Bitcoin has shed more than $200 billion in market value, and its price has cratered by about 70% since the bear market began late last year.
However, this is nothing new for Bitcoin, as prior bear markets have erased 75-80% of gains achieved in parabolic bull stampedes.
This has not stopped Bitcoin from continuing its long-term trajectory higher, and this bear market is no exception.
Bitcoin and other systemically important coins represent a legitimate alternative to the current status quo financial order, and are likely to be worth much more in the future.
This Bitcoin bear market is very likely close to bottoming, and the subsequent bull run should enable prices to move substantially higher.
Bitcoin: Looking Beyond The Current Bear Market
Bitcoin’s (BTC-USD) bear market has been raging for more than 6 months now. Since the hyper-volatile digital asset topped out at almost $20K late last year, significant carnage has occurred in digital asset arena. Bitcoin alone has shed well over $200 billion in market value since the declines began, but the entire crypto currency complex has cratered by an astonishing $550 billionsince its top was reached early in the year.
Bitcoin Price
Source: CoinMarketCap.com
Bitcoin Market Cap
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