- The current bitcoin crash has led to a 79 percent decline in value since its peak in December 2017
- The overall loss of value of cryptocurrencies has topped $700 billion, according to CoinMarketCap.com
Bitcoin has seen a significant tumble in the last few weeks, falling from $6,600 per bitcoin to its current price of just below $4,000.
As on Sunday the 25th of November 2018, the price went as low as $3,475; almost 79 percent less than the peak it experienced in December 2017.
The crash has dragged all the altcoins along with it, as major tokens like ETH and XRP are trading at their lowest figures in 2018.
This makes it all the more important to juxtapose the current market crash with the ones in the past, which saw bitcoin losing 93 percent of its value in 2011 and 84 percent of its value from 2013 to 2015.
While the latter was largely attributed to the closing down of Tokyo-based crypto exchange Mt. Gox, the ongoing bear trodden market has seen almost $700 billion wiped off.
Back on Track
On a positive note, all is not gloomy in the cryptospace, as institutional interest seems to be steadily picking up in recent times. Many bullish investors are hoping for a resurgence in price in the next few weeks.
For months, many have claimed that the price of bitcoin will soar to as high as $20,000 by December 2018.
Most of these predictions are banking on increased institutional investments in cryptocurrencies.
However, most institutional investors have chosen to err on the side of caution, on increasing investments as more government regulations and security measures are introduced. Bakkt’s decision to delay the launch of their highly anticipated bitcoin futures trading platform didn’t help the market sentiment either.
Cryptocurrencies are, however, seeing an increase in their acceptance asphalt tender in both private and governmental institutions.
“I do think for this next push, we are going to need that institutional money to come in finally. To lend that support and help with growth,” said Ryan Rabaglia, Hong Kong-based head trader at OSL, a cryptocurrency dealing firm.
Regardless of this, many are still bullish about bitcoin and are waiting for a resurgence.
This, to an extent, is due to the spike the price saw in December 2017 after surviving the crashes of 2011 and 2013.
As far as many in the industry are concerned, bitcoin has returned from a crash once and it will do it again.