February 2nd marks 411 days the bearish crypto market had started after it reached its peak of almost 20 thousand dollars in 2017. During this period, so many cryptocurrency related firms have faced various degrees of challenges.
The Longest Crypto Bear Market In History
The crypto market has seen the most extended bullish market it has ever seen as the crippling market clocks 411 days in the murky waters of despair prevalent in the crypto industry. The lingering situation is longer than the ones experienced in recent past.
The last crypto bear market that was experienced before the ongoing one saw the top value cryptocurrency, Bitcoin fall from the value of $1,100 to $200. This took place between the end of November 2013 and the beginning of January 2015. This was subsequently followed by a bullish trend that saw it reached its peak at the later period of 2017 before the lingering bear market started.
The present crypto bear market has seen the industry take a great loss of market cap as well value. Most of the cryptocurrencies have seen losses of over 80 percent to 90 percent in value. Also, the market cap of most of the cryptocurrencies has seen similar losses.
Further, the condition of the market has led to great losses for various crypto firms such as ConsenSys, Bitmain, STEEM, NEM, among others. Different crypto firms have taken various forms of austerity measures to survive the crypto market. The methods taken have been evident in the reduction of workforce, decrease of spendings, abandoning of projects, restructuring among others.
When Will The Bear Market End?
Many crypto firms are making efforts to hold out in the effect of the crypto winter market, especially more since no specific date or period the winter market will end is given. The winter market was trailed with different forms of predictions last year, but none was fulfilled. One of the latest research done by Delphi Digital stated that this would end by the Q1 of 2018.
Meanwhile, amid the bear market, crypto lending business seems to be the most distinctive. The business has not felt the impact of the market much unlike others. Genesis Global Trading, a crypto lending firm processed over 1.1 billion dollars in 2018, with over 50 percent of it processed in the Q4 alone. Michael Moro, the chief executive officer of Genesis Global Trading, said that the bear market has been of help in aiding the growth of the business.