Bitcoin (BTC) price again reached an all-time high in 2025, as values exceeded over 107,000 USD in June 2025. That particular price hike was connected to the approval of Bitcoin ETFs in the United States, whilst previous hikes in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla’s announcement in March 2021 that it had acquired 1.5 billion U.S. dollars’ worth of the digital coin, for example, as well as the IPO of the U.S.’ biggest crypto exchange fueled mass interest. The market was noticeably different by the end of 2022, however, with Bitcoin prices reaching roughly 94,315.98 as of May 4, 2025, after another crypto exchange, FTX, filed for bankruptcy. Is the world running out of Bitcoin? Unlike fiat currency like the U.S. dollar - as the Federal Reserve can simply decide to print more banknotes - Bitcoin’s supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin’s original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021. Bitcoin’s price outlook: a potential bubble? Cryptocurrencies have few metrics available that allow for forecasting, if only because it is rumored that only a few cryptocurrency holders own a large portion of available supply. These large holders - referred to as “whales” - are said to make up of two percent of anonymous ownership accounts, whilst owning roughly 92 percent of BTC. On top of this, most people who use cryptocurrency-related services worldwide are retail clients rather than institutional investors. This means outlooks on whether Bitcoin prices will fall or grow are difficult to measure, as movements from one large whale already having a significant impact on this market.

In March 2024 Bitcoin BTC reached a new all-time high with prices exceeding 73000 USD marking a milestone for the cryptocurrency market This surge was due to the approval of Bitcoin exchange-traded funds ETFs in the United States allowing investors to access Bitcoin without directly holding it This development increased Bitcoin’s credibility and brought fresh demand from institutional investors echoing previous price surges in 2021 when Tesla announced its 15 billion investment in Bitcoin and Coinbase was listed on the Nasdaq By the end of 2022 Bitcoin prices dropped sharply to 15000 USD following the collapse of cryptocurrency exchange FTX and its bankruptcy which caused a loss of confidence in the market By August 2024 Bitcoin rebounded to approximately 64178 USD but remained volatile due to inflation and interest rate hikes Unlike fiat currency like the US dollar Bitcoin’s supply is finite with 21 million coins as its maximum supply By September 2024 over 92 percent of Bitcoin had been mined Bitcoin’s value is tied to its scarcity and its mining process is regulated through halving events which cut the reward for mining every four years making it harder and more energy-intensive to mine The next halving event in 2024 will reduce the reward to 3125 BTC from its current 625 BTC The final Bitcoin is expected to be mined around 2140 The energy required to mine Bitcoin has led to criticisms about its environmental impact with estimates in 2021 suggesting that one Bitcoin transaction used as much energy as Argentina Bitcoin’s future price is difficult to predict due to the influence of large holders known as whales who own about 92 percent of all Bitcoin These whales can cause dramatic market swings by making large trades and many retail investors still dominate the market While institutional interest has grown it remains a small fraction compared to retail Bitcoin is vulnerable to external factors like regulatory changes and economic crises leading some to believe it is in a speculative bubble However others argue that Bitcoin is still in its early stages of adoption and will grow further as more institutions and governments recognize its potential as a hedge against inflation and a store of value 2024 has also seen the rise of Bitcoin Layer 2 technologies like the Lightning Network which improve scalability by enabling faster and cheaper transactions These innovations are crucial for Bitcoin’s wider adoption especially for day-to-day use and cross-border remittances At the same time central bank digital currencies CBDCs are gaining traction as several governments including China and the European Union have accelerated the development of their own state-controlled digital currencies while Bitcoin remains decentralized offering financial sovereignty for those who prefer independence from government control The rise of CBDCs is expected to increase interest in Bitcoin as a hedge against these centralized currencies Bitcoin’s journey in 2024 highlights its growing institutional acceptance alongside its inherent market volatility While the approval of Bitcoin ETFs has significantly boosted interest the market remains sensitive to events like exchange collapses and regulatory decisions With the limited supply of Bitcoin and improvements in its transaction efficiency it is expected to remain a key player in the financial world for years to come Whether Bitcoin is currently in a speculative bubble or on a sustainable path to greater adoption will ultimately be revealed over time.

