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Need some help understanding history of bitcoin

So basically from what I have been reading, bitcoin going into bearmarked and losing 80-90% of its value is a normal thing. But when I look at this chart [https://coinmarketcap.com/currencies/bitcoin/](https://coinmarketcap.com/currencies/bitcoin/) I cannot see anytime it has happened, and only looks like one bull market so far in the history of bitcoin? I am very confused and any help would be very appreciated.



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  1. The previous bull markets were so tiny in comparison (in absolute value, not as a percentage), that you cannot see them anymore in that chart. Switch to logarithmic view (LOG in top right) and you can see the others.

  2. You just have to find some goal posts – choose LOG on the graph to see it in log format – which is better than linear format for seeing percentage changes – (let me know if you want an ELI5 on why)

    Then pick a high point like January 29th 2013 at like $1096, then a low point right after that like … January 16th 2015 at $207, thats about an 80% drop, close enough.

    Anyway, that’s how bitcoin price works. It goes up up up when people want it, and down down down when they don’t. The value is still great. The value does actually go up when price goes up since you can do more with it, but overall .. I guess I would say that price overshoots and undershoots “value” (probably) but all value is subjective.

    So bitcoin is worth whatever it is to you! 🙂 (and me, and us), whether it has a high price today or a low price is all in the minds of the observers and market participants, even those that aren’t buying or are. Very strange stuff, but that’s how it works.

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