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The market downturn that has prevailed since early 2018 is now within weeks of becoming the longest winter in the history of the cryptocurrency markets. Despite being on course to become the longest downtrend in BTC’s annals, the current market has produced the weakest drawdown of the three major bear trends experienced by BTC so far.
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Cryptocurrency Markets Within One Month of Comprising Longest Downtrend Ever
On Jan. 16, 2019, CNBC’s Ran Neuner tweeted that the 2018/2019 bear trend had entered its 390th day – just 30 fewer days than the entirety of the 2014/2015 bear trend, which he estimates lasted 420 days.
While the exact length of a bear trend is hard to precisely quantify, the tweet highlights the length and intensity of the prevailing cryptocurrency downtrend.
When counting from BTC’s all-time high of approximately $19,700 on Dec. 17, 2017, it has been 401 days since the start of the current downtrend.
As of the recent low of roughly $3,100, the current bear market has resulted in a drawdown of up to to 84 percent on the price of BTC.
2014 Bear Market Comprises Longest and Bloodiest to Date
When counting from record highs preceding 2017 until the low of the following trend, the 2014/2015 bear market appears to have lasted 410 days.
On Nov. 30, 2013, prices peaked at a record high of roughly $1,180, precipitated by a lengthy downtrend that finally capitulated on Jan. 14, 2015 when prices crashed to post a local low of $155 – a drawdown of 87 percent.
The first significant bear trend in BTC’s history lasted from 162 days from Jun. 9, 2011 until Nov. 18, 2011.
After starting the year trading for just $0.30, BTC rallied to post a then-record high of $29.58 during early June. The markets would then lose nearly 93 percent over the course of little more than five months, with the bear trend easing after hitting $2.14 on Nov. 18, 2011.
Do you think the current trend will become the longest in cryptocurrency history? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview, 99bitcoins
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