Bitcoin dominance steadily declined in April 2024 to below ** percent, amid rumors of central banks halting or potentially lowering interest rates in the future. Within the crypto world, this so-called "dominance" ratio is one of the oldest and most investigated metrics available. It measures the coin's market cap relative to the overall crypto market — effectively showing how strong Bitcoin compared to all the other cryptocurrencies that are not BTC, called "altcoins". Why dominance matters is because market caps of any crypto can change relatively quickly, either due to sudden price changes or a change of recorded trading volume. Essentially, the figure somewhat resembles a trading sentiment, revealing whether Bitcoin investors are responding to certain events or whether Bitcoin is losing out on functions offered by, for example, stablecoins or NFT tokens. "Dominance" criticism: Ethereum and stablecoin The interpretation of the Bitcoin metric is not without its criticism. When first conceived, Bitcoin was the first cryptocurrency to be created and had a substantial market share within all cryptocurrencies? The overall share of stablecoins, such as Tether, as well as Ethereum increasingly start to resemble that of Bitcoin, however. Some analysts argue against this comparison. For one, they point towards the large influence of trading activity between Bitcoin and Ethereum in the dominance metric. Second, they argue that stablecoins can be traded in for Bitcoin and Ethereum, essentially showing how much investors are willing to engage with "regular" cryptocurrency. A rally around Bitcoin in late 2023? By December 2023, the Bitcoin price reached roughly 41,000 U.S. dollars — the first time in 20 months such a value was reached. A weaker U.S. dollar, speculation on decreasing interest rates, and a potential Bitcoin ETF approval are believed to be at the heart of this price increase. Whether this will hold in 2024 is unclear: The monthly interest rate from the U.S. Fed is speculated to decrease in 2024, despite a vow of "higher for longer". In December 2023, the thought of decreasing interest rates and the potential of a Bitcoin ETF fuelled market sentiment towards riskier assets.

By 2025, the Bitcoin market cap had grown to over ***** billion USD as the cryptocurrency kept growing. Market capitalization is calculated by multiplying the total number of Bitcoins in circulation by the Bitcoin price. The Bitcoin market capitalization increased from approximately *** billion U.S. dollars in 2013 to several times this amount since its surge in popularity. Dominance The Bitcoin market cap takes up a significant portion of the overall cryptocurrency market cap. This is referred to as "dominance". Within the crypto world, this so-called "dominance" ratio is one of the oldest and most investigated metrics available. It measures the coin's market cap relative to the overall crypto market — effectively showing how strong Bitcoin compared to all the other cryptocurrencies that are not BTC, called "altcoins". The Bitcoin dominance was above ** percent. Maximum supply and scarcity Bitcoin is unusual from other cryptocurrencies in that its maximum supply is getting closer. By 2025, well over ** million out of all 21 million possible Bitcoin had been created. Bitcoin's supply is expected to reach its maximum around the year 2140, likely making mining more energy-intensive.

It is estimated that the cumulative market cap of cryptocurrencies increased in early 2023 after the downfall in November 2022 due to FTX. That value declined in the summer of 2023, however, as international uncertainty grew over a potential recession. Bitcoin's market cap comprised the majority of the overall market capitalization. What is market cap? Market capitalization is a financial measure typically used for publicly traded firms, computed by multiplying the share price by the number of outstanding shares. However, cryptocurrency analysts calculate it as the price of the virtual currencies times the number of coins in the market. This gives cryptocurrency investors an idea of the overall market size, and watching the evolution of the measure tells how much money is flowing in or out of each cryptocurrency. Cryptocurrency as an investment The price of Bitcoin has been erratic, and most other cryptocurrencies follow its larger price swings. This volatility attracts investors who hope to buy when the price is low and sell at its peak, turning a profit. However, this does little for price stability. As such, few firms accept payment in cryptocurrencies. As of June 25, 2025, the cumulative market cap of cryptocurrencies reached a value of ******.

Stock Market Analysis of Bitcoin USD (BTC-USD) from it's Founding / Listing Years which is 2014 to 2022

Data Dictionary

About Bitcoin

Bitcoin is the longest running and most well known cryptocurrency, first released as open source in 2009 by the anonymous Satoshi Nakamoto. Bitcoin serves as a decentralized medium of digital exchange, with transactions verified and recorded in a public distributed ledger (the blockchain) without the need for a trusted record keeping authority or central intermediary. Transaction blocks contain a SHA-256 cryptographic hash of previous transaction blocks, and are thus "chained" together, serving as an immutable record of all transactions that have ever occurred. As with any currency/commodity on the market, bitcoin trading and financial instruments soon followed public adoption of bitcoin and continue to grow.

