Bitcoin Enters Longest Stretch Of Bear Market
Bitcoin is currently passing through the longest bearish phase in its decade-old history.
The world’s most popular cryptocurrency plunged from its peak of $19,500 in December 2017 to around $3500 in February 2019, losing more than 80 percent of its value in more than a year.
On February 4, 413 days passed in price decline mode, surpassing the infamous 2013-2015 bitcoin bear market record of 410 days.
Bitcoin has so far witnessed three significant bear markets, the first being in 2011, which spanned 163 days.
The second one was in 2013-15, when prices fell 86 percent from the previous high.
At current price, Bitcoin is 82 percent down in value.
As part of bitcoin’s deflationary monetary policy, known as “halving”, the rewards per mined block get cut by 50 percent every four years, leading to reduction in the mining of new bitcoins.
With nearly 500 days left for the next date of halving, which is set for 2020 May 25, a potential bear market ending bottom date may be approaching somewhere in the near future, analysts say.
2018 was a disastrous year for Bitcoin, which hit a 15-month low of $3,122 on December 15.
It showed signs of recovery in the first week of the New Year by crossing the $4000 level, but from then, it has been losing its gains.
The world’s largest cryptocurrency by market capitalization ($59.7 billion), BTC was trading at $3,404 on Coinbase at 7.40 am ET Monday.
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