Leading cryptocurrency Bitcoin BTC/USD has soared in valuation in 2023, with the crypto up more than 150% year-to-date and hitting new 52-week highs in recent days.
With a market capitalization of $817.8 billion, Bitcoin is the largest cryptocurrency. Despite the increase in value in 2023, the crypto remains down from its all-time highs.
Here's a look at what a return to all-time highs could mean for hodlers and investors.
What Happened: Founded by the pseudonymous Satoshi Nakamoto in 2009, Bitcoin was founded a year after a whitepaper on an electronic cash system was published.
The first genesis block of Bitcoin was mined in January 2009 and the rest as they say is history.
Bitcoin was only obtainable through mining or using a peer-to-peer transaction network in its early days. Today, Bitcoin is easily accessible through numerous cryptocurrency platforms and retail investing apps.
Investors are able to buy Bitcoin in any size or quantity on most platforms.
Some investors have been scared away by the volatility of Bitcoin over the years. Bankruptcies of several cryptocurrency-related companies in 2022 sent the price of Bitcoin down on the year.
Macroeconomic and global events such as the invasion of Ukraine by Russia and the collapse of several banks in the U.S. have led to spikes in the value and interest of Bitcoin throughout 2022 and 2023.
The potential approval of Bitcoin ETFs by the SEC has also been an item that has led to increased attention to Bitcoin and raised price targets.
While some are skeptical of the value of cryptocurrencies and their use cases moving forward, many bulls have come forward including Ark Funds CEO Cathie Wood, who has a price target that could see the leading cryptocurrency top $1 million in the future.
A price of $1 million for Bitcoin would be significantly higher than the all-time highs of $68,789.63 hit for the crypto back in November 2021.
Related Link: 13 Fun Facts You May Not Know About Bitcoin On The Cryptocurrency’s 13th Birthday
Investing $100 in Bitcoin: A $100 investment in Bitcoin today could buy 0.00239 BTC, based on a current price of $41,810.58 at the time of writing.
Bitcoin hit an all-time high of $68,789.63 in November 2021. The coin failed to reach a price of $69,420, a figure that some suggested could break the internet, combining two of the most popular memorable (and meme-worthy) numbers.
If Bitcoin returns to all-time highs, a $100 investment today would be worth $164.41, representing a return of +64.4%.
While Bitcoin may never reach the $500,000 or $1 million price targets from Ark Invest, a return to all-time highs could be more likely.
Those who have followed cryptocurrency for years know there are many waves and cycles that happen, and Bitcoin could hit new all-time highs during the next bull run.
Photo: Executium via Unsplash
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