Few assets have had a price history like Bitcoin's. In under two decades it went from having no price at all to trading above $100,000 — with several crashes of 75% or more along the way. That history is often told as a straight line upward. It wasn't. Anyone who held bitcoin through its history sat through years in which it looked broken.
This guide walks through Bitcoin's price history era by era: the milestones, the peaks, the crashes and what drove them. It closes with what that history does and doesn't teach traders. Prices are approximate — they varied between exchanges, especially in the early years — and nothing here predicts the future.
Bitcoin price history at a glance
| Period | Approximate range | What drove it |
|---|---|---|
| 2009–2010 | Fractions of a cent to under $1 | Hobbyists, first exchanges, the pizza purchase |
| 2011 | Parity with the dollar, then about $31, then about $2 | First media attention and first crash |
| 2013 | Above $1,000 at the peak | Wider attention; exchange growth |
| 2014–2015 | Down to about $170–200 | Mt. Gox collapse, long bear market |
| 2017 | Near $20,000 at the peak | Retail mania, token sales |
| 2018 | Down to about $3,200 | Bear market after the bubble |
| 2020–2021 | About $3,800 in March 2020 to about $69,000 in November 2021 | Loose monetary policy, institutional interest |
| 2022 | Down to about $15,500 | Rising interest rates, crypto firm collapses |
| 2024 | Above $100,000 for the first time | Spot ETFs, halving |
| 2025 | Above $120,000 at the peak, with sharp sell-offs | Institutional demand, leverage |
2009–2010: from nothing to pizza
When the network launched in January 2009, bitcoin had no market price — it was traded, if at all, between a handful of enthusiasts. The first published exchange rate, in October 2009, valued it at well under a tenth of a cent, worked out from the cost of the electricity used to mine it.
On 22 May 2010, programmer Laszlo Hanyecz paid 10,000 BTC for two pizzas — the first widely known purchase of real goods with bitcoin. The date is still celebrated as "Bitcoin Pizza Day", usually with a calculation of what those coins would be worth today.
Later in 2010, the first exchanges appeared, including Mt. Gox, and the price rose to a few cents.
2011: parity and the first crash
In February 2011, bitcoin reached $1 — parity with the U.S. dollar. Media attention followed, and by June 2011 it had spiked to around $31.
It didn't last. A security breach at Mt. Gox, then the largest exchange, and a collapse in speculative interest sent the price down to around $2 by late 2011 — a fall of more than 90%. It was the first of Bitcoin's great crashes, and the first time it was declared dead.
2013: the first $1,000
Bitcoin rose through 2012 and surged in 2013. A spike above $200 in April was followed by a sharp crash, then a much larger rally: in late 2013, bitcoin traded above $1,000 for the first time, driven by growing global attention and exchange volume.
2014–2015: Mt. Gox and the long winter
In February 2014, Mt. Gox halted withdrawals and filed for bankruptcy after losing a very large amount of customer bitcoin. Combined with the bubble deflating, this led to a long bear market. By early 2015, the price had fallen to around $170–200 — roughly 85% below the 2013 peak.
The period also showed something important: the Bitcoin network kept working throughout. The losses came from an intermediary, not from the protocol — a lesson that would be repeated. See crypto wallets explained.
2016–2017: the halving and the mania
The second halving arrived in July 2016 (see the Bitcoin halving explained), with bitcoin around $650. Over the following 18 months, retail interest exploded alongside a boom in new tokens sold to the public. Bitcoin approached $20,000 in December 2017, and bitcoin futures began trading on regulated U.S. exchanges that same month.
2018–2019: the crypto winter
The bubble burst. Through 2018, bitcoin fell steadily, reaching around $3,200 in December 2018 — about 84% below the peak. Many tokens from the 2017 boom lost nearly all their value. In mid-2019 bitcoin rebounded to around $13,000 before drifting lower again.
2020–2021: crash, stimulus and a new high
On 12 March 2020, as the pandemic hit global markets, bitcoin crashed to around $3,800 in a single day of panic selling. Then came:
- the third halving in May 2020, with bitcoin around $8,600;
- extraordinary monetary stimulus and low interest rates worldwide;
- purchases by listed companies and growing institutional interest.
Bitcoin passed its 2017 high in December 2020, reached around $64,000 in April 2021, fell roughly 50% in May and June — partly due to China's crackdown on mining — and set a new record near $69,000 in November 2021.
2022: rates rise, firms collapse
As central banks raised interest rates sharply, risk assets fell — and crypto's leverage made it worse. A chain of failures followed: the collapse of the Terra/Luna stablecoin system in May 2022, crypto lenders and funds freezing withdrawals in the summer, and the collapse of the exchange FTX in November 2022. Bitcoin fell to around $15,500 — roughly 77% below its peak.
2023–2024: ETFs, the halving and six figures
Bitcoin recovered through 2023. Then:
- In January 2024, U.S. regulators approved spot Bitcoin ETFs, giving traditional investors easy access — see Bitcoin ETFs explained.
- In March 2024, bitcoin set a new all-time high above $73,000 — the first time a new high came before a halving.
- The fourth halving came in April 2024.
- In December 2024, bitcoin traded above $100,000 for the first time.
2025 and after
Bitcoin set further records in 2025, rising above $120,000 in the summer, as institutional demand and ETF flows continued. The year also brought sharp, leverage-driven sell-offs, a reminder that volatility had not disappeared as the market grew. For the current price, check the live chart rather than any article — see the markets page.
