Evolution of Bitcoin (2009–2025)
Bitcoin, the first cryptocurrency, has seen its price drop and then explode dramatically since its creation in 2009. Initially practically at zero, it crossed $0.20 in the fall of 2010, then reached nearly $30 in June 2011 before collapsing (closing the year 2011 around $5). After relatively flat trading in 2012, Bitcoin experienced a historic surge in 2013 (rising from ~$13 to over
$1,000 at the end of 2013). Subsequently, a marked crash – amplified by the bankruptcy of the Mt. Gox exchange in early 2014 – brought it back to a few hundred dollars. Between 2015 and 2016, the price gradually climbed towards $1,000 before the extraordinary bull run of 2017 (which peaked at nearly $19,000 in December 2017).
During 2018–2019, Bitcoin experienced a bear market ('crypto winter') with prices oscillating between ~$3,000 and $7,000. The recovery came in 2020: after a crash linked to the onset of the pandemic, Bitcoin rebounded to close 2020 at around $28,993 (an increase of +416% over the year). In 2021, prices were very volatile: exceeding $60,000 in the spring (ATH ~$64,895 in April 2021), they fell back to around $30,000 in the summer, then reached a new historic high of ~69,000$ in November 2021. Between 2022 and mid-2023, the trend was bearish (Bitcoin fluctuating between ~$30,000 and $16,500 at the end of 2022, finishing 2023 around $42,233). By the end of 2024, the price peaked around $100,000 in reaction to favorable news (approvals of financial products linked to Bitcoin). Since the beginning of 2025, the price remains high (around $106,000 in June 2025), but lower than the
historical peak.
Key points for Bitcoin (BTC): 2011 peak ≈ $29, end of 2011 ≈ $5; 2013 peak > $1,000, end of 2013 ≈ $754; 2017 peak ≈ $19,000; 2021 peak ≈ $64,895; 2024 peak ≈ $100,000
Evolution of Ethereum (2015–2025)
Ethereum was launched in July 2015. Its introductory price was a few dollars, then quickly fell below $1 in the first months. In 2016, Ethereum rose from about $1 at the beginning of the year to ~$8 at the end of the year (an increase of +754% over the year). This significant gain reflected the growing interest in the smart contract platform. During 2017, the general enthusiasm of crypto markets propelled Ethereum to a peak above $1,300 in January 2018. This peak followed a prolonged rally in 2017 (the price exceeded $700 in the fall of 2017 and reached $1,300 at the beginning of 2018). Subsequently, the crypto winter of 2018 brought Ethereum back to about $133 at the end of 2018 (−82% compared to 2017).
After stagnating around $100–$200 in 2019, Ethereum rebounded strongly in 2020 (early 2020 at ~$130, closing 2020 ~ $737, under the influence of the rise of DeFi projects and a
accommodative global monetary policy). In 2021, the rise continued: ETH crossed $1,000 at the beginning of 2021, then doubled to $2,000 in April and reached over $4,000 in May. The historical peak was established at over $4,800 in November 2021, supported by the rise of NFTs and overall liquidity. By the end of 2021, the price stabilized just below $3,700.
In 2022, Ethereum underwent a significant correction: it fell back toward $1,000 in the summer, closing 2022 at around $1,196. This decline is particularly explained by the rise in interest rates and crypto crises (such as the collapse of the FTX exchange). The key event of 2022 was the 'Merge' (transition to 'proof-of-stake' in September 2022), which made Ethereum more deflationary by burning a portion of transaction fees. In 2023, with inflation fears easing, Ethereum rebounded by about +91%, finishing the year around $2,281. The beginning of 2024 saw prospects of Ether spot ETFs supporting the price, contributing to recent gains.
Key points for Ethereum (ETH) : 2016 close ≈ $8; end of 2017 ≈ $757 (after peak > $1,000); end of 2018 ≈ $133; end of 2020 ≈ $737; end of 2021 ≈ $3,679; end of 2022 ≈ $1,196; end of 2023 ≈ $2,281
Evolution of Solana (2020–2025)
Solana was launched in 2020. Its price remained very low in the first months (below $1), then it took off in 2021 with the explosion of DeFi/NFT projects on its blockchain. Solana reached a historical peak around $258 in May 2021. However, crypto markets severely corrected in 2022: in November 2022, SOL fell to barely around $10 (its lowest level), a consequence of the global crisis (post-COVID pandemic, rate hikes, project collapses).
Since 2023, Solana has initiated a sustained rebound: it closed 2023 around $101, then climbed in 2024 to establish a new ATH. In November 2024, Solana reached a historic record of $263.7 (surpassing the 2021 peak). This rebound in 2024 was attributed to the maturation of its ecosystem (growth of DeFi applications, NFTs, institutional adoption) and expectations of SOL spot ETF approvals. By the summer of 2025, the price of SOL remains
high (~$145 in June 2025), although below its annual peak.
Key points for Solana (SOL): 2021 close ≈ $170; 2022 close ≈ $10; 2023 close ≈ $101; 2024 close ≈ $190 (ATH $263.7 in Nov. 2024
Comparative analysis and key events
The three cryptocurrencies have experienced similar cycles of rise and fall, often mirroring macroeconomic or sectoral factors. For example, the four Bitcoin halvings (2012, 2016, 2020, 2024) generally preceded bull runs (Bitcoin reached new highs the year following each halving). The 2017 market saw Bitcoin and Ethereum ride a global frenzy (following the introduction of Bitcoin futures, Ethereum ICOs, etc.), before a crash in 2018 that affected all crypto assets. The pandemic of 2020 and the global expansionary monetary policy fueled a massive crypto rally in 2020–2021. In 2022, on the contrary, the tightening of rates and several crises (stock market crash, exchange crashes like FTX) led to a simultaneous bearish reversal
on Bitcoin, Ethereum, and Solana.
Events and determining factors:
Bitcoin (BTC): quadrennial halvings (2012, 2016, 2020, 2024) reducing supply and fueling scarcity; historical bull runs end of 2013 (1st time >$1k), end of 2017 (~$20k) and end of 2021 (~$69k); major crashes – notably the 2014 crash following the Mt. Gox bankruptcy, and the 2018 reversal; growing adoption (spot BTC ETF end of 2023) supporting prices end of 2024
Ethereum (ETH): hard fork of 2016 following the 'DAO Hack' (separation Ethereum/Classic); rise of ICOs in 2017 propelling ETH to $1,300 then crypto winter 2018; DeFi/NFT boom in 2020-2021 leading to an ATH ~\$4,800 (Nov. 2021); 'Merge' September 2022 (transition to proof-of-stake) and macroeconomic corrections end of 2022; innovation in financial products (ETH ETF approvals end of 2024) stimulating the price.
Solana (SOL): strong emergence in 2021 thanks to its high-throughput DeFi/NFT ecosystem; drastic crash 2022 (SOL ~\$10) amid crypto turmoil;
technological concentration (speed, low fees) and institutional adoption in 2023-2024; new record in 2024 (~\$263) fueled by numerous projects and hopes for SOL ETF. In summary, the analysis shows that Bitcoin has
dominated the underlying trends (store of value, halving), Ethereum follows with strong cyclicality linked to blockchain innovations (smart contracts, Merge), while
Solana has shown more speculative and volatile growth (its recent realized volatility is around 80%, nearly double that of Bitcoin). The three cryptocurrencies remain correlated to the general trend of crypto markets and sometimes to traditional financial markets, each major peak or trough justified by specific technological, regulatory, or macroeconomic events.