According to Bitcoin historian Pete Rizzo, on this day 14 years ago, Bitcoin was traded at one cent, a price that seems almost unimaginable today. This milestone marks a significant moment in the history of digital currencies, highlighting the impressive journey Bitcoin has taken from its early days.
This milestone marked one of the first times Bitcoin reached a price that began to reflect its growing value. At the time, few could have predicted the meteoric rise BTC would eventually experience, transforming from an obscure digital currency.
Created by the mysterious, pseudonymous figure Satoshi Nakamoto, Bitcoin was initially traded on private forums between early adopters, miners and enthusiasts. At that time, Bitcoin was still a niche project, known only to a small 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 about $74,000 in mid-March this year.
Moving forward, cryptocurrency traders are looking to Federal Reserve meetings later this week for clues on further positioning. The fed is scheduled to disclose FOMC minutes as well as crucial economic data from August that show growth.
Whale or large holder behavior on the market is also being monitored. According to CryptoQuant CEO Ki Young Ju, Bitcoin whales seem 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 stated.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
