459 T. This is slightly higher than the previous record figure of 7.45 T, recorded in early October 2018.
On June 4th, the price of Bitcoin fell by more than 10%, dropping below the $8000 mark.
On June 7th, the price of the first cryptocurrency pleased investors with a successful retest of the $8,000 mark. On June 15, Bitcoin managed to break through resistance in the $8400-8500 range. The coin was trading at $8700, and its capitalization exceeded $150 billion.
On June 22nd, the price of Bitcoin overcame the $10,000 milestone, and, less than a day after, it rose even higher, reaching another round mark of $11,000.
Bitcoin grew by 165% during the second quarter. The last time dynamics comparable to those were observed was the end of 2017 when Bitcoin was racing to the $20,000 mark.
On June 26th, the price of bitcoin not only exceeded $12,000 but also came close to $13,000 (+ 13.5% over the past 24 hours). The first cryptocurrency came close to the $14,000 mark. However, the next day, Bitcoin was trading for $10,600.
On July 2nd, Bitcoin price fell below $10,000. In 24 hours, BTC lost more than 11% in value and was trading at $9,820.
The total processing power of the Bitcoin network has updated its historical maximum at 74.548 EH/s. It was recorded on July 5, after which the rate slightly decreased to 60 EH/s.
On July 10, BTC price rose on a number of exchanges above the $13,000 mark. On July 15, BTC price fell below $10,000.
On August 6, Bitcoin again overcame the psychological mark of $12,000. On September 19, the price of bitcoin has shown a sharp drop in high volumes below $10,000. In late September, bitcoin price continued to fall and fell below the psychological mark of $8,000 for the first time since June. The rapid drop in the price of bitcoin in the past few days is a clear illustration of the concerns of the US Securities and Exchange Commission (SEC).
In October, the US Securities and Exchange Commission (SEC) rejected the Bitcoin ETF application submitted by Bitwise Asset Management in partnership with the NYSE Arca platform.
On a number of exchanges, on October 23 BTC price fell below the $7,500 mark, thereby updating its five-month low. Bitcoin was last traded at these levels in mid-May. On the Bitstamp exchange, bitcoin touched the $7,412 mark, on Bitfinex, this figure was $7,418.
On November 21, the price of Bitcoin again fell below $8,000. On November 24-25, the first cryptocurrency continued to fall, falling to the level of $7,000.
The price of BTC decreased by 23% during the third quarter, and by 15% during the period from October to December. In November analyst Willy Woo suggested that the market is under pressure due to massive sales and the “surrender” of low-efficient miners. He also noted that bitcoin is approaching halving amid bearish sentiment for the first time.
Bitcoin in December 2019
On December 4th, a record volume of transactions per hour of $8.9 billion was recorded in the Bitcoin network. As of December 16th 2019, the price of Bitcoin is 127% higher than it was a year ago. The price changes are still rather drastic, however, as on December 16th the price of bitcoin fell by more than 3% in just 15 minutes, from $7100 to less than $6900.