FUD has swept the headlines recently, causing Cryptonians all over the world into a state of panic & frenzy. People of crypto are either running for the hills and selling the last of their loot or alternatively 'Buying the dip'.
In the midst of the frenzy, It's a fitting time to reflect. All financial markets rise and fall and investors who come into crypto expecting huge profit returns in a short period of time should be prepared for the value of their investments to decrease just a quickly.
Let us not forget this isn't the first time a crash or correction has happened. The Cryptocurrency market is highly sensitive to both negative news & hype and has been affected both positively & negatively by a number of events over the past few years.
Let's take a look at the Bitcoin timeline.
June 2011 8-12th - Bitcoin Price $32 Dollars - The price of Bitcoin plunged 68% before an initial rebound recovery and then took a further dive and bottomed out in November 2012 at $2.
Total Price Drop - 98%
August 2012 17th-19th - Bitcoin Price $15.25 dollars - After the price of bitcoin increased by more than two-fold between July 1st and August 18th, the price shot down to $15.25 to $10.50 in minutes, The price continued to plummet for a few days bottoming out at $7.50
Total Price Drop 51%
April 2013 10th - Bitcoin Price $266 - Bitcoin price took a nose dive to $90.44.
Total Price Drop 66%
November - December 2013 - Bitcoin Price $1220 - From the beginning of November 2013 Bitcoin made a meteoric rise before peaking out at around $1220 dollars. The price then took a swift downward turn to $700 in just a few days.
Total Price Drop 42%
September 2018 1st - Bitcoin Price $5000 - Bitcoin price rose up to $5k, before taking a huge 40% drop down to just under $3,000
Total Price drop 40%
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Which brings us to present day February the 5th 2017, at time of writing the price of Bitcoin $6976, which has taken a crushing hit from its ATH of $19700. Though I hope from this post it is clear to see that this isn't the first or last price drop that Bitcoin or the cryptomarket as a whole will see
If Cryptocurrencies were going to die, they would have a long time ago. Advances are being made every day, adoption is more widely spread and many blockchain-based applications are nearing the point of real-world practical use cases.
Keep Calm. Believe in the Tech. There's a long way to go.
The Cryptoexplainr.
👌....ff back
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