What are the worst percentage-based crashes in Bitcoin history?

The following is a chronology of the worst percentage-based crashes in Bitcoin history. Keep in mind that many major corrections of 20%, 30%, 40% and more didn’t make the list. In 2011, Bitcoin hit the big time when it soared from $2 to more than $32, achieving parity with an ounce of silver. Then the bottom fell out.

What happened to bitcoin?

Bitcoin’s first major crash happened in 2011, when Bitcoin went from $29 all the way down to $2. Such a dramatic crash (93%) has not happened since. The major reason for this epic crash was the hacking of Mt. Gox, the dominant centralized crypto exchange in crypto’s early days.

What will happen to cryptocurrencies if they crash?

The current rise in prices for most cryptocurrencies is mostly the result of a domino effect from bitcoin’s surge. It is quite likely that a bitcoin price crash will result in a correction in their prices as well. It is also certain that the vast majority of cryptocurrencies that populate the current listings will disappear.

Will a bitcoin price crash lead to a correction?

That said, it will be some time before their utility is realized within mainstream applications. The current rise in prices for most cryptocurrencies is mostly the result of a domino effect from bitcoin’s surge. It is quite likely that a bitcoin price crash will result in a correction in their prices as well.