The Bitcoin Crash of 2021 Compared to Past Sell-Offs
- Bitcoin had its latest price correction, pulling back more than 50% from its all-time highs
- Elon Musk’s tweet announcing Tesla’s suspension of bitcoin purchases accelerated the price drop
Bitcoin’s Latest Crash: Not the First, Not the Last
While bitcoin has been one of the world’s best performing assets over the past 10 years, the cryptocurrency has had its fair share of volatility and price corrections.
Using data from CoinMarketCap, this graphic looks at bitcoin’s historical price corrections from all-time highs.
With bitcoin already down ~15% from its all-time high, Elon Musk’s tweet announcing Tesla would stop accepting bitcoin for purchases helped send the cryptocurrency down more than 50% from the top, dipping into the $30,000 price area.
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
Crypto Cycle Top or Bull Run Pullback?
It’s far too early to draw any conclusions from bitcoin’s latest drop despite 30-40% pullbacks being common pit stops across bitcoin’s various bull runs.
While this drop fell a bit more from high to low than the usual bull run pullback, bitcoin’s price has since recovered and is hovering around $39,000, about a 40% drop from the top.
Whether or not this is the beginning of a new downtrend or the ultimate dip-buying opportunity, there has been a clear change in sentiment (and price) after Elon Musk tweeted about bitcoin’s sustainability concerns.
The Decoupling: Blockchain, not Bitcoin
Bitcoin and its energy intensive consensus protocol “proof-of-work” has come under scrutiny for the 129 terawatt-hours it consumes annually for its network functions.
Some other cryptocurrencies already use less energy-intensive consensus protocols, like Cardano’s proof-of-stake, Solana’s proof-of-history, or Nyzo’s proof-of-diversity. With the second largest cryptocurrency, Ethereum, also preparing to shift away from proof-of-work to proof-of-stake, this latest bitcoin drop could mark a potential decoupling in the cryptocurrency market.
In just the past two months, bitcoin’s dominance in the crypto ecosystem has fallen from over 70% to 43%.
|Date||Bitcoin Dominance||Ethereum Dominance||Other Cryptocurrency|
|End of 2020||70.98%||11.09%||17.93%|
While the decoupling narrative has grown alongside Ethereum’s popularity as it powers NFTs and decentralized finance applications, it’s worth noting that the last time bitcoin suffered such a steep drop in dominance was the crypto market’s last cycle top in early 2018.
For now, the entire crypto market has pulled back, with the total cryptocurrency space’s market cap going from a high of $2.56T to today’s $1.76T (a 30% decline).
While the panic selling seems to have finished, the next few weeks will define whether this was just another dip to buy, or the beginning of a steeper decline.
»Like this? Here’s another article you might enjoy: Why the Market is Thinking about Bitcoin Differently
Where does this data come from?
Details: CoinMarketCap uses a volume weighted average of bitcoin’s market pair prices.
The 10 Longest Range EVs for 2023
This infographic lists 10 of the longest range EVs currently for sale in the U.S. in 2023. The Lucid Air takes first place at 516 miles.
- EV models with over 300 miles (480 km) of range are becoming more common in the United States
- The Lucid Air (Grand Touring trim) has the highest EPA range at 516 miles (830 km)
The 10 Longest Range EVs for 2023
Range anxiety is frequently cited as one of the biggest turnoffs of electric vehicles (EVs).
Even as recent as 2021, the average range of an EV was just 217 miles (349 km), falling significantly short from the average gas car’s range of 413 miles (665 km). Thankfully, as this infographic shows, EVs with over 300 miles of range are becoming more common.
Below are the top 10 EVs for 2023, ranked by their EPA combined driving range. For further context, we’ve also included price. These values are for the specific trim that achieves the stated range. In some cases, more expensive trims are available but have a lower range (e.g. Tesla Plaid).
|Model||EPA Combined Driving Range||Price*|
|Lucid Air||516 mi (830 km)||$138,000|
|Tesla Model S||405 mi (652 km)||$84,990|
|Hyundai Ioniq 6||361 mi (581 km)||$45,500|
|Tesla Model 3||358 mi (576 km)||$55,990|
|Mercedes-Benz EQS||350 mi (563 km)||$104,400|
|Tesla Model X||348 mi (560 km)||$94,990|
|Tesla Model Y||330 mi (531 km)||$52,990|
|GMC Hummer EV Pickup||329 mi (529 km)||$110,295|
|Rivian R1T||328 mi (528 km)||$74,800|
|BMW iX||324 mi (521 km)||$87,100|
*Most recent prices available as of April 2023
Note that the EV market is rapidly evolving, and the data in this table has a limited shelf life. For example, Rivian is releasing a battery option dubbed the “Max pack” which promises up to 400 miles, but is not yet EPA rated.
Where Does This Data Come From?
Source: Car and Driver (range), manufacturer websites (price)
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