Bitcoin price today: BTC is up 6.32%

What is the current price of bitcoin?

The price of bitcoin, or 1 BTC, traded at $66,413.83, as of 8 a.m. ET. The highest intraday price that the original crypto reached in the past year was $73,835.57 on March 14, 2024.

Bitcoin price chart

The chart above is pulling data as of 8 a.m. ET daily and doesn’t display intraday highs or lows.

Bitcoin prices

*The return comparisons are as of 8 a.m. ET.

Bitcoin’s all-time high was on March 14, 2024, trading at $73,835.57 per bitcoin. The lowest intraday price that the crypto traded in the past year was $24,780.17 on June 15, 2023. The original crypto is up by 149.34% year over year.

BTC had very humble beginnings when it was launched in January 2009. Fifteen years later, the world’s first cryptocurrency has completely shifted global financial markets and amassed a global market capitalization of $1.23 trillion.

The crypto is also becoming a popular alternative to government-backed fiat currencies, such as the U.S. dollar, which tend to lose value over time due to inflation.

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What is bitcoin?

Bitcoin runs on a groundbreaking blockchain-based network powered by a collection of global users. It allows anyone with internet access worldwide to make financial transactions that completely circumvent banks or other financial or government intermediaries.

Bitcoin’s security system is centered on its cryptography. All bitcoin transactions are validated by miners, who use high-powered computers to solve complex mathematical puzzles and create new blocks of verified transactions on the blockchain.

In the 15 years since bitcoin launched, it has inspired thousands of other cryptocurrencies. While many additional cryptos have become hugely successful, bitcoin remains the most valuable and popular cryptocurrency globally.

What determines bitcoin’s price?

Bitcoin prices aren’t connected to any tangible assets, depending entirely on supply or demand.

New bitcoin is released to miners when they verify transactions. The total supply, though, is capped at 21 million BTC.

With supply fixed, increased demand can drive prices upward. Demand depends entirely on investor sentiment and speculators, explaining the cryptocurrency’s considerable volatility.

Bitcoin’s starting price

The first bitcoin transaction in late 2009 saw 5,050 BTC trade hands for just $5.02. That would put the price of a single BTC at about a tenth of a cent at the time.

Bitcoin halvings

Miners receive a set BTC reward for validating new blocks. It’s called a “halving” because it cuts that reward in half. It’s important to limit BTC supply to support its price over time.

Does bitcoin halving increase BTC’s price?

Less new bitcoin should ostensibly push up prices. But that isn’t always what happens.

A halving doesn’t always directly impact prices. In the past, BTC prices hit a bottom about a year prior to their next halving. They then rose over the next year. But historical performance doesn’t necessarily mean the pattern will repeat again.

A history of bitcoin prices

2008 – 2019

The earliest exchanges for bitcoin launched in 2010. But it wasn’t until 2011 that BTC cleared $1 apiece.

From there, prices shot up. They reached $1,000 per BTC in late 2013 and kept growing.

By November 2017, prices cleared $10,000 a pop. And within a month, they had doubled to over $20,000. The decision of CME Group to start offering bitcoin futures contracts in December 2017 was likely a factor.

The enthusiasm for cryptocurrency declined in 2018, though. Prices for BTC dipped under $4,000 during that year.

2020 – 2024

The pandemic in 2020 sparked another major boom. Markets likely benefited from government stimulus money pouring into the economy while interest rates remained low.

But as interest rates rose in 2022, many investors pivoted away from risky assets like BTC.

For many, falling prices revealed overextended institutions. The industry was hit by a string of layoffs amid the decline for bitcoin.

However, 2023 saw yet another rally with prices back on the rise. By March of 2024, it was trading over $70,000 and set a new intraday high of $73,835.57.

How to buy bitcoin

Many investors rely on popular cryptocurrency exchanges, like Binance, Coinbase and Kraken to buy BTC.

To buy BTC directly, you need a digital wallet. It allows you to store your bitcoin and access it using a privacy key specific to the wallet.

Hardware wallets are devices, resembling USB drives. Software wallets, though, can be stored in apps on smartphones or other devices.

Similarly, wallets are also distinguished by being “hot” or “cold.” Hot wallets are connected to the internet for convenience. Cold wallets, however, remain unconnected for greater security.

Read more: How to buy bitcoin

Bitcoin ETFs

Investors can now use bitcoin funds to speculate without investing directly in BTC.

These ETFs were approved by the SEC in January of 2024. They hold bitcoin, not futures contracts, and are traded on exchanges.

Many interpreted this approval as a form of significant institutional validation.

Frequently asked questions (FAQs)

Bitcoin’s all-time high was $73,835.57, which it reached on March 14, 2024.

One BTC represents one bitcoin currently valued at $66,413.83. While global central banks often increase the supply of fiat currencies like the U.S. dollar, the supply of bitcoin is capped at 21 million BTC.