Early trading of the bitcoin

Early trading of the bitcoin

In reality, bitcoin begin to take off in 2013. This digital currency began trading at around $13.50 for each bitcoin. The btc price rallied at the beginning of April 2013, reaching a height of approx. $220 before dropping back down again to approx.. $70 by the mid of April. This real rally was the first and was associated with a crash for the currency.

Bitcoin started to rally in the month of October and November in 2013. The currency was traded around for $100 at the beginning of October and then topped at approx. $195 by the end of the month. In November month, the btc price went from around $200 to over $1,075 by the month-end. This rally was caused because of the new bitcoin exchanges and the miners in china who were entering the marketplace. This was around the same time when the Mt. Gox exchange was operating. Mt. box was indulged in approx. 70% of all transactions of bitcoin.

transactions of bitcoin

After all of these, the price started to get very volatile after reaching very high. Rumours are there of the lack of security through Mt. Gox and also poor management which in turn made the market nervous. People started having problems in withdrawing their money from the exchange. The price peaked as high as $1079 on 4th Dec 2013. This then fell to around $760 by 7th December and finally a drop of about 29% within a couple of days.

After that trading got stabilized to some degree to around $920 in the January month of 2014. However, still, there was another crash in February, around this time Mt. Gox exchange filed for bankruptcy protection in Japan. The price of btc then fell into a slower decline. The currency then was trading around $600 in July 2014 and eroded to around $315 in 2015.