The biggest drawdowns
| Peak | Approximate fall to the low | Time from peak to low |
|---|---|---|
| June 2011 | More than 90% | About 5 months |
| Late 2013 | About 85% | About 13 months |
| December 2017 | About 84% | About 12 months |
| November 2021 | About 77% | About 12 months |
Each bear market was shallower in percentage terms than the one before — but each still cut the value of a holding to around a quarter or less of its peak.
Reading a long-term bitcoin chart: log vs linear
Long-term bitcoin charts are often shown on a logarithmic scale, and it changes the picture dramatically.
- On a linear scale, every dollar of movement takes the same vertical space. The early years — when bitcoin went from cents to $1,000 — look like a flat line, and only the recent cycles are visible.
- On a logarithmic scale, every percentage move takes the same space. A rise from $1 to $10 looks the same as a rise from $10,000 to $100,000.
For an asset that has risen many thousands of times, the log chart is the only way to compare cycles fairly. It shows that, in percentage terms, each cycle's rise has been smaller than the one before — something a linear chart hides.
Two cautions: log charts can make severe crashes look mild, because a 75% fall occupies modest vertical space at high prices; and smooth-looking long-term trend lines drawn on log charts are easy to over-trust. Use them for perspective, not forecasts.
What the history teaches traders
Volatility is the norm, not the exception
Bitcoin's history is a series of extreme moves in both directions. Moves of 20% or more within weeks have happened in every era. Position sizes must assume large swings — see why crypto is so volatile.
Intermediaries have caused many of the worst losses
Mt. Gox, the 2022 lenders and FTX all failed while the Bitcoin network kept running. Where and how you hold or trade matters as much as what you hold.
Leverage turns drawdowns into wipe-outs
Many of the sharpest crashes were accelerated by forced selling of leveraged positions. A 77% fall is survivable for an unleveraged holder; for a leveraged one, a 20% fall can be the end.
Cycles rhyme, but don't repeat on schedule
Halvings have been followed by rallies and then deep bear markets, but the 2024 high arriving before the halving showed the pattern can shift — see crypto market cycles explained.
"It always comes back" is survivorship bias
Bitcoin recovered from every crash so far. Many other crypto assets from the same eras never did. History rewards the survivors; it doesn't guarantee survival.
A worked example: holding through a drawdown
An investor buys 0.5 BTC at $60,000 — $30,000 — near a cycle peak. In the following bear market, the price falls 75% to $15,000. The holding is now worth $7,500.
To get back to $30,000, bitcoin must rise 300% — quadruple — from the low. That asymmetry, where a 75% loss needs a 300% gain to recover, is why controlling the size of losses matters more than catching every rally. Traders who used a stop-loss and a fixed risk per trade would have exited early in the decline with a small, planned loss — see the risk management guide.
Following the BTC price on RumiEX
On RumiEX, bitcoin is listed as BTC/USDT and marked OTC: prices are quoted by RumiEX's own pricing engine rather than taken from an external exchange, and they are available around the clock. Because they are RumiEX's quotes, they won't exactly match the historical or current prices of any particular exchange cited in articles like this one.
You can follow the live price on the markets page, study the chart across timeframes from one minute to one week on the trading charts page, and practise on the funded demo wallet before trading live.
Key takeaways
- Bitcoin went from no price in 2009 to above $100,000 in December 2024, via repeated booms and busts.
- Major peaks came in 2011, 2013, 2017, 2021 and new records in 2024–2025.
- Each major bear market cut the price by roughly 75–93% from its peak.
- Many of the worst losses came from failed intermediaries and leverage, not the network itself.
- History shows volatility and cycles; it doesn't provide a timetable or guarantee.
For how cycles and halvings fit together, read crypto market cycles explained, or start trading the right way with how to trade Bitcoin.
Frequently asked questions
What was Bitcoin's first price?
Bitcoin had no market price when it launched in January 2009. The first published exchange rate, in October 2009, valued one bitcoin at well under a tenth of a cent, based on the cost of the electricity used to mine it. The first widely known purchase came in May 2010, when 10,000 BTC were paid for two pizzas.
When did Bitcoin reach $100,000?
Bitcoin traded above $100,000 for the first time in December 2024, after spot Bitcoin ETFs were approved in the United States in January 2024 and the fourth halving took place in April 2024. Exact figures and dates vary slightly between exchanges.
What was Bitcoin's biggest crash?
In percentage terms, the largest declines came early: in 2011 the price fell more than 90% from its peak. Later bear markets have also been severe — roughly 85% from the 2013 peak, about 84% from the December 2017 peak and about 77% from the November 2021 peak.
Why has Bitcoin's price risen over time?
Over its history, demand for bitcoin has grown from a few hobbyists to individuals, companies and institutional investors, while its supply has been fixed by a schedule. Waves of adoption, new ways to invest such as ETFs, and periods of loose monetary policy have all contributed. Past rises do not mean future rises.
Will Bitcoin's price history repeat?
No one knows. Some patterns, such as large rallies after past halvings followed by deep bear markets, have recurred, but with only a few cycles and a market that has changed dramatically — with institutions, ETFs and derivatives now involved — history is a weak guide to the future.
Sources and further reading
Written and reviewed by the RumiEX Editorial Team. This article is for education only and is not financial, investment or tax advice. Read our editorial standards.