Charlie Biello is the Director of Research at Pension Partners LLC, he is also a noted financial researcher, award winning author, and commentator who regularly appears on CNBC, Fox Business, and Bloomberg programming.

He recently illustrated just how steeply the market has fallen over the course of 2018 through a seekers of tweets. During his tweet storm Bilello pointed out that it has been 268 days since Bitcoin has last seen an all time high.

“In the last 3 months of 2017, Bitcoin hit a new all-time high once every 3 days, on average.  Bitcoin has now gone 268 days without a new high. Longest streak ever was 1,176 days (from Dec 2013 to Feb 2017).”

The amazing bull run that Bitcoin and the rest of the cryptocurrency market went on brought the overall market capitalization to obscene numbers that had doubters confused and believers salivating.  But those days feel like a long time ago for many crypto investors and the market continues to sink and Ethereum taking the brunt of it in the last couple of weeks.

2014 Was A Very Devastating Year For The Crypto Market, The Entire Altcoin Market Experienced a Decline of over 86% within a total duration of 266 days which was Mainly caused by the Mt Gox’s Crash before the market saw a massive bounce back, So far this year the Crypto Market has seen Almost same decline rate of -85% in 252 days.

Some of the factors that might have Contributed to this huge decline might be Increase in SEC activities, Presence of more exchanges offering Crypto to fiat services and interests in Stablecoins.

Bilello shot out these painful numbers to show that altcoins have taken an even harsher blow than Bitcoin.  He tweeted:

“In early January there were 42 cryptocurrencies valued at >$ 1 billion. Today there are 15.”

And:

“The 20 largest cryptocurrencies entering 2018 have seen a cumulative market cap decline of $336 billion YTD (-66%).”

Ethereum’s Vitalik Buterin also notably made some remarks on social media recently regarding the bear market as well.  He stated that he thinks the days of 1000% and up growth are over and was rebuked with angry tweets calling him a pessimist.  

“To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.  What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”

Sobering messages like this may not be exactly what crypto investors who got in at the end of 2017 want to hear, but in the end, for cryptocurrency to take off, it must be about use and not just buzz.  

The post It has been 268 days since Bitcoin’s all time high, Are We Experiencing similar 2014 Decline? appeared first on ZyCrypto.

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