Currently, Bitcoin is the best known and highest value cryptocurrency globally (recently it reached its highest historical value). In this article, we will analyze the reasons for this increase in addition to knowing the history of its price.
Origins of Bitcoin
The birth of Bitcoin dates back to November 2008, when an article appeared on a crypto distribution list signed by Satoshi Nakamoto whose title was: “Bitcoin: A Peer to Peer Electronic Cash System” in which it was detailed how to use the Peer to Peer network to create a system for decentralized electronic transactions. Later in January 2009, Satoshi Nakamoto achieved the first block registration, which is known as the “genesis block”, thus the Bitcoin network was born and the subsequent issuance of the first bitcoins.
Why is Bitcoin the highest value cryptocurrency on the market?
In recent years, blockchain technology and cryptocurrencies have had a great spread globally, however, a good part of this merit goes to Bitcoin. There are different reasons why Bitcoin is the cryptocurrency with the highest value on the market, currently, Bitcoin differs and stands out from other cryptocurrencies for the following reasons:
- It is the first cryptocurrency.
- It drove the spread of blockchain technology.
- It has the essence of blockchain technology and its creator Satoshi Nakamoto.
- It is 100% decentralized and is not owned by any company.
- It has a limited number of units.
First maximum value (first ascent)
The first maximum value of Bitcoin occurred in December 2017, in which it reached its maximum point, although outside the category it is said that Bitcoin reached 20,000 dollars, the truth is that the “exact” value varies according to each exchanger or company that provides the hosted wallet service. Still, there were slight variations, a good part of the community agrees that the value of this maximum point was within the range of $ 19,500 to $ 19,600.
Maximum current historical value (second ascent)
On November 30, 2020, Bitcoin exceeded its historical maximum value, exceeding the barrier of $ 19,600 (reaching a price of $ 19,660), this is an important milestone since, unlike the first rise, this maximum point occurs after 2 years. Many critics of the cryptocurrency thought that the rise of 2017 was a sign of a “bubble” and that it was an isolated event, however, when this fact is repeated and even exceeding the previous mark, it is a clear sign of the capacity of Bitcoin to maintain its value in the long term (despite market volatility).
What do you think about this new rise of Bitcoin? Do you know any other reasons why Bitcoin is the most valuable cryptocurrency on the market?