Bitcoin: Tracking the journey of the world's largest cryptocurrency through the years of the pandemic

The 2008 financial crisis gave rise to Bitcoin, which benefited from the pandemic, the next significant financial shock the globe experienced.

A decade after being introduced by an unidentified person or group of people under the moniker Satoshi Nakamoto, bitcoin has grown to be the most popular and valuable cryptocurrency in the world. For a long time, bitcoin was an obscure technology, but in 2017, when its price skyrocketed from $777.76 to $19,497.40 in a single year, it began to receive attention. But later, the benefit was gone. 

The price of bitcoin had returned to $5,000 by March 2020. However, that year saw an almost 300 percent increase in the value of bitcoin, beating gold by a ratio of 10. The price of bitcoin reached an all-time high close to $30,000 at the end of December 2020.

Because of its success, some observers claimed that bitcoin was currently experiencing its third major price rally in its 11-year lifetime. At this point, investors started to perceive bitcoin as "digital gold" and a store of value, which caused its perspective to change. This presented a chance for new investors to increase their wealth at a rate unequalled by any other investment vehicle.

 Despite being extremely speculative and unpredictable, cryptocurrencies started to catch on and gain acceptance as a viable alternative to cash.

Additionally, the pandemic and the worldwide lockdown that followed its growth. Money started moving out of stock markets and into gold and cryptocurrency as economies struggled to stay afloat. The next significant financial shock the globe experienced benefited Bitcoin, which was created as a result of the 2008 financial crisis.

This year's bitcoin odyssey got off to a wildly exaggerated start. At the end of February, the price of bitcoin had surpassed $55,000. Tesla's statement that month that it had purchased the virtual currency for $1.5 billion contributed to the price increase. It saw a small slump in March before rising to its all-time high of about $65,000 in April of this year. 

In May, the cryptocurrency market fell once more as a result of Chinese restrictions on mining. Below $30,000, the price of one bitcoin has fallen to less than half of its peak. Since that time, the price has stabilised, and the current price of one bitcoin is above $42,000.