Dead again? In Reality Bitcoin Is Up 729% Since Last February

The price of bitcoin has seen some corrections over the years, but really there have only been a few deep cuts. With the bearish dips in price over the past five weeks it’s always good to look at the historical view of value drops and the long-term achievements of the cryptocurrency economy in general.

Also read: Nassim Nicholas Taleb vs David Birch on The Bitcoin Standard

Mainstream Media Assumes the Cryptocurrency ‘Bubble Has Popped,’ But In Reality This Economy Is Just Getting Started
Dead again? In Reality Bitcoin Is Up 729% Since Last FebruaryIf you look at all the headlines across mainstream media publications today, lots of these ‘news sources’ claim “bitcoin is dead” and the “digital asset bubble has burst.” Cryptocurrency prices have been on a downward spiral since BTC/USD markets reached an all-time high above $19K in December of 2017. Of course, since that point, there’s been many predictions to how low values will fall as some predicted BTC markets to stop at $10,000, while a lot of speculators forecasted today’s low of $7,625, and some individuals think the value will still sink even lower. Since reaching a global average of $19,600 USD per BTC, the digital asset had lost approximately 61.22 percent when it arrived at its lowest point today. However, bitcoin markets have rebounded, and the loss is only 56 percent at the time of publication.

Even After the Big Dip Bitcoin's 70,000% Increase Is Far from Being 'Dead'
Since bitcoin’s price inception, the cryptocurrency has gained roughly 70,328.57 percent
Bitcoin’s Recent Five Week-Long Drop In Value Has Come Close to a Few Outlier Corrections
A lot of people are looking at prior bitcoin price corrections to figure out where this one will lead. Historically bitcoin markets have seen a number of broad cuts in value, but this particular drop overwhelms four previous corrections. On December 16, 2017, BTC markets touched an all-time high and lost 61 percent in just five weeks leading to today. Even with the rebound, the dip outpaces the June 2012 Linode hack scare where bitcoin markets lost 36 percent. Additionally, the past month’s decline has been more prominent than the 2014 Mt Gox bankruptcy plunge (49%), and the value drop that was correlated to Chinese exchange bans back in September of 2017 (40%).

Even After the Big Dip Bitcoin's 70,000% Increase Is Far from Being 'Dead'
“I’ve Been Patiently Waiting For This Day To Arrive” chart created by FxDollarZz via Trading View.
However, there are three significant bitcoin market outlier corrections that have been far larger than this past drop. In 2011 the BTC market lost 94 percent of its value during the first hack of the Japanese exchange Mt Gox. Further, Mt Gox spurred another 79 percent selloff in 2013 when the platform halted trading. Lastly, bitcoin’s value sunk over 87 percent from November 2013 to January 2015 as the cryptocurrency experienced the longest ‘bear run’ in its history. There’s also been quite a few ‘major corrections’ over the 35 percentile mark, and every one has led the mainstream media and many newcomers to believe it’s time to close the casket on this ‘magical internet money.’