Cryptocurrency and bitcoin proponents have been patiently waiting to see if crypto winter is returning as the recent price decline has shaken investors. Digital assets have been meandering aimlessly over the last week and in order to gain some perspective, it’s always good to study the last decade of previous bear market trends.
Crypto Prices Slide Again, Making Traders Question Whether Crypto Winter Is Really Over
After BTC and other digital currencies touched all-time highs in 2017, the following months ushered in ‘crypto winter.’ It was a cold period of time where crypto investors watched their favorite cryptocurrencies lose 70-95% in value. Since then, prices have headed northbound and many people started to assume that the bearish crypto winter may be coming to an end. However, after BTC jumped from the $3k range to almost $14k in the spring, the digital currency has dropped to the $7k zone and is now hovering between $8,800-9,150. Overall, most traders would consider the overall upswing bullish as BTC was $6,350 on November 8 last year and today the price is $8,942 per coin. But many crypto winters in the past and bearish cycles have seen slight upswings before plummeting back down and continuing an even longer bear market trend. The recent decline in crypto values has caused some digital currency investors to panic and current prices have made them wonder if more trouble lies ahead.
At the moment, cryptocurrency prices seem bearish.
The first long bear market that BTC fans witnessed was between June to November in 2011 that spanned roughly 162 days. The digital currency’s value had spiked in the summer of 2011 to a high of $31.50,