With a market capitalization of $555.6 billion, Bitcoin BTC/USD is the most valuable cryptocurrency in the world. The market leader hit all-time highs in November 2011 but has since fallen significantly.
Here’s a look at what a return to all-time highs could mean for hodlers and investors.
What Happened: Bitcoin was founded by Satoshi Nakamoto in 2009, coming the year after a whitepaper of 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.
In its early days, Bitcoin was only obtainable through mining or using a peer-to-peer transaction network.
Today, Bitcoin is easily accessible through numerous cryptocurrency platforms and retail investing apps that offer investments in Bitcoin in any size or quantity.
Macroeconomic and global events like 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.
Bankruptcies of several cryptocurrency-related companies in 2022 sent the price of Bitcoin down on the year.
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.
Related Link: How To Buy Bitcoin
Investing $100 in Bitcoin: A $100 investment in Bitcoin today could buy 0.003485 BTC, based on a current price of $28,693.54 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 an all-time high, a $100 investment today would be worth $239.73, representing a return of 139.7%.
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 that there are many waves and cycles that happen, and Bitcoin could hit new all-time highs during the next bull run.