Reports & Analysis

How did the price of bitcoin grow?


The price of bitcoin has followed a zigzag trend. When Bitcoin was born in 2009, no one could have imagined gaining such popularity. At that time, the initial price was about one thousandth of a dollar, which did not happen significantly during the next five years, and its price increased slowly and fluctuated slightly.

In 2013, due to the banking crisis in Cyprus, Bitcoin attracted a lot of attention. In November 2013, China bought large quantities of bitcoins and the price of bitcoins increased by 1,000 percent, although this did not last long.
How did the price of bitcoin grow?

In February 2014, a DDos attack on MT.GOX trading servers. At that time, 60% of bitcoin transactions were managed by those servers. The event hit Bitcoin hard and its price dropped by 40%. This price drop continued until January 2015.

During 2015, Bitcoin slowly gained deep popularity and its price gradually began to rise.

In May 2016, Bitcoin gained more public trust and its price continued to rise.

In June 2017, the market fell sharply and its price fell by 14%. Currently, Bitcoin is finding its place among the people.

Source : Iran Blockchaink Laboratory

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