Bitcoin Last Traded at One Cent This Day 14 Years Ago

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14 years ago today, I was still in high school, dreaming about the future and unaware of the life-changing event that had just occurred – Bitcoin was traded for one cent. Little did I know, this humble beginning would lay the foundation for my career as a crypto investor.

Exactly fourteen years back on this very day, Bitcoin, the initial form of digital currency, exchanged hands for just a single penny as its final trade.

As reported by Bitcoin historian Pete Rizzo, exactly 14 years ago today, Bitcoin was exchanged for just one cent. It’s hard to fathom such a price nowadays, but this event represents a remarkable milestone in the history of digital currencies, underscoring Bitcoin’s incredible journey from its humble beginnings.

FUN FACT: 14 years ago today, you had your last chance to buy #Bitcoin for $0.01 ✨

— The Bitcoin Historian (@pete_rizzo_) October 8, 2024

Reaching this milestone, Bitcoin’s price started hinting at its increasing worth for the first time. Back then, it was hard to foresee the incredible surge BTC would later undergo, transitioning from a relatively unknown digital currency.

Bitcoin, a digital currency, was originally exchanged on exclusive online forums among pioneering users, miners, and supporters, who were among the first to discover it. Back then, Bitcoin was primarily recognized by a limited circle of enthusiastic pioneers and early adopters, as it was still in its infancy.

Since surpassing its initial milestone of one cent, Bitcoin’s value has dramatically increased, peaking at approximately $74,000 around mid-March in 2021.

Bitcoin price action

Currently as I speak, Bitcoin had dropped approximately 0.70% within the last 24 hours to reach around $62,527. Earlier today, it dipped to a low of $61,976 during early trades, following a brief surge to $64,467 on Monday. This dip erased almost all of its increases it had gained over the previous seven days.

In the days ahead, crypto traders are eagerly anticipating Federal Reserve meetings for insights into potential future strategies. The Fed will release minutes from their FOMC meeting and critical economic data from last month, which indicates expansion.

As an analyst, I’m keeping a close eye on the market behavior, particularly focusing on the actions of significant players like whales or large holders. Following insights from CryptoQuant CEO Ki Young Ju, it appears that Bitcoin’s whale community is undergoing a generational shift. Newcomer whales have invested approximately $108 billion in Bitcoin since its inception, whereas older whales have invested slightly more at around $113 billion. According to Ju, the current ratio stands at 48:51.

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2024-10-08 18:23