Over the course of its 12-year life, the price of bitcoin has undergone several historical corrections.
That is to say, the current one is far from being the first, nor is it the largest or most violent.
In total, there have been 15 major corrections to date, and this one will certainly not be the last.
— CZ 🔶 Binance (@cz_binance) May 23, 2021
Bitcoin’s historical corrections since 2013
Of all the 15 historical bitcoin price corrections, the largest was after the bursting of the speculative bubble at the end of 2013, when the price dropped as much as 87%.
At the time, the BTC market was still extremely immature, and just as the bear market had begun in early 2014, the biggest ever crypto exchange failure occurred at the famous Mt. Gox, which was then the dominant exchange in this market worldwide.
In the following months the price continued to fall, so much so that from the then all-time high of over $1,100 in late 2013, the price ended up as low as $152.
The most violent correction occurred in 2012, a few months before the first halving.
In just three days, the price dropped 56% from $16 to $7.
The current correction, which has been going on for over a month, has so far recorded a maximum loss in value of 51%.
By the way, during 2017, the year of bitcoin’s second big bullrun, there were four significant corrections.
The first one occurred around mid-March, lasted for about two weeks, and sent the price of BTC down 34% after recording what was then a new all-time high at $1,350.
After falling to $890, the price by the end of May had climbed back to a new all-time high of $2,700. This triggered a flash correction that caused BTC to lose 33% of its value in two days.
Something similar happened in the middle of the following month, with the price dropping 38% in five days.
Before the great speculative bubble burst, a fourth significant correction occurred again in 2017, in the first fortnight of September, with a loss of 40% that caused the price to drop from almost $5,000 to less than $3,000.
An impressive speculative bubble was then triggered from October to mid-December, taking the price up to $20,000, only to burst and leave it at $6,000 in February the following year.