Bitcoin’s cost is measured by fiat money, for example, American Dollars, Euro, etc. Bitcoin, therefore, appears similar to any symbol traded on trade markets.
Unlike fiat, however, there is no official Bitcoin cost; just different averages in light of price feeds from worldwide exchanges. Bitcoin Average and CoinDesk are two such names detailing the average cost. It’s typical for Bitcoin to trade at a price marginally different to the normal price.
But inconsistencies aside, what factors determine the price of bitcoins? well, the main factor is supply and demand. The fact that bitcoin is limited in nature leaves the currency mainly at the mercy of supply and demand. When the Bitcoin demand is high, supply drops, and the price goes up and vice versa.
Bitcoin price history is very interesting. In 2009, which was its first year it was just $0.39 per bitcoin. now it is valued at more than $7,000.00 per BTC. Stunning isn’t it.
Here is a Bitcoin value graph giving you an idea of how its price has moved over the years:
Looking at this Bitcoin value graph, it can be easily determined that Bitcoin value has been on a constant rise over the last couple of years, and the trend is expected to continue in the future as well.