The value of the first cryptocurrency has fallen by 78% in the 376 days since November 10, 2021, when it reached its all-time high.
The fall in the price of bitcoin in 2022 was the largest since its drawdown in 2017-2018, Charlie Bilello, the founder and CEO of Compound Capital Advisors, an investment advisory company, said on Twitter (the social network is blocked in Russia).
The price of bitcoin fell by 78% within 376 days after it reached its maximum of about $69 thousand on November 10, 2021. In 2017-2018, the price of bitcoin fell by 84%: from $19.7 thousand to $3.1 thousand. It took 363 days and the recovery to a new high lasted 1079 days.
In addition, the current BTC drawdown has become the second longest after the decline in 2013-2014, which lasted 410 days. It then took 1,181 days to recover to a new high. Thus, there are only 35 days left for today’s fall in the bitcoin rate to become the longest in its history.
At 12:00 Moscow time on November 23, the first cryptocurrency is traded at $16.5 thousand, it added 5% in price per day. The market capitalization of the asset is $317 billion, with a daily trading volume of $27 billion and a market share of 36.8%.
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