May has been brutal for many cryptos
The bitcoin crash has spilled over to other cryptocurrencies, too. Binance coin, XRP and Polkadot have suffered massive losses this month.
Bitcoin is notoriously volatile and prices remain up more than 25% this year despite May’s meltdown. So long-term fans, or HODLers as they like to call themselves, have been down this road numerous times before.
“It is really easy to be a crypto investor. It’s extremely difficult to be a crypto trader,” said Peter Smith, CEO of Blockchain.com, a crypto research, investing and lending startup that is valued at $5.2 billion. “It is a very high volatility market and it can crush you easily.”
Bitcoin prices plummeted from nearly $20,000 in December 2017, which was a peak at the time, to below $3,500 by early 2019 before rebounding.
And bitcoin’s plunge of nearly 40% in September 2011 was actually the middle of a three-month slide from August through October of that year where prices plummeted more than 35% each month.
Anyone who held through that tumultuous period is having the last laugh though. Bitcoin prices hit a low of $2 in October 2011 and now trades for around $37,000.