Welcome to the most intense Crypto Winter ever felt.
The previous record for downward price movement in cryptocurrency was the stretch between November’s end 2013, and mid-January 2015, when Bitcoin‘s price fell from $1,100 to just $200.
For reference, the price of Bitcoin peaked halfway through December 2017, when it briefly soared past $19,000. It has been falling ever since.
Congratulations – you’re still here
This bear market has caused so many casualties. Blockchain startups like ConsenSys, STEEM, Ethereum Classic, and most recently NEM, have all used the Bitcoin bear/boogeyman to explain away their failure to make necessary return on investment.
The thing is, nobody knows how long this nightmare will continue, although there have been some estimated guesses.
One group of cryptocurrency analysts studied how often Bitcoins are moved, and concluded we are most probably in the final phase of the bear market.
This means we could soon enter a long accumulation period (where Bitcoin bulls start to collect as much Bitcoin as possible.)
Goddamn, they had better be right.