Benzinga – With a market capitalization of $555.6 billion, Bitcoin (CRYPTO: BTC) 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 alike.
What happened: Bitcoin was founded by Satoshi Nakamoto in 2009, a year after the publication of a white paper on an electronic payment system.
Bitcoin’s first genesis block was mined in January 2009 and the rest, as they say, is history.
In its early days, Bitcoin was only available through mining or using a peer-to-peer transaction network.
Today, Bitcoin is easily accessible through many cryptocurrency platforms and retail investment apps that offer Bitcoin investments of any size or quantity.
Macroeconomic and global events such as Russia’s invasion of Ukraine and the collapse of several banks in the United States led to spikes in Bitcoin value and interest throughout 2022 and 2023.
The bankruptcies of several cryptocurrency-related companies in 2022 drove the price of Bitcoin down over the year.
While some are skeptical about the value of cryptocurrencies and their use cases in the future, many bulls have come forward, including Ark Funds CEO Cathy Woodwhich has a price target that could see the major cryptocurrency surpass $1 million in the future.
Related link: How to buy bitcoins
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 reached an all-time high of $68,789.63 in November 2021. The coin did not reach a price of $69,420, a figure that some believe could break the internet, combining two of the most memorable popular numbers ( and meme-worthy).
If Bitcoin returns to an all-time high, a $100 investment today would be worth $239.73, which represents a return of 139.7%.
While Bitcoin may never reach Ark Invest’s $500,000 or $1 million price targets, a return to all-time highs might be more likely.
Those who have been following cryptocurrency for years know that there are many waves and cycles that occur, and Bitcoin could hit new all-time highs in the next bull run.
Read next: Here’s how much $100 in Shiba Inu today will be worth if SHIB hits all-time highs again
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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