Bitcoin has proven itself time and time again as an asset that is super resilient over economic cycles. Data from Glassnode gives an excellent perspective on the price history of Bitcoin and provides key surprises for its ability to resist market pressures. This is further accentuated when comparing corrections seen in past bull markets to recent ones.
From the point of its birth, Bitcoin’s way had been completed by some rising trends, followed by harsh corrections. Having soared to the levels of about $30 from insignificant values, the price went down by 49%. This was the kickoff of the 2011 bull market. Between 2011 and 2013, the price of Bitcoin bottomed in the low-dollar range, rallied to just above $1,000, and then crashed by 71%.
The period from 2015 to 2017 saw a recovery from around $200 to just under $20,000, with a maximum correction of 36%. After reaching a high in 2017, Bitcoin’s value dipped below $4,000 in early 2020 but recovered to nearly $65,000, experiencing a 63% drawdown. The most recent data from the 2022 cycle shows Bitcoin enduring a less severe correction of 20.3%, indicating a trend of milder drawdowns in this cycle.
At press time, each Bitcoin is fetching $61,034.77 and has been trading in volume that amounts to around $24.98 billion over the past 24 hours. Trading at the moment has dropped 1.22% compared to yesterday but is still up 3.88% from last week. This is above that of the overall cryptocurrency market, which grew by 2.00% in the same period. With 20 million BTC now circulating, its market capitalization has pushed north of $1.2 trillion.
The latest correction, though significant, is one of the least severe when viewed against historical data. This suggests a maturing market where Bitcoin’s price corrections are becoming less drastic. Despite recent market fluctuations, Bitcoin’s continued growth and quick recoveries indicate a robustness that could reassure investors about the crypto’s stability in volatile markets.