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Ethereum's price history suggests that that crypto was worth significantly less in 2022 than during late 2021, although nowhere near the lowest price recorded. Much like Bitcoin (BTC), the price of ETH went up in 2021 but for different reasons altogether: Ethereum, for instance, hit the news when a digital art piece was sold as the world’s most expensive NFT for over 38,000 ETH - or 69.3 million U.S. dollars. Unlike Bitcoin - of which the price growth was fueled by the IPO of the U.S.’ biggest crypto trader Coinbase - the rally on Ethereum came from technological developments that caused much excitement among traders. First, the so-called “Berlin update” rolled out on the Ethereum network in April 2021, an update which would eventually lead to the Ethereum Merge in 2022 and reduced ETH gas prices - or reduced transaction fees. The collapse of FTX in late 2022, however, changed much for the cryptocurrency. As of May 4, 2025, Ethereum was worth 1,808.59 U.S. dollars - significantly less than the 4,400 U.S. dollars by the end of 2021. Ethereum’s future and the DeFi industry Price developments on Ethereum are difficult to predict, but cannot be seen without the world of DeFi - or Decentralized Finance. This industry used technology to remove intermediaries between parties in a financial transaction. One example includes crypto wallets such as Coinbase Wallet that grew in popularity recently, with other examples including smart contractor Uniswap, Maker (responsible for stablecoin DAI), moneylender Dharma and market protocol Compound. Ethereum’s future developments are tied with this industry: Unlike Bitcoin and Ripple, Ethereum is technically not a currency but an open-source software platform for blockchain applications - with Ether being the cryptocurrency that is used inside the Ethereum network. Essentially, Ethereum facilitates DeFi - meaning that if DeFi does well, so does Ethereum. NFTs: the most well-known application of Ethereum NFTs or non-fungible tokens grew nearly ten-fold between 2018 and 2020, as can be seen in the market cap of NFTs worldwide. These digital blockchain assets can essentially function as a unique code connected to a digital file, allowing to distinguish the original file from any potential copies. This application is especially prominent in crypto art, although there are other applications: gaming, sports and collectibles are other segments where NFT sales occur.

Crypto 24h trading volume declined as 2023 progressed, with figures being ********* lower than in 2022. The decline follows after Binance - one of the biggest crypto exchanges in the world - received lawsuits in the United States. Observations are also that the crypto market was quiet after April, citing a lack of a "strong overarching narrative". This contrasts with 2021 and 2022 when cryptocurrency dominated the news and many people sought fortune in the digital currency. Bitcoin developments Bitcoin's trade volume slowed in the second quarter of 2023, after hitting a noticeable growth at the beginning of the year. The coin outperformed most of the market. Some attribute this to the announcement in June 2023 that BlackRock filed for a Bitcoin ETF. This iShares Bitcoin Trust was to use Coinbase Custody as its custodian. Regulators in the United States had not yet approved any applications for spot ETFs on Bitcoin. Changes in Ethereum staking in 2023 Ethereum's trade volume changed in 2023 due to the rollout of the Shapella (Shanghai and Cappella) upgrade. The update allowed investors to withdraw (unstake) Ethereum deposited into the network. Staking can be somewhat compared to depositing money at a bank, where one would submit money to be held and gains interest as time goes by. Lido has the highest staking pool (a platform that allows for staking) in Ethereum, higher than major crypto exchanges Coinbase and Kraken. As of May **, 2025, the 24h trading volume stands at *****.

A currency's essential feature is to be a medium of exchange. We leverage a quasi-natural experiment––El Salvador as the first country to make Bitcoin legal tender––to study a cryptocurrency's potential to be used in daily transactions. The government also launched and provided incentives to download and use a digital wallet named Chivo, which shares features with Central Bank Digital Currencies (CBDCs) and allows users to trade bitcoins and dollars. Were Chivo Wallet and Bitcoin actually adopted after this "big push"? Conducting a representative face-to-face survey and relying on blockchain data to obtain all Chivo transactions, we document how usage of digital payments and Bitcoin is low, concentrated, and has been decreasing over time. We find that privacy concerns are key barriers to adoption, which speaks to a policy debate on crypto and CBDCs that has had anonymity at its core. We also estimate the technology's adoption cost and its network externalities.,

We provide the data from the survey implemented in El Salvador by Cid Gallup, and the codes required for the analysis of these data. The blockchain data, which is used in the last section of the paper, was obtained from Crystal Blockchain B.V (crystalblockchain.com), and we share the Stata code and data required to generate all the figures in the paper.

