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Analysis
TABLE OF CONTENTS

Bitcoin’s Price History from 2014 to 2023, on each New Year’s Day

4.2 | by Julia Ng
 

Bitcoin’s price fell 73% between 2018 and 2019, compared to a 64% drop between 2022 and 2023 respectively, on each New Year’s Day.

An unprecedented boom saw bitcoin (BTC) peaking on December 17, 2017 at a price of $19,423.58. This momentum was somewhat sustained through New Year’s Day, accounting for its high $14,093.61 price on January 1, 2018. However, in the same month, BitConnect’s ponzi scheme, rumors of a South Korea bill to ban cryptocurrency trading and a hack of Japan’s largest crypto OTC market, Coincheck triggered a major sell-off, which resulted in the crypto bubble bursting. The 2018 ‘crypto winter’ subsequently led to the ICO market collapsing around Q3 2018.

In recent years, BTC saw an all-time-high (ATH) of $69,044.77 on November 10, 2021, attributed to a series of bitcoin ETFs launching in the United States between mid October and November. This was met with a dip on January 1, 2022, with BTC dropping to $46,319.65 or -32.9% lower from its ATH, likely due to the US Federal Reserve’s announcement of interest rate hikes, among other factors. Bitcoin's price has since tumbled 64% from New Year’s Day in 2022 to $16,540.69 as of January 1, 2023.

2022 had been a turbulent year for crypto—from the Ronin network hack in March to the Terra/Luna crash in May, contagion effects are still spreading. In spite of Ethereum's milestone upgrade 'The Merge', crypto winter had set in by Q3 2022 with prices of all crypto assets declining. In October, $718 million was stolen from various DeFi sites in 11 different hacks, and November saw the great FTX collapse. These events have all impacted the price of bitcoin as well as the total global crypto market capitalization.

Bitcoin has been largely in consolidation mode and trading sideways since, and now stands at $16,540.69 with a total market cap of $318 billion as of January 1, 2023. Compared against the total cryptocurrency market cap of $827 billion, Bitcoin’s dominance is at 38.5%. 

Over a ten year horizon since 2014, the price of one bitcoin has seen a 2,054% increase.

In 2014, the price of one bitcoin (BTC) in USD on January 1 was $767.74. Over a ten year period, BTC has seen a 2,054% increase of $$15,772.95, reaching $16,540.69 on January 1, 2023. This averages out to a 25.3% year-on-year (YoY) increase of $1,577.30 each year.

Bitcoin turns 14 on January 3, with its Genesis Block mined exactly 14 years ago on January 3, 2009 by Satoshi Nakamoto, marking the birth of the Bitcoin network.

Methodology

Price data is obtained from CoinGecko. Price of 1 Bitcoin (BTC) in USD on January 1, 00:00 UTC, from 2014 to 2023.

 


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with future data-led content that you may find useful.

Curious to find out more about our previous research studies? Check out this one we did that examined the number of crypto whales on the blockchain.

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Julia Ng
Julia Ng

Julia leads Growth at CoinGecko and is passionate about onboarding more women onto Web3. That said, she is generally poor at timing the market, so she DCAs for safety. Follow the author on Twitter @ngxinyajulia

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