U.Today - On Jan. 3, 16 years ago, Bitcoin, the first and largest cryptocurrency, officially launched after the Genesis Block was mined.
The Genesis Block, also known as Block 0, was mined by Satoshi Nakamoto, the pseudonym used by Bitcoin’s creator or creators, on Jan. 3, 2009. Unlike subsequent Bitcoin blocks, the Genesis Block rewarded 50 BTC, which can never be spent.
This first block included an iconic message embedded in its code: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," which refers to a headline in The Times published on the same day.
Although Satoshi Nakamoto released the Bitcoin whitepaper Oct. 28, 2008, many believe its launch date of Jan. 3, 2009, reflects the cryptocurrency's birthday.
The days that followed were historic: Jan. 9, 2009, saw the first release of the Bitcoin software that launched the network and the first units of the Bitcoin cryptocurrency. Satoshi Nakamoto released Bitcoin 0.1 on this date, with only Windows supported.
On Jan. 12, 2009, the first transaction on the Bitcoin network was recorded in block 170 between Satoshi and legendary cypherpunk Hal Finney.
Since this time and now spanning 16 years, Bitcoin has grown significantly to become a global phenomenon. With a current market cap of $1.91 trillion, Bitcoin is trading at $96,560 after setting record highs of $108,268 on Dec. 17.
Bitcoin inspired thousands of cryptocurrencies and blockchain projects, altering the future of finance, technology and governance.
Crypto market starts 2025 on positive note
Cryptocurrencies rallied to begin the year, recovering from recent losses as investor confidence returned to the market.Bitcoin surged to $97,776 on Thursday, while altcoins such as Ethereum, XRP, Dogecoin and Solana gained as investors increased their holdings at the start of the year.
Crypto assets fell toward the end of 2024. Although the rally that propelled Bitcoin to fresh highs beyond $100,000 had faded, the flagship cryptocurrency nevertheless finished the year up more than 120%. Long-term investors took profits, but others sold on renewed uncertainty about the Federal Reserve's interest rate decreases in 2025.