Bitcoin is down more than 50% in the past week as investors seek higher yields on their cryptocurrency holdings, but the cryptocurrency has remained strong for the past few months, according to research from digital currency investment firm Crypto Coins.
The market cap of bitcoin is down to about $1.3 trillion at the time of writing, according a CoinDesk analysis of CoinMarketCap data.
It’s up over 80% since the beginning of the year, according CoinDesk’s calculations.
Bitcoin’s market cap hit a new all-year low on Thursday at $2.85 billion.
The cryptocurrency’s recent slide has come as investors are buying more than a million bitcoin coins from exchanges and wallets as a means of gaining exposure to the currency’s value.
Bitcoin was trading at $3,800 on Thursday.
It traded for about $2,500 a coin earlier in the week.
The rise in volatility in the currency could lead to a drop in the price, according the research.
“It is very hard to see a meaningful downside for bitcoin at the moment.
If the market price rises, the downside could be more pronounced,” said Patrick Murck, founder and CEO of CoinCap.
Bitcoin, which is valued at about $18,000 per coin, has been on a bull run for the last two months.
It surged nearly 100% in July to $11,000 and has gained more than 70% in a year.
It has surged about 1,000% this year, though it has fallen more than 20% in 2017.
Bitcoin, which uses a proof-of-work system, is traded on exchanges like Mt.
Gox, Bitfinex, and Bitstamp.
Bitcoin has been growing at a pace that has surprised some investors.
Since November 2015, bitcoin has surged more than 1,200%.
The currency’s recent rally has led to an upsurge in investment in the cryptocurrency.
The digital currency, which was founded in 2009, has gained a reputation as a safe haven, as its value has surged despite its volatile nature.
Its value is also tied to a number of cryptocurrencies, including the Ethereum cryptocurrency.
The Ethereum currency is a decentralized digital asset.
Bitcoin prices fluctuate wildly on a daily basis, with some trading at much lower prices than others.
The exchange rate of the currency, however, has risen over the past year, as more and more people have been buying bitcoin.
The latest decline could cause bitcoin’s value to fall.
“We’re seeing a lot of investors buying in large quantities of bitcoin at an extremely low price, and we are seeing a very rapid price rise,” Murck said.