Bitcoin’s Incredible Journey: From $0.05 to Over $60,000

In a throwback to Bitcoin’s early days, Bitcoin historian Pete Rizzo shared a fun fact on X, noting that exactly 14 years ago today, one Bitcoin (BTC) could be purchased for just $0.05.

This historical fact highlights Bitcoin’s phenomenal development and adoption
over the last decade and a half.

Early Days of Bitcoin

On this day in 2010, Bitcoin was still in its infancy, known only to a few tech enthusiasts and early adopters. Created by the mysterious Satoshi Nakamoto, the cryptocurrency was still establishing its utility and value proposition.

From a mere $0.05, Bitcoin’s rise to present-day prices is nothing short of astonishing. It is now traded on major exchanges worldwide, accepted by numerous businesses, and held by institutional investors.

Current Market Value

Bitcoin’s value has skyrocketed, reaching levels previously inconceivable. Currently, it trades at more than $60,000 per coin, reflecting tremendous growth and increasing acceptance of cryptocurrencies in mainstream finance.

In a recent development, one of the world’s largest wealth management firms, Morgan Stanley, has authorized hundreds of financial advisers to offer eligible clients the opportunity to purchase spot Bitcoin exchange-traded funds as early as next week.

U.S. Bitcoin ETFs have garnered approximately $18 billion in net inflows since their January listing, marking a record debut for this fund category.

Bitcoin Price Action

Bitcoin’s price has quadrupled since the beginning of 2023, reaching an all-time high of $73,798 in March, bolstered by demand for U.S. exchange-traded funds. However, the surge has recently eased along with the pace of ETF inflows.

As of now, Bitcoin is extending its sell-off from a six-week high of nearly $70,000 reached on July 29. Since then, it has experienced five out of six days of losses and is currently trading in the red, down about 11% weekly. At the time of writing, Bitcoin was down 2.14% in the last 24 hours, priced at $60,279.

CoinGlass data indicates that over $162 million worth of bullish crypto wagers in the market were liquidated in the past 24 hours, accounting for the majority of a total $197 million liquidations.

This article was originally published on U.Today