Measured in dollars, this year’s damage has been much more significant. Roughly $700 billion has been wiped off cryptocurrencies’ global market capitalization since the high, according to data from CoinMarketCap.com. The price of one bitcoin has dropped more than $15,000 since December.
Bitcoin skyrocketed to current its all-time high of almost $20,000 in December 2017. Coinbase’s CEO said this summer that at the height of that boom, the exchange was opening up 50,000 new accounts a day, for mostly retail investors. The all-time high also came ahead of the availability of bitcoin futures. Those products have also fallen. On Monday, they dropped to their lowest levels since launching.
Trading volumes are also down drastically. Bitcoin’s 24-hour volume was near $49 billion at the peak, and as of Monday was down 61 percent, to $19 billion.
Even some bitcoin bulls are anticipating more short-term carnage.
Anthony Pompliano, founder and partner at crypto investment firm Morgan Creek Digital Assets, is predicting an 85 percent decline from the all-time high. That would make this year’s downturn the second-worst bear market for bitcoin, implying a price of about $3,000.
“We’ve probably got a bit more to fall,” Pompliano told CNBC’s Squawk Box Monday.
Still, Pompliano is bullish on its long-term value. Despite the volatility, it’s still the up more than 400 percent in the past two years, far outperforming the S&P 500’s 20 gains in the same time frame.
“Through 2017 all of the buyers were retail — as the price is drawing down you’re starting to see institutional investors come in,” Pompliano said.