Bitcoin is down more than 80% from last year's high, nearing its worst-ever bear 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.
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Measured in dollars, this year's damage has been much more significant. Roughly $700 billion has been wiped off cryptocurrencies' global market capitalization since the high, according to data from CoinMarketCap.com. The price of one bitcoin has dropped more than $15,000 since December.
Bitcoin skyrocketed to current its all-time high of almost $20,000 in December 2017. Coinbase's CEO said this summer that at the height of that boom, the exchange was opening up 50,000 new accounts a day, for mostly retail investors. The all-time high also came ahead of the availability of bitcoin futures. Those products have also fallen. On Monday, they dropped to their lowest levels since launching.
Trading volumes are also down drastically. Bitcoin's 24-hour volume was near $49 billion at the peak, and as of Monday was down 61 percent, to $19 billion.
Even some bitcoin bulls are anticipating more short-term carnage.
Anthony Pompliano, founder and partner at crypto investment firm Morgan Creek Digital Assets, is predicting an 85 percent decline from the all-time high. That would make this year's downturn the second-worst bear market for bitcoin, implying a price of about $3,000.
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https://www.cnbc.com/2018/11/26/bitc...-the-high.html