After months of consolidating from its rise earlier in the year, Bitcoin reached new heights in November 2013. Priced at $213 entering the month, Bitcoin doubled to nearly $435 just 12 days later. By the end of the month, it had nearly tripled from there, up to more than $1,200, before ending the year at $805, a real downdraft, but still up from just $541 a couple of weeks before. Late in the year, the People’s Bank of China banned financial institutions from using bitcoins.
The year 2014 saw Bitcoin retain its signature volatility. After hitting $1,000 in early January, Bitcoin bottomed at $111.60 on Feb. 21 — a decline approaching 90 percent! Behind the turbulence were problems at Mt. Gox, one of the earliest crypto exchanges. The exchange had stopped withdrawals, then filed for bankruptcy after losing 744,400 bitcoins of users’ funds.
Then a mere five days later, Bitcoin recorded a price of $593.10 — more than a 5-bagger in days! Bitcoin spent the rest of the year gradually declining and closed 2014 at about $318.
The year 2015 started with Bitcoin declining, but most of the year was a slow uptrend, unusual for Bitcoin, and it ended the year at $430. In November, the official Bitcoin B symbol was adopted.
The first half of 2016 continued the same, with relatively muted volatility and price consolidation. But by the end of May, the price was picking up and by mid-June, Bitcoin was hitting $700. It didn’t last, though, and Bitcoin was back in the $600s until November 2016. It peaked back over $700 and then quickly $800 and $900. As the year ended, Bitcoin was flirting with $1,000, a level it broke through in early 2017, a watershed year for Bitcoin when it came to national awareness.
The year 2017 started off slowly enough, with Bitcoin wavering between $1,000 and $1,200. But by late April, the digital currency was clearly moving higher. The end of May saw Bitcoin at $2,300, but despite a move higher, it was back below $2,000 by mid-July. The decline didn’t last. By mid-August, Bitcoin had powered through $4,000 and then much higher. Retail traders were suddenly aware of the cryptocurrency and were driving volumes and prices higher.
In September, Bitcoin consolidated around $4,000 before moving decisively higher to $5,000 and then $6,000 in mid-October. The price of $7,000 was breached on Nov. 2, and then Bitcoin spent the rest of the year melting up: A couple of weeks later Bitcoin passed $8,000, then $10,000, surging to $13,000 days later, eclipsing $16,000 and by mid-December topping out above $19,000.
In December, Bitcoin futures began trading on the Chicago Board Options Exchange, helping drive further interest and dollars to the cryptocurrency.
It was a perilously quick rise for Bitcoin that became self-sustaining. As the news spread, more people rushed in to buy, sending the price seemingly ever higher. But Bitcoin finished the year off its highest levels, ending the breakthrough year of 2017 at $13,850.
