Bitcoin: To The Moon And Back

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Summary

2018 is about to go down in history as the worst-ever year for Bitcoin as well as for the cryptocurrency market as a whole.

The performance is horrible, but Bitcoin is actually doing better than other cryptos.

With a rapidly shrinking market cap and 30-day annualized volatility back over 100%, there is one question left to ask:

Can Bitcoin live up to Arnold Schwarzenegger’s promise or only to Savage Garden’s song?

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To The Moon and Back

I would fly you to the moon and back. If you’ll be, if you’ll be my baby*I’ve got a ticket for a world where we belong. So would you be my baby*?

Source/Lyrics: Savage Garden – “To The Moon & Back”

*Crypto (Author’s edition)

It was only 25 days ago when we wrote that “The Lower It Goes, The Safer It Gets“. While this is always true, for any asset whatsoever, we get much more of the former (lower) than of the latter (safer).

It’s no secret that Bitcoin (BTC-USDCOINOTCQX:GBTC) isn’t – and never been – suitable for the fainthearted.

At the current price of ~$3,400, we are talking about an 83% decline from the peak price of $19,891. Few days ago we’ve touched the 52-week low at $3,215.

During the past 7 years (2011-2017 inclusive), there was only one year in which Bitcoin lost value – 2014 – when the price dropped 58%.

As it stands now, unless a miraculous shift happens till year-end, 2018 will go down as the worst year for cryptocurrencies in (their relatively short) history.

Cryptocurrencies – 2018 Data

(Sorted by % Below All-Time High, from worst to best)

% Below All-Time High Total Return
BitConnect (BCCOIN-USD) -100% -100%
Qtum (QTUM) -99% -97%
ICON (ICON-USD) -98% -96%
Cardano (ADA-USD) -98% -95%
Bitcoin Gold (BTG-USD) -98% -93%
Bitcoin Cash (BCH-USD) -98% -93%
NEO (NEO-USD) -97% -90%
Lisk (LSK-USD) -97% -94%
NEM (XEM-USD) -96% -93%
IOTA (IOT-USD) -96% -93%
Dash (DASH-USD) -96% -92%
TRON (TRON-USD) -95% -75%
Zen Cash (ZEN-USD) -94% -86%
Ethereum (ETH-USD) -93% -86%
Litecoin (LTC-USD) -93% -86%
XRP (XRP-USD) -92% -83%
EOS (EOS-USD) -92% -68%
Monero (XMR-USD) -90% -83%
Bitcoin -83% -71%

Original story by: https://seekingalpha.com/article/4228046-bitcoin-moon-back

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