• About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Email Whitelisting
Sunday, May 28, 2023
United for Profit
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Analysis
No Result
View All Result
  • Personal Finance
  • Cryptocurrency
  • Strategy
  • Business
  • Retirement
  • Analysis
No Result
View All Result
United for Profit
No Result
View All Result
Home Cryptocurrency

How Does Current Bitcoin Rally Compare With Historical Ones?

by
May 22, 2023
in Cryptocurrency
0
How Does Current Bitcoin Rally Compare With Historical Ones?
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Here’s how the current Bitcoin rally stacks up against the previous ones in terms of the drawdowns it has experienced so far.

The Current Bitcoin Rally Has Seen A Peak Drawdown Of -18.6% So Far

In a recent tweet, the on-chain analytics firm Glassnode compared the latest Bitcoin rally with the ones seen throughout the entire history of the cryptocurrency.

Generally, rallies are compared using metrics like the percentage price uplifts recorded during them or the amount of time that they lasted (which may be measured in terms of the blocks produced, as is done when looking at cycles in terms of halvings). Here, however, Glassnode has taken a different approach that provides a new perspective on these rallies.

The comparison basis between the price surges here is the drawdowns that each of them experienced across their spans. Note that these drawdowns aren’t to be confused with the cyclical drawdowns that are used to measure how the price has declined since the bull run top.

The drawdowns in question are the obstacles that the cryptocurrency encountered while the rallies were still ongoing, and are hence, those that the coin eventually managed to overcome.

Here is a chart that shows the degree of drawdowns that each of the historical bull markets experienced, and also where the current rally stands in comparison to them:

The five bull rallies here are as follows: genesis to 2011 (the very first rally), 2011-2013, 2015-2017, 2018-2021 (the last rally), and 2022 cycle+ (the ongoing one).

The analytics firm here has taken the bottom of each of the bear markets as the start of the next bull rallies. This means that parts of the cycle that some may not consider as part of the proper bull run are also included.

The main example of this would be the April 2019 rally, which is often considered its own thing but is clubbed with the last Bitcoin bull market in the above chart.

From the graph, it’s visible that the deepest drawdown that occurred during the first bull market measured around -49.4%. The next run, the 2011 to 2013 bull, experienced an even larger obstacle of a -71.2% plunge midway through it.

The next one (2015-2017) then only saw a drawdown of -36%, but the drawdown was again up at -62.6% for the run that followed it (that is, the latest bull market).

So far in the 2022+ Bitcoin bull market (which would only be considered a bull market at all if the November 2022 low was truly the cyclical bottom), the deepest drawdown observed so far is the March 2023 plunge of -18.6%.

Clearly, the drawdown seen in the current rally so far is significantly lesser than what the historical bull markets face. If the pattern of the past runs holds any weight at all, then this would mean that the current bull market should still have more potential to grow.

BTC Price

At the time of writing, Bitcoin is trading around $26,900, down 2% in the last week.

Previous Post

Dogecoin Transaction Count Rises 60X, But Why Are Prices Down?

Next Post

Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

Next Post
Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

Exchange Rate

Exchange Rate USD: Sun, 28 May.

Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red
Cryptocurrency

Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

by
May 28, 2023
0

While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE, the latest...

Read more
Aptos Hackathon, Partnerships Set APT Bulls Up For A Strong Run

Aptos Hackathon, Partnerships Set APT Bulls Up For A Strong Run

May 28, 2023
Kava (KAVA) Price Rallies 10% In 7 Days – Here’s Why

Kava (KAVA) Price Rallies 10% In 7 Days – Here’s Why

May 28, 2023
Whales Flock To XRP, Accumulate 52 Million Tokens In Just 3 Weeks – Here’s Why

Whales Flock To XRP, Accumulate 52 Million Tokens In Just 3 Weeks – Here’s Why

May 28, 2023
XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement?

XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement?

May 28, 2023
What is Mean Reversion Trading Strategy – Get The Info

What is Mean Reversion Trading Strategy – Get The Info

May 27, 2023
How to Invest in Web3 and Make Money in the Best Way Online?

How to Invest in Web3 and Make Money in the Best Way Online?

May 27, 2023
Budweiser parent is now offering money back to boost Bud Light sales after transgender marketing backlash

Budweiser parent is now offering money back to boost Bud Light sales after transgender marketing backlash

May 27, 2023
Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close

Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close

May 26, 2023
Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here’s Why

Upcoming Interest Rate Hikes Could Be The Next Big Challenge For Bitcoin, Here’s Why

May 26, 2023
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Email Whitelisting

Copyright © 2022 UnitedForProfit. All Rights Reserved.

Disclaimer: UnitedForProfit.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Privacy Policy & Important Disclaimer
  • Terms & Conditions
  • Thank You

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.