With the first month of 2019 yielding no largely significant gains or increase in coin prices, Bitcoin is officially headed into its longest Crypto Winter or Bear run.
The current bear market is the longest in Bitcoin’s 10-year history since its creation in 2009; after the world’s oldest and most valuable cryptocurrency hit an all-time high of $19,764 in mid-December 2017 following a sporadic rise over a 3-week period. However, as at today and after 411 consecutive days in decline, there has been very little upward movement in Bitcoin’s price.
At this time, Bitcoin’s latest bear stretch has exceeded that of the infamous 2013-2015 bitcoin bear market, which lasted for 410 days (with prices going from $1,100 to $200); a decline notably caused by the Mt Gox crisis.
Despite the long duration statistics, the current BTC bear market is NOT the worst in terms of total depreciation or percentage decrease from an all-time high. As visible on charts, the first bear market in 2011 which lasted 163 days remains the worst performer. At that time, Bitcoin fell by 93 percent from a high price of $31.50 to a low price of $2.01; a little contrast to the current percentage decline of about 82 percent ($19,764 – $3,400).
Generally, the entire crypto market is not spared; most coins have dipped by double figures from their all-time high with the market losing over $700 billion ($815 billion – $115 billion) in total market cap.
While self appraisals on survival of the longest bear market fill the air; in which few crypto start-ups and enthusiasts have been greatly laid off as well as a great wipe out scam projects, fake ICOs and shit coins, some crypto analysts however opine that we could be in the last phase of the bear market which will be followed by an accumulation period where Bitcoin bulls enter the buy market to trigger upward price movement; just as many believe more institutional involvement will give the space the much needed boost.
This further reaffirms the proposition that there is no cause for panic, as for every financial sphere including stocks and regular fiat markets, the red days and market crisis always come up. Also, cases of adoption and global interest in the cryptocurrency and blockchain industry are at peak hence giving enough consolation and optimism of what it to come.
How much longer do you think Bitcoin’s bear market will last? Do you predict more decline in coin prices? Share your thoughts in the comments.
Bitcoin and various crypto coins are available at cheap prices in the current bear market…Antecedents from past bear markets point to a trend – BUY the dip and HODL (Always Do Your Research), remember it took Bitcoin under three (3) weeks to go from about $5,000 to its all time high of $19,000…BUY your Bitcoin (crypto) here: www.nairaex.com, it’s safe, fast and reliable.