, Only Stata is required to run all programs. ,  Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador (README)  This README file was generated on 2023-08-01 by Fernando Alvarez, David Argente, and Diana Van Patten

University of Chicago Yale University Yale University

GENERAL INFORMATION

1. Title of Dataset: Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador

We conduct a nationally representative face-to-face survey spanning 1,800 households during February 2022. Respondents are all adults, which is a prerequisite to be eligible to use Chivo Wallet. The national survey was conducted in partnership with CID-Gallup. This replication package contains data, Stata codes, and output files all figures and tables in the paper. We provide the data from the survey implemented in El Salvador by Cid Gallup, and the codes required for the analysis of these data. The blockchain data, which is used in the last section of the paper, was obtained from Crystal Blockchain B.V (crystalblockchain.com), and ...

The price of the cryptocurrency based on the famous internet meme broke its price decline in early November 2022 - as people started buying the coin after FTX's collapse. This rally only lasted for a few days, however, as a Dogecoin was worth roughly 0.16 U.S. dollars on June 30, 2025. This is a different development than in 2021 - when the crypto became very popular in a short amount of time. Between January 28 and January 29, 2021, Dogecoin's value grew by around 216 percent to 0.023535 U.S. dollars after comments from Tesla CEO Elon Musk. The digital coin quickly grew to become the most talked-about cryptocurrency available: not necessarily for its price - the prices of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and several other virtual currencies were much higher than that of DOGE - but for its growth.

Following NFT hype and growing demand in the DeFi community, the price of cryptocurrency Solana or SOL more than tripled during the summer of 2021. This had all but evaporated by the end of 2022, as a price of 151 U.S. dollars for SOL on Jun 30, 2025, was similar to the price of Solana in early 2021. The collapse of crypto trader FTX in 2022 especially impacted the cryptocurrency, as FTX and its sister firm Alameda Research sold a large amount of the coin to avoid bankruptcy. The Solana protocol is similar to Ethereum in that it can allow for nun-fungible tokens to be created ('minted') or traded. Solana, however, uses a technology called 'PoH' or Proof of History, which allows it to reach high transaction speeds. The Solana Foundation - the creators of the protocol, based in Switzerland - claims they could reach up to 65,000 transactions per second compared to 16 for Ethereum. Additionally, Solano had no transaction fees or 'gas', unlike Ethereum, which had growing transaction costs. These two reasons combined - Solana being deemed cheaper and faster than Ethereum - turned this relatively young protocol into a breeding ground for NFT projects in August 2021.

Ripple - or XRP - prices surged in 2021, but went down significantly as 2022 progressed. As of June 30, 2025, one XRP token was worth 2.19 U.S. dollars. Ethereum's price, for example, kept on reaching new all-time highs, a feat not performed by XRP. Indeed, XRP's more price spikes followed relatively late - only occurring in early 2021, against late 2020 for most other cryptos - after the US SEC filed a legal complaint against Ripple in November 2020. This legal action caused the XRP price to plummet from around 0.70 U.S. dollars to 0.20 U.S. dollars. Ripple versus XRP: two become one Technically speaking, Ripple is not a cryptocurrency. Renamed from a protocol called OpenCoin in 2013, Ripple facilitates open-source payments. XRP, on the other hand, is the cryptocurrency that runs on this network. In that sense, Ripple and XRP have a similar symbiosis to each other like the Ethereum network and its cryptocurrency Ether. Unlike Ethereum - whose price changes are connected to the world of Decentralized Finance or DeFI - Ripple/XRP mostly looks at developments in cross-border payments for companies. In 2020, companies worldwide began to favor fintech solutions for future B2B solutions and, in a way, Ripple is an extension of that. What affects the price of Ripple? Ripple is mostly active in Southeast Asia - a region with a splintered payment landscape and that heavily investigates its own types of state-issued cryptocurrency to make cross-border payments a lot easier. Price spikes tend to follow news on this topic in this specific region. In 2019, for example, the XRP price grew after Japan and South Korea began testing to reduce time and costs for transferring international funds between the two countries. In March 2021, Ripple announced that it had agreed to acquire 40 percent of Malaysian cross-border payments firm Tranglo to meet growing demand in Southeast Asia.

