Pakinomist – 15 years ago today, the cryptocurrency market was a different landscape. According to historian Pete Rizzo, on this date 15 years ago, you could buy 1 Bitcoin (BTC) for just $0.50. This extremely low price of 50 cents is in stark contrast to Bitcoin’s current value, currently in the six figures.
In January 2010, Bitcoin was still in its infancy, with little awareness and a low price. Launched a year earlier, in January 2009, by its pseudonymous creator(s) Satoshi Nakamoto, Bitcoin was at the time a niche innovation, discussed only among crypto enthusiasts and a few early adopters.
The first known Bitcoin transaction took place in May 2010, when programmer Laszlo Hanyecz famously paid 10,000 BTC for two pizzas. Bitcoin, the world’s largest cryptocurrency by market capitalization, has come a long way from its humble beginnings.
Fast forward to the present, and Bitcoin’s value has skyrocketed. From a price of $0.50 15 years back, Bitcoin has reached all-time highs, with prices reaching six figures. At the time of writing, BTC was trading above $106,000.
Bitcoin Hits New All Time; what the indicators say
Bitcoin climbed to a fresh record in the early Monday session, hitting a record high of $109,358. Bitcoin had rallied from a low of $99,416, posting a large green daily candlestick.
At the time of writing, BTC was up 2.21% to $106,960, according to CoinMarketCap data.
On-chain research firm Glassnode indicated that as Bitcoin approached a new all-time high above $109,000, long-term holder NUPL has crossed the 0.75 threshold, associated with the euphoria/greed phase of the market cycle.
A recapture of short-term holder profitability momentum was observed, as expressed by BTC’s STH MVRV, currently at 1.16 — above the one-year trend line of 1.1. A notable increase in the Bitcoin Futures Perpetual Funding Rate was also observed, reaching around 0.035%, the highest level since December 5th.
