Bitcoin Fell 80 Percent From Last Year’s Peak
The price of Bitcoin dropped significantly over the weekend and continued to fall Monday marking a new low in the cryptocurrency’s value.
Bitcoin fell as low as $3,520 reflecting a 36 percent drop from Monday’s opening price of $5,553, according to Coindesk. At press time, it crept back up and hovered around $3,700 on Bitstamp.
After recently celebrating ten years, this becomes the worst drop the best-known digital currency has ever experienced. In April 2013 prices dropped from $165 to $91.
The price of the cryptocurrency hit an all-time high almost a year ago reaching $20,000 in December 2017, bringing the decline to 80 percent. The performance of the virtual currency has struggled this year as the price of one bitcoin has dropped $15,000 since its 2017 high with a loss of $700 billion, according to CNBC.
Investors say they predict the cryptocurrency will continue to decline to 85 percent from its peak.