“How much is 1 Bitcoin in US dollars” is a common question among cryptocurrency users, no matter their level of expertise. The answer depends on the state of the market, since the price fluctuates on an hourly basis. At the close of trading on April 11, 2023, the price was $30,275.01, up 2.21% from the previous day.
This amount pales in comparison to its all-time high of around $70,000 for 1 Bitcoin in US dollars in 2021, and its all-time low, when the currency was first created. The most widely used cryptocurrency is affected by market variations that depend on several factors, which we will explore below.
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If you are still wondering how much is 1 Bitcoin in US dollars, you can check the cryptocurrencies prices on the Bitso website for precise, minute-by-minute values.
How is the price of 1 Bitcoin in US dollars determined?
How much is 1 Bitcoin in US dollars? The answer can change by the minute, as the market fluctuates. The price of Bitcoin is not fixed by an entity or regulated by a bank, and instead depends largely on supply and demand.
As long as there are people looking to buy Bitcoin, its price will go up. When there are too many available, the price goes down. Hence why it’s so complicated to determine how much is 1 Bitcoin in US dollars.
There is a limited number of Bitcoin: 21 million, to be precise, of which more than 19 million have already been mined. Other factors that can impact the price of cryptocurrencies include changes in national legislation, the interest rates of government central banks – especially in the United States -, share values and even political events affecting various countries.
How much is 1 Bitcoin in US dollars? The price when you began reading this article may have changed by the time you reach the last line. But the biggest changes can be measured over days or weeks. Looking at the history of Bitcoin, you will notice several upward and downward curves.
How much was 1 Bitcoin in US dollars in the past?
How much did 1 Bitcoin in US dollars used to be? In November 2021, Bitcoin reached a price of 70,000 dollars, which has yet to be surpassed since. Remember that during the Covid-19 pandemic, the value of Bitcoin fell to 6,483.72 dollars in March 2020, as global uncertainty affected all cryptocurrencies.
However, a year later, 1 Bitcoin in US dollars was worth $58,734.48, driven by the trend to adopt new technologies and invest in cryptocurrencies in order to avoid the inflation that was beginning to be felt globally. Finally, in November, it reached its all-time high and set a new record.
What is the historical price of 1 Bitcoin in US dollars?
Bitcoin has gone through several phases since its creation in 2008, when Satoshi Nakamoto registered bitcoin.org and published the whitepaper on the first cryptocurrency on 31 October. At the time, many asked how much was 1 Bitcoin in US dollars, although there was no specific value yet.
In 2009 the first 50 BTC were encoded, although they could not yet be spent. The New Liberty Standard set the price at 1 USD for 2,300.03 BTC; 1 Bitcoin in US dollars cost approximately $0.003, a far cry from its current value, let alone the peak it reached in 2021.
A year later, the first Bitcoin transaction took place, when two pizzas were bought in Florida for 10,000 BTC. At that time, 1 Bitcoin in US dollars was worth very little.
But an important milestone was reached in 2011, when BTC reached the value of 1 dollar, making it equal in value to the official US currency. From there it took off, multiplying its value to 31 dollars within four months.
Days later, the price of Bitcoin was $10, and by December of that year, it was down to $2. The first bubble had burst, and the factors affecting its price and explaining its high volatility began to be analysed.
During 2013, Bitcoin’s value reached 200 dollars, rising daily by between 5% and 10%. It was a year with a lot of movement, surpassing USD 1,000 in November, although it then dropped to an amount close to USD 600. This period saw a great deal of volatility in the value of 1 Bitcoin in US dollars.
When did Bitcoin’s price stabilise?
One of the turning points for Bitcoin was the support of large companies. Microsoft was one of them, as Bill Gates’ company opted to accept this cryptocurrency as payment. In light of this major show of support, other companies decided to follow suit, making Bitcoin more common in relevant markets.
As its reputation grew, Bitcoin also halved its mining rewards — from 50 BTC it went to 25 BTC, and reached 12.5 BTC in 2016.
At the beginning of 2017, many people were asking: “how much is 1 Bitcoin in US dollars?” Its value soared once again, surpassing the thousand-dollar barrier. It was all upwards from there.
On 12 June of that year, Bitcoin reached a new all-time high: 3,000 dollars. Volatility was no longer so pronounced, as the increased adoption of cryptocurrencies worked in its favour.
In a very favourable year, Bitcoin reached a value of 5,000 dollars in September, although some instability was prompted by China’s plans to ban the use of cryptocurrencies in transactions. However, the crisis was overcome and the price of Bitcoin continued to hit new heights.
In November its value reached 11,000 dollars, and in December it reached 20,000 dollars, breaking all previous records. By the end of the year, however, Bitcoin was back down to 13,000 dollars.
By the beginning of 2018, the downward curve continued, and 1 Bitcoin in US dollars was worth 10 thousand dollars due to market uncertainty, combined with other external factors such as Facebook banning advertising, and restrictions in China, a very important market globally.
Uncertainty prevailed throughout that year, as Bitcoin reached a value of around 6 thousand dollars. But that changed during 2019 as 1 Bitcoin in US dollars reached a value of over 12 thousand dollars. Once again the curve was trending upwards.
When was the last great Bitcoin price oscillation?
The start of the Covid-19 pandemic saw a drastic drop in the value of Bitcoin. By March 2020, 1 Bitcoin in US dollars was worth less than 6500 dollars, but quickly began to rise in value to almost $30,000 by the end of the year, and more than double that by 2021.
However, the curve began to trend downwards again, and in November 2022 Bitcoin was worth 15,000 dollars, 77% less than it had been a year earlier. In April 2023, the price rose again, to twice what it was worth six months earlier.
What are other major cryptocurrencies?
We already know the question “How much is 1 Bitcoin in US dollars?” doesn’t have a straightforward answer, as it will depend on the dictates of the market. However, you can rely on Bitso to buy and sell cryptocurrencies, as it has rigorous security systems and is very simple to use.
Ethereum is another widely-used cryptocurrency, as are Cardano, Tether, Ripple and Solana, among other options which can all be found in Bitso. You can download the Bitso app on Google Play and iOS, for better access to the platform.
How can you use Bitcoin?
How much is 1 Bitcoin worth in US dollars? The answer varies by the day. Bitcoin is legal tender in El Salvador, and can be used to make payments in establishments around the world which accept them. Nowadays more and more shops are accepting cryptocurrencies as a standard method of payment.
Another way to use Bitcoin is as a way to send remittances to other countries. It is faster than conventional means and has practically no commission, among several other advantages over traditional money transfers through banks or specialised agencies. It can also be used to receive your salary, in full or in part – using Bitso, a trusted platform for buying and selling cryptocurrencies.
Meanwhile, companies doing business around the world need to know how much 1 Bitcoin is worth in US dollars, since using Bitcoin can be useful for proper financial management and opening new markets, as well as improving international operations.
If you want to know how much is 1 Bitcoin in US dollars today, download the Bitso app to access and track the price of Bitcoin and all the most important cryptocurrencies on an hourly basis. You can also use the platform to buy Bitcoin and other cryptocurrencies and stablecoins, allowing you to enter the exciting world of blockchain.