Sirwin
Sirwin

BITCOIN COLLAPSE: a REPEATING STORY♻️📈


The Bitcoin collapse we have witnessed in recent sessions was not the first, will not be the last and, most importantly, was not the worst recorded by the most famous of cryptocurrencies.

Bitcoin's recent collapse pushed the prices of the most famous of cryptocurrencies just above the $31,000 mark compared to over $64,000 in mid-April; the drop was more than 50%.

Two of the main causes that caused this thud:

- the turnaround by Elon Musk who, after filling, also thanks to Bitcoin, Tesla's quarterly accounts realized the environmental impact of this asset;
- the growing intolerance of the authorities towards this type of currencies, for example in China.
Other reasons better described in this article (here).

What is certain is that the dominance of altcoins has risen to the highest levels in the last three years: right now, Bitcoin accounts for just over 40% of the total crypto market capitalization, precisely 43% (as of May 2021).

Bitcoin collapse: previous cases

As you can see from the chart elaborated by Visual Capitalist on CoinMarketCap data (here), the strong correction in the price of Bitcoin that we have witnessed in recent weeks has not been, in percentage terms, the most pronounced.

Leading the way was the roughly 87% collapse recorded between November 2013 and January 2014. The collapse, caused by the aversion of the Chinese authorities and the failure of Mt.Gox due to a hacker attack, saw prices fluctuate from a high of $1,163 to a low of $152.

With a collapse of 83.6%, the second position in this special ranking in contrast is the prerogative of the bearish movement that began in December 2017 and lasted a year.

On the lowest step of the podium we find the jump of more than -80%, in just two days, in April 2013.

Fourth place for the -60.8% of June 2019 - March 2020 and fifth position for the -56.3% of August 2012 recorded due to the closure of the Bitcoin Savings and Trust site (through the most classic of Ponzi schemes, the site promised interest of 7% per week).

The movement we witnessed in April - May 2021 is sixth in the ranking with -51.1% so there is no need to panic, it is "normal" a decline of this kind for Bitcoin! 

How about you? What are your predictions for Bitcoin and the entire crypto market?
Let me know! Bye! 👋


Sources:

- Images : Google Search
- Informations : Visual Capitalist, CoinGecko, internet

 

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Havall✨
Havall✨

Hi! Im Penelope, 23 y/o crypto-enthusiastic from Italy! 🇮🇹


Bitcoins, Ethereums and Cryptocurrencies
Bitcoins, Ethereums and Cryptocurrencies

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