The price of the native coin from BNB Chain (formerly BSC) grew by 50 percent in late 2021 but was much lower in 2022. On June 30, 2025, for example, a single BNB coin was worth more than 654.92 U.S. dollars - a value that is very different from the all-time high of 600 U.S. dollars in November 2021. Regardless, Binance Coin ranked in the top 10 most expensive cryptocurrencies in 2022. Noticeable is that the price increase of BNB in November 2021 coincides with a similar price change for Ethereum (ETH) - a cryptocurrency where BNB initially originated in 2017 before coming to its own years later. BNB’s history: From reward token in 2017 to an ecosystem after 2019 As the name suggests, Binance Coin or BNB originally started as an extension of the Binance.com trading platform - the most used cryptocurrency exchange in the world. It initially functioned on the Ethereum blockchain network as an ERC-20 token, offering incentives to owners like reduced trading fees, affiliate rewards, or a lottery ticket system (“Launchpad”) that let users invest in new, Binance-selected crypto projects. In 2019, however, BNB moved away from the Ethereum network and migrated to Binance’s self-developed blockchain: Binance Smart Chain or BSC (called BNB Chain since February 2022). Here, BNB started to support a chain that initially did not focus on hosting decentralized apps but focused on high transaction speed and being able to handle large amounts of traffic. DeFi and GameFi: the main segments for BNB BSC, however, made significant strides in 2021 partly due to traffic overload and high gas prices on Ethereum as well as the growing interest in both Decentralized Finance (DeFI) and NFTs. Much like Cardano, Solana, and Terra, Binance Smart Chain consequently became a valid alternative to Ethereum: The total value locked (TVL) of BNBs blockchain within DeFi, for example, ranked only behind that of Terra and Ethereum in early 2022. Another area where Binance’s blockchain and token play a significant role is that of GameFi - or “play-to-earn” blockchain games that are powered by cryptocurrencies. Some of the more well-known and most popular NFT games like Alien Worlds and Axie Infinity run on the blockchain behind BNB.

Transactions in NFTs were significantly lower in 2024 than during the summer of 2021 when several tokens gained popularity. Most of these transactions were likely related to play-to-earn Vietnamese video game Axie Infinity, which became the world's most valuable NFT collection in August 2021 - although its sales volume did decline since. The gaming segment reported the highest sales volume of the non-fungible token (NFT) market in 2020, with over *** times the sales in sports projects. The overall market cap of NFTs in 2024, however, was noticeably smaller. NFT in 2024: Searching for legitimacy While cryptocurrency and Bitcoin saw their interest surge in early 2024 after the acceptance of Bitcoin ETFs in the United States, the NFT market has been struggling. For the larger audience, non-fungible tokens still seemed to be confusing what they are supposed to do, whereas crypto increasingly found legitimacy. The slowdown in the NFT market led one of the world's largest NFT marketplaces, OpenSea, to lay off large parts of its staff in October 2023. Solana to pave the way for NFTs? One of the blockchain networks that is closely affiliated with NFTs in 2024 is that of Solana. The monthly sales volume of this blockchain outperformed that of Ethereum in ************, causing Solana's market share in the overall crypto market to reach its highest value ever. Solana's position comes from relatively low costs but especially high transaction speeds and the sizable airdrops from multiple projects. This attracted significant amounts of capital, further fuelling the network. Solana's growth may provide the framework for the NFT market as a whole, as it slowly seeks to take over Ethereum's position in this part of the decentralized digital asset world.

Memecoin Shiba Inu saw its price grow by more than 300 percent within one and the same month, marking a trading fury reminiscent of Dogecoin in early 2021. Indeed, the SHIB coin ranked as one of the biggest crypto in the world based on 24h trading volume in October 2021 - with trading activity being almost as high as that of Ethereum. Originally starting out as a fun token based on the famous Japanese dog breed, the digital currency grabbed mainstream attention in 2021 probably due to its low barrier of entry: Even after its price spikes, Shiba Inu was one of the cheapest coins available, especially when compared to the price of 99 other cryptocurrencies. Combine this with survey information that most consumers in the U.S. and the UK invest in crypto either for growth or fun, and Shiba Inu is probably seen by many as a relatively simple, "quick win" investment. As of May 19, 2025, the price of one million Shiba Inu is 14.08.

The market cap of Ripple, or XRP, grew substantially in November 2024, after the results of the United States elections. At the beginning of 2024, the cryptocurrency had a market capitalization of around ** billion U.S. dollars. One year later, this had changed to *** billion U.S. dollars. The company Ripple faced charges in 2020 from the U.S. Securities and Exchange Commission (SEC), which led to a *** million U.S. dollar fine in August 2024 as the company was sentenced for violating investor-protection laws. The SEC appealed this decision, deeming the sentence too low. The results of the U.S. elections in November 2024, however, and the announced changes to the leadership of the SEC, made crypto investors believe that the case against Ripple Labs might be dropped in January 2025.