The price of Bitcoin dropped to $5,755 on Sunday afternoon. That marks the lowest point for the cryptocurrency so far in 2018, dipping below the year’s previous low of $5,967, hit on February 6.
The last time a unit of Bitcoin was worth less than $5,800, it was November 2017, according to CoinDesk.
The Bitcoin crash of 2018 comes half a year after many cryptocurrencies skyrocketed in value. At its peak last December, Bitcoin was trading as high as $19,783.
To do some very simple math: If you had bought one unit of Bitcoin way back in early February 2017, when it was worth around $1,000, that investment would have been worth over $19,000 toward the end of last year.
On the other hand, what if you jumped into the cryptocurrency craze late and purchased Bitcoin at the peak?
If you bought Bitcoin on December 17, 2017, when it was worth roughly $19,000, you would be down roughly 70% today, when the price of Bitcoin is about $6,000. In other words, if you bought $1,000 worth of Bitcoin at the peak, it would be worth around $300 right now.
SPONSORED FINANCIAL CONTENT
Well-respected financial minds like billionaire philanthropist Warren Buffett and Nobel-winning economist Robert Shiller have offered sharp criticisms of Bitcoin and other cryptocurrencies. They’ve all essentially said cryptocurrencies are speculative bubbles that are bound to pop.
At last check on Monday morning, Bitcoin had dropped off its sub-$6,000 low, and Bitcoin prices were around $6,200.