Worst drop
The biggest fall from a peak to the lowest point that came after it, before recovering.
It's the worst thing that would have happened to someone who bought right at the peak: how much they lost, on paper, before the price came back.
Bitcoin fell 93% between June 2011 and November 2011. Ethereum, 94% between January 2018 and December 2018. Even the S&P 500 fell 84% in the Great Depression, between August 1929 and June 1932, and only got back to its peak in January 1945, dividends included.
Since 2011, bitcoin has had 5 drops of more than 70%. And percentages hide a trap: after falling 50%, you need to rise 100% to get back to where you started.
It's called maximum drawdown. Each day, the distance to the previous peak is measured, (peak − price) / peak, and the worst drop is the largest of those values. The chart shows that distance day by day: whenever it touches 0%, the price is at a new high.
Recovering from a drop c takes a rise of 1 / (1 − c) − 1: −50% needs +100%; −80%, +400%; and bitcoin's worst drop needed +1,279%. That's why drops weigh more than rises of the same size.
The calculation uses daily closes (bitcoin and ethereum) and the monthly index with dividends (S&P 500): drops within a single day or month don't show up.
Bitcoin's distance from its previous peak, day by day. At 0% it's at a new high.
Try it yourself
An example with round numbers: you start with 100, whether that's dollars, bitcoins or sats. Move the bar to choose how much it falls, and see how much it would then have to rise to get back to 100.
50 out of every 100 are left
To get back to 100 it has to multiply by 2: rise +100%.
The big drops and how long they took to recover
| Asset | Peak | Bottom | Drop | Back at the peak | Time below the peak |
|---|---|---|---|---|---|
| Bitcoin | Jun 2011 | Nov 2011 | −93% | Feb 2013 | 1 year and 8 months |
| Bitcoin | Apr 2013 | Jul 2013 | −71% | Nov 2013 | 7 months |
| Bitcoin | Dec 2013 | Jan 2015 | −85% | Feb 2017 | 3 years and 2 months |
| Bitcoin | Dec 2017 | Dec 2018 | −84% | Nov 2020 | 2 years and 11 months |
| Bitcoin | Nov 2021 | Nov 2022 | −77% | Mar 2024 | 2 years and 4 months |
| S&P 500 | Aug 1929 | Jun 1932 | −84% | Jan 1945 | 15 years and 5 months |
| S&P 500 | Dec 1972 | Sep 1974 | −47% | Dec 1976 | 4 years |
| S&P 500 | Aug 2000 | Sep 2002 | −45% | Oct 2006 | 6 years and 2 months |
| S&P 500 | Oct 2007 | Feb 2009 | −50% | Feb 2012 | 4 years and 4 months |
Bitcoin: drops of more than 70% since 2011, with daily prices. S&P 500: drops of more than 40% since 1926, with monthly data and dividends.
Where you see it in Compass
- Simulator · ExploreIn Explore, each asset's worst drop.
- Hold if you canIn “Hold if you can”, to feel one first-hand.
Related terms
Frequently asked questions
What was bitcoin's worst drop?
93%, between June 2011 and November 2011. Since 2011 it has had 5 drops of more than 70%.
Why does a 50% drop need a 100% rise?
Because the rise is calculated on a smaller amount. If 100 falls to 50, it has to gain 50 to get back to 100, and 50 is 100% of 50.
Calculated and reviewed by Compass. Sources, checks and method
Figures with data as of October 26, 2026. Educational content. Not financial advice. Past results don't guarantee future results.