Bitcoin (BTC) Witnesses Highest Yearly Price Change Since 2020

Bitcoin (BTC) is on a path to making history as its price is seeing the best percentage growth rate since 2020.

Data from Cryptorank pegs the current growth rate of Bitcoin for this year at 156.9% despite the current 1.57% dip in the coin’s price in the past 24 hours. At the time of writing, Bitcoin’s market price came in at $42,482.04 atop a capitalization of $831,858,825,448. 

The trading volume of digital currency has also dropped by 12% to $22,821,372,209. This major metrics drawdown has not negated the impressive strides the coin has made this year to grow from a low of $16,408.48 to a high of $44,705.52.

Bitcoin Price Growth Trends

The cumulation of Bitcoin’s growth rate since inception to date has helped it amass a total surge of more than 64,667.31% from its documented All-Time Low of $65.53 recorded on July 5, 2013. 

Over the past five years, Bitcoin has been recording alternating growth rate trends. In 2018, Bitcoin ended the year with a 73.3% drop in valuation, a slump considered a correction that accompanied the 1,369% jump recorded in 2017.

Bullish growth trends returned in 2019 when BTC ended the year up by 90.9%, an increase accompanied by an even bigger 304.1% in 2020 as the coin printed $29,282 as its highest price mark for the year. In 2021, when Bitcoin recorded its All-Time High (ATH) price, it ultimately ended the year with a milder growth rate of 59.6% while slumping by $64.3% in 2022 as the dreaded crypto winter re-emerged.

The 157.1% growth rate for this year is proof that the premier coin can realign with its historic records despite market uncertainty.

– Advertisement –

Bitcoin ETF and Halving Catalysts

Though the 157% growth rate of Bitcoin might be lower compared to some exceptional years, the likelihood of a correction in the coming year cannot be ruled out. 

Two key events that might prevent this correction in 2024 are the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) product by the US SEC and the upcoming Bitcoin halving event. 

Should these two events be ushered in next year as envisaged, it will result in Bitcoin’s scarcity through the halving and enhanced demand through the presence of mega hedge funds in the industry offering spot Bitcoin ETF products.