Bitcoin Fell 80 Percent From Last Year's Peak
Photo Credit: AfroTech

Bitcoin Fell 80 Percent From Last Year's Peak

Jenna Chambers

Jenna Chambers. Nov 27, 2018.

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.