The crypto industry in general is a volatile one. This is especially evident in the case of Bitcoin. The price of the currency has increased by more than 600% this year alone. It recently set a record high of over $7,600 before stabilizing at around $7,000. Stabilizing might be a bit of a loose term with regard to Bitcoin due to the market’s unpredictability.
Because of this, when you buy Bitcoin is extremely important. In addition to its highs, it has experienced some lows. An example is when it dropped by 20% at the beginning of this year. Double-digit drops in fiat currency would result in panic, but Bitcoin seems to be in league of its own as it still appears to be a lucrative investment.
In 2008, during the global financial crisis, stocks plummeted by 40%. The repercussions of this period can still be seen and felt today. People who had invested their savings were left devastated, and not as financially stable as they would have thought going into their golden years. Experts have said that this was a once-in-a-century event. For Bitcoin, drastic drops seem to be common occurrences.