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#Bitcoin is down more than 80% from last year's high, nearing its worst-ever bear market

bitcoin bear market

Despite bitcoin’s relatively short 10-year existence, it’s already on its third bear market plunge of 80 percent or more. Bitcoin has seen downturns as deep as 92 percent in 2011, and about 84 percent leading up to 2015. In dollar terms though, 2018 has been by far the worst rout, with $700 billion in market cap knocked off the cryptocurrency market. Bitcoin is only 10 years old, but the cryptocurrency has already seen its fair share of bear markets.The most recent one, which some are dubbing "crypto winter," worsened over the weekend. The cryptocurrency slid below $3,500 for the first time in 14 months, then later recovered toward the $3,900 level by Monday, according to data from CoinDesk. That brings its decline from last year's peak to more than 81 percent.That loss isn't the worst bitcoin has suffered, but the world's largest digital currency is getting close. Bitcoin's current level is still well above the fraction of a penny price where it first began trading in 2010— and its early investors are mostly wealthier because of it.By June 2011, it had risen to a new all-time high of roughly $30. But by that November, the cryptocurrency was back below $2.50, tumbling more than 92 percent from their high.That year, volume was still low and the dozens of now popular trading exchanges like Coinbase didn't exist yet. Tokyo-based bitcoin exchange Mt. Gox was handling roughly 70 percent of all cryptocurrency transactions in the world.The site experienced its first of multiple hacks in 2011, and its eventual downfall coincided with what would be bitcoin's next bear market in 2013.

Bitcoin (BTC) is down 8.17% over the past 24 hours and is currently trading at $3,691.35 on Coinbase. BTC dominance is at 53% and the total cryptocurrency market cap is currently at $121 Billion.


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