Cryptocurrencies can function like real money and in some ways, it is real money, but they take a digital monetary form and are not managed or governed by any central authority. Cryptocurrencies are a true product of the digital age, operating without the involvement of banks, governments, or any other middleman. However, you will need to buy and sell your digital asset through a digital currency exchange in most cases.
As of 2021, there are more than 10,000 different types of cryptocurrencies, but mostly they all fall under two categories – Tokens and coins. Though there are many types of cryptocurrencies, none of them have reached the peak of popularity like Bitcoin, Bitcoin Cash, Ethereum, Stellar, Ripple, Altcoin, and Litecoin.
Since its inception in 2009, Bitcoin has experienced both mind-blowing highs and devastating lows. The cryptocurrency market growth has faced both praise and criticism from media outlets and governments around the world. It all started with a simple pizza purchase in 2010 and has grown into a multi-billion dollar industry in 2020. How was the growth of cryptocurrency developed?
Can Cryptocurrency Be Convert into Cash?
- A. Yes
- B. No
Cryptocurrency Growth Statistics from 2010 to 2021
Whether you are a seasoned investor or just starting, it is always a good idea to analyze the past and look for patterns to better prepare for the future. Here we have gathered the cryptocurrency timeline after analyzing the decade of cryptocurrency growth.
- 2010 – Bitcoins for a pizza
1 BTC=: $0.30
While Bitcoin was first perceived as a novel concept in 2009, it was used to purchase real-world stuff called pizza. People began to see actual monetary value in this digital currency or cryptocurrency.
- 2011 – Altcoins make their debut
Other types of cryptocurrency, known as altcoins, were introduced in 2011. These altcoins, such as Litecoin (created by Charlie Lee), are designed to build on and improve on some of Bitcoin’s inefficiencies, focusing on transaction ease and security.
- 2012 – Here come the scams
The cryptocurrency community is expected to grow steadily in 2012. However, as the popularity of altcoins grows, so does the number of Ponzi schemes and scams, which continue to threaten the security of cryptocurrency investors to this day.
- 2013 – Bitcoin breaks $1,000 and Ripple’s XRP is launched
Bitcoin’s value surpassed $200 in mid-2013, most likely as a result of increased media coverage and the convenience of Coinbase. This sudden price increase causes many people to sell their Bitcoin, resulting in a 71 percent price drop overnight. In late 2013, Bitcoin experienced yet another surge, reaching $1,150.
Ripple’s XRP is also being introduced as a settlement asset for international transactions based on Bitcoin’s blockchain technology.
- 2014 – Mt. Gox hack devastates industry; CoolBitX is founded
The price of Bitcoin plummeted in 2014 as a result of a security breach at Mt. Gox, which results in the theft of over 850,000 coins, raising concerns about the overall security of cryptocurrency. The overall price of Bitcoin plateaus in 2014, with the year ending in the $300 range.
The same year, Michael Ou established CoolBitX and its premier hardware wallet, CoolWallet. It provides customers with a secure way to transfer funds from exchanges to hardware wallets.
- 2015 – Ethereum introduces smart contracts; Tether stable coin launched
In 2015, Ethereum was introduced as a new platform based on the blockchain technology that Bitcoin is based on. Instead of providing an alternative to fiat currency, Ethereum’s goal with the introduction of ICO’s is to provide a platform for running decentralized applications (dapps) and utilizing smart contracts.
Tether (USDT), a stable coin fastened to the US dollar, and the first-generation CoolWallet crowd-funding campaign, launched on Indiegogo, were also highlighted in 2015.
- 2016 – Ethereum hard fork after DAO attack
In 2016, a hard fork was introduced to Ethereum as a result of the DAO incident, in which $50 million was stolen during its ICO due to an exploited security loophole. The hard fork’s purpose was to roll back the platform’s date to reverse the hack. As a result, Ethereum Classic and the (new) Ethereum were born.
- 2017 – Bitcoin’s ATH
In 2017, more governments and businesses, such as Microsoft and Starbucks, will begin to accept Bitcoin as a legitimate form of payment. As a result of an increase in ICO activity, Bitcoin has surpassed the $3,000 mark. The news of the price increase eventually attracts major Wall Street analysts to begin the following crypto, bringing it even more into the spotlight.
Bitcoin’s price goes parabolic in the final few months of the year, when it gains mainstream awareness for the first time, crossing $10,000 for the first time. BTC reached an all-time high (ATH) of $19,783 in December 2017 but then dropped by more than 45 percent in a matter of days.
- 2018 – The Crypto Winter and Lightning Network
Following the late-2017 bull run, Bitcoin and the altcoin market experienced a painful retraction for the majority of 2018. The Lightning Network is introduced as a novel method of making Bitcoin transactions both faster and less expensive. Regardless, 2018 proves to be a less volatile year than most, with the price remaining consistently above $6,000.
- 2019 – Has it already been 10 years?
The first half of 2019 saw a slow resurgence of interest in cryptocurrencies, with positive market developments breaking almost weekly. Many investors are encouraged by the growing mainstream interest in blockchain technology. Various regulations and the introduction of stable coins have made investing in cryptocurrency appear less volatile.
- 2020 – To another decade of cryptocurrency
1 BTC= $24,000
The prospects for Bitcoin (BTC USD) and, by extension, cryptocurrency markets did not look promising at the start of 2020. Both were shakily attempting to recover from a prolonged price slump and an increase in crypto crime. Market liquidity remained low, and institutional investors continued to avoid cryptocurrencies due to the pandemic.
- 2021 – Growth of cryptocurrency
1 BTC= $33,526.85 (As of July 2021)
By the end of June 2021, the prices of all cryptocurrencies had fallen. However, the crypto market has begun to recover since July. In June, Bitcoin experienced significant price fluctuations. On June 22nd, the largest and fastest-growing cryptocurrency dropped to $29,337.