U.Today – Fourteen years ago, the world’s first cryptocurrency was last trading at a modest price of one cent.
According to Bitcoin historian Pete Rizzo, on this day 14 years ago, Bitcoin was trading at a price of one cent, which seems almost unimaginable today. This milestone marks a significant moment in the history of digital currencies, highlighting the impressive journey Bitcoin has made since its beginnings.
This milestone was one of the first moments in which Bitcoin reached a price that began to reflect its rising value. At the time, few could have predicted the meteoric rise that BTC would ultimately experience as it transformed from an undiscovered digital currency.
Created by a mysterious figure nicknamed Satoshi Nakamoto, Bitcoin was initially traded on private forums between early users, miners and enthusiasts. At that time, Bitcoin was still a niche project, known only to a diminutive group of enthusiasts and early adopters.
In the years since the historic one-cent milestone, Bitcoin’s price has skyrocketed, reaching an all-time high of around $74,000 in mid-March this year.
Bitcoin price action
At the time of writing, BTC is down 0.70% in the last 24 hours to $62,527. Bitcoin fell to a low of $61,976 in early trading today after briefly hitting a high of $64,467 on Monday, wiping out almost all of its gains over the previous seven days.
Going forward, cryptocurrency traders are looking to the Federal Reserve meetings later this week for guidance on further positioning. The Fed is scheduled to release FOMC meeting minutes and key economic data from August that show growth.
The behavior of whales or enormous fish keepers in the market is also monitored. According to CryptoQuant CEO Ki Young Ju, Bitcoin whales appear to be experiencing a generational shift. New whales have invested $108 billion while older whales have invested $113 billion since Bitcoin’s inception. “The ratio is now 48:51,” Ju said.
