There is currently a lot of panic in the cryptocurrency market. Everyone is wondering what will happen next. As investors dump in a bid the minimize risks, the price of BTC along with other cryptocurrencies falls significantly against the USD. All the attempts the bulls have made to promote a recovery have been furitile. One question that has been lingering in the minds of some people is: has the Bitcoin ever suffered this kind of significant fall in price before? Well, the simple answer to that question is yes.
Bitcoin Price Analysis Over The Years
The first time the price of Bitcoin fell dramatically against the USD was in 2011. If you started participating in the industry after 2011, you may not know about this onslaught. In the first half of the year, the price of BTC increased from $1 to $31. This shows that there was a 3,100% boost in price. This is a significant rise but it was subsequently marked by fall when it went down all the way to $2. This happened within a six-month period. It took over one year for BTC to regain the $13 value again. This means that the bears had control of the market for up to 17 months.
Bitcoin (BTC) Price Today – BTC / USD
Another time the price of Bitcoin fell was in 2013. At this time, the price of Bitcoin was as high as $266. All of a sudden, the bears took control of the market pushing the price all the way to $100 between April and July 2013. The bears dominated the market until November 2013. This was followed by a hike that took the price of BTC to $1,242.
Then again in 2014, there was another price crash. At this time, China played a significant role in the development of Bitcoin. Unfortunately, some rumors started to circulate about BTC being banned in China. This caused a chain reaction that led to a price dip to $340 from $700 within seven weeks. In May 2014, a reversal was attempted but the bears dominated the market until March 2015 when the price of BTC went back to $200.
Just last year, the price of Bitcoin fell to $2,900 from $5,000 within a few days. This was allegedly related to the bad news from China. However, this time, the regulatory authorities were cracking down on cryptocurrency related projects. The uptrend didn’t resume until October 2017. The price decline that occurred towards the end of October didn’t get a lot of attention because it was followed by a significant rise in price that took Bitcoin to its all time high of $19, 500 in December. From there, the price fell to $13,800 within seven days and hasn’t fully recovered from the downtrend till today.
Currently, the market movement is tricky. Nobody knows where the bottom is. History has proven that it is not uncommon for the price of Bitcoin to take significant dips. If it’s any consolation, history also shows that the price will bounce back stronger when the bears have had their fill.
Bitcoin (BTC) Price Now
Currently, Bitcoin (BTC) is trading at $4,041.92. This shows that it is up by 6.91% against the USD. Still the largest cryptocurrency per market capitalization, the trading volume over a 24 hour period is $6,618,889,369 and the market capitalization is $70,318,690,658.