Thankful for Bitcoin: Bitcoin’s Prices Through Past Thanksgivings
Today, as the price of Bitcoin stands at $7,500 range, let's take a trip down memory lane and revisit the BTC/USD exchange rate value on turkey day in the United States. As many love to forecast their bitcoin price predictions and the exciting 2020 mining halving set to take place in under 6 months from now, let's track the progress BTC has made year over year the past decade.
The highest price that Bitcoin has recorded on Thanksgiving was in 2017 at $8,232.38, right before the stellar bull market cycle where the BTC value went all the way up to $19,893 just a few days before Christmas.
Bitcoin has had an interesting history. Having only mined the very first Bitcoin on January 3rd, 2009, the price of Bitcoin has gone up and down through the years, recording some impressive gains and some tragic drops.
Right now, as mentioned, Bitcoin is priced at $7,536.76, rising by 4.59% in the last 24 hours. But how has the price fared through the last few years? Let’s take a look at the price of Bitcoin and how it has fared through this turkey-filled weekday over the last decade.
Live Bitcoin (BTC) Price:
1 BTC/USD =$49,175.5309 change ~ -2.66%
- 1 Live Bitcoin (BTC) Price:
- 1.1 1 BTC/USD =$49,175.5309 change ~ -2.66%
- 1.2 November 22nd, 2018 – $4,202.14
- 1.3 November 23rd, 2017 – $8,232.38
- 1.4 November 24th, 2016 – $744.62
- 1.5 November 26th, 2015 – $328.30
- 1.6 November 27th, 2014 – $373.65
- 1.7 November 28th, 2013 – $1,077.56
- 1.8 November 22nd, 2012 – $12.42
- 1.9 November 24th, 2011 – $2.43
- 1.10 November 25th, 2010 – $0.28
- 1.11 November 26th, 2009 – Less than $0.01
November 22nd, 2018 – $4,202.14
On November 22nd, many reports indicated that Bitcoin was dropping in price, leading multiple mining companies to shut down their operations. Some even declared bankruptcy, like Giga Watt. Other companies like Suanlitou stated that the cost of their operation was simply too high for the low rewards that miners were getting.
Bitcoin’s price was spiraling downward towards the end of the day, reaching $4,202.14 by 8:30pm, following a drop of $100 in just 45 minutes.
November 23rd, 2017 – $8,232.38
The year 2017 proved to be a positive year for Bitcoin, and Thanksgiving 2017 happened just under a month before Bitcoin ultimately reached the highest value it still hasn’t exceeded today. The value of Bitcoin on November 23rd, 2017 was an all-time high at the time, causing altcoins to record equally impressive gains.
Other coins that recorded all-time highs included Dash and Monero, according to Bitcoin.com.
November 24th, 2016 – $744.62
In 2016 and earlier, Bitcoin hadn’t quite gained the momentum to move into the thousands in its value. However, as reported by NewsBTC, insurance company Mitsui Sumitomo announced its own plan to launch an insurance policy for consumers with cryptocurrency. This decision was prioritized as a result of the Mt. Gox hack, as well as other cyber threats. The project was developed with the bitFlyer Bitcoin Exchange in Japan.
During this month, the Chinese Renminbi started to depreciate against the US dollar, paving the way for more purchases of Bitcoin.
November 26th, 2015 – $328.30
The Thanksgiving of 2015 was one of the many uneventful weeks for Bitcoin, as it struggled to gain momentum. More bitcoin startups and exchanges had been popping up in recent months with Bitcoin-to-PayPal processing services, allowing consumers to store their Bitcoin with low conversion rates and even lower transaction fees.
Unfortunately, a policy updated on July 1st, 2015 with PayPal stated that their service could not be applied to currency exchanges, and any consumer that used these services would be in violation of PayPal’s Acceptable Use Policy.
November 27th, 2014 – $373.65
At the beginning of 2014, Mt. Gox faced bankruptcy, and the faith in bitcoin drastically dropped. While the first recorded price above $1,000 was recorded by Mt. Gox just the year before, but the massive multi-million-dollar loss greatly impacted Bitcoin.
November 28th, 2013 – $1,077.56
This day marked the first time that Bitcoin ever reached above the $1,000 price tag, as it started being accepted earlier in the month by the University of Nicosia for tuition fees. It also marked the same month that the BTC China exchange became the largest Bitcoin trading exchange, based on trade volume.
By this month, later reports published in 2016 would show that Bitcoin’s commerce was primarily driven by legitimate transactions and trading, rather than illicit activity.
November 22nd, 2012 – $12.42
WordPress announced in November 2012 that they would be accepting Bitcoin as payment for their services. Just a week later, the first halving occurred with Block #210,000, dropping the reward from 50 BTC to 25 BTC.
November 24th, 2011 – $2.43
On the day before Thanksgiving in 2011, Benjamin Wallace wrote an article for Wired, which was titled “The Rise and Fall of Bitcoin.” While much of the public was curious about the identity of Satoshi, more attention was on the impressive code that he left behind. Bitcoin was still believed to be some pyramid scheme by many, though some consumers chose to hoard their Bitcoin for the time being out of fear of price fluctuations.
If someone held on to a single Bitcoin on this day, their fortune would be worth over $18,000 today.
November 25th, 2010 – $0.28
The share capital of Bitcoin reached $1 million about three weeks before Thanksgiving 2010. This year, Laszlo Hanyecz made the first real-world transaction with Bitcoin, purchasing two pizzas for 10,000 BTC in Jacksonville, Florida. With today’s valuation, that purchase would’ve cost Hanyecz nearly $78 million for the same number of Bitcoins.
November 26th, 2009 – Less than $0.01
November 26th, 2009 was Bitcoin’s first Thanksgiving, having only mined the genesis block in January of the same year. One of the most popular questions searched for that year was regarding how much Bitcoin was worth.