The world of cryptocurrencies is unpredictable. This is confirmed by their astronomical growth, which has gained momentum, especially during the last five years, but also by the fact that they “successfully” trade with them. even an ordinary hamster can do it.
It is thus relatively easy to forget for what amounts their greatest giant bitcoin was sold only more than ten years ago.
Already in 2009, shortly after the formation of bitcoin, fanatics joined forces on various Internet forums, who attributed a huge future to the greatest cryptocurrency. As the portal informs Bitcoin Magazine, it is from this period that probably comes the first official “valuation” of bitcoin in US dollars, which was caused by a user nicknamed NewLibertyStandard.
12 years of existence and an increase of more than 7 billion percent
He previously published on his website of the same name his procedure for the US dollar bitcoin exchange rate, which he followed in early May 2009. The user first divided $ 1 by the average amount of electricity used to run a computer with a powerful processor per year, which was about 1,331. 5 kWh.
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He then multiplied the value obtained by the average domestic energy cost in the United States in 2008, about $ 0.1136, and divided the end result by the number of bitcoins extracted by his computer over the past 30 days.
With such a complicated procedure, without centralized and decentralized exchanges, it reached a final value of 1309.03 BTC for 1 USD, which gives bitcoin a price of 0.00076392 USD, ie less than a tenth of a cent. In October of that year, however, bitcoin, according to NewLibertyStandard calculations, was already about 0.00088454 USD.
After deducting this initial amount from the current price of bitcoin at the time of writing moves at the level of 54,600 USD, and the subsequent division, we get to the evaluation of the largest cryptocurrency since the first valuation above the level of 7 billion%.
This is for better understanding, it means multiplying the value of cryptocurrency by more than 70 million times, and bitcoin is thus undoubtedly the best valuing asset in human history.
Today, however, it is twice as important for the largest cryptocurrency, as we have seen its price rise by more than 5%, with bitcoin appreciating by more than 30% since the end of September.
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At the end of last week, it also rose above the important level of the 50-day moving average (MA 50), which it fell during the crisis of the Chinese developer Evergrande in the second half of September, which also brought some stock indices with it.
Bitcoin today, according to data Coinmarketcap it also again surpassed the market capitalization of $ 1 trillion, which it last reached in May this year.