The price of Bitcoin is still malingering beneath the critical $10,000 mark this morning following a disastrous week of pain.
But things are looking up because many of the major cryptocurrencies appear to be staging a comeback this morning.
One Bitcoin is worth about $9,650 at the time of writing but appears to be on an upwards trajectory.
LiteCoin, Ripple and Ethereum are also staging a comeback.
One bitcoin was worth almost $20,000 in December, up by about 1,900 percent from the start of 2017. But since then it has plunged by up to 70 percent from its peak.
Other coins made even bigger gains and experienced equally dizzying drops over that time frame.
‘There was that two-month period last year where all the virtual currencies kept going and up and I had a couple of friends that had invested and they had made five-figure returns,’ said Michael Brown, a research analyst in New Jersey, who said he bought around $1,000 worth of Ethereum’s Ether in December.
‘I got swept by the media frenzy,’ he said.
‘You never hear stories of people losing money.’
In the weeks after Brown invested, his holdings soared as much as 75 percent and tumbled as much as 59 percent.
Investors who got into bitcoin before its 2013 crash like to refer to themselves as ‘OGs’ which is short for ‘original gangsters’.
They tend to shrug off the recent downturn, arguing that cryptocurrencies will be worth much more in the future.
‘As crashes go, this is one of the biggest,” said Xavier Levenfiche, who first invested in cryptocurrencies in 2011.
‘But, in the grand scheme of things, it’s a hiccup on the road to greatness.’
Spooked by the sudden fall but not willing to sell at a loss, many investors are embracing a mantra known as ‘HODL’.
The term stems from a misspelt post on an online forum during the cryptocurrency crash in 2013, when a user wrote he was ‘hodling’ his bitcoin, instead of ‘holding’.