Bitcoin hit a new record over the weekend, the longest bear run for the cryptocurrency since its creation in October 2008.

The bear run started in December 2017 as bitcoin hit highs near $20,000. As of a little before 9 p.m. EST tonight, the cryptocurrency was trading at $3,420.92.

The current price of bitcoin isn’t the lowest the cryptocurrency has fallen in recent times. It traded at $3,200.64 on Dec. 21. But the overall decline remains clear: Bitcoin has now suffered 13 months of a bear market that still shows no sign of coming to an end.

Bitcoin investors are still crossing their fingers and hoping for a change. The previous longest bear market lasted from December 2013 to January 2015, just under 13 months, with bitcoin then rising over the following two years to record highs.

There are multiple driving forces, the most likely being that it was too high and never sustainable at the peak of mania around cryptocurrencies in 2017. Other reasons include a claim from economists working at the U.S. Federal Reserve of St. Louis that the supply of altcoins, or alternative cryptocurrencies, has dampened demand for bitcoin.

The bear run may be the longest, but that doesn’t mean bitcoin has seen its largest decline recently.

The bear run of December 2013 to January 2015 saw bitcoin drop by 86 percent, while a period in 2011 saw bitcoin’s price drop 93 percent, according to figures from Coindesk. The current bear run is sitting at a drop of 83 percent.

Some investors remain positive, but a potential bitcoin recovery may rely on government approval — ironic given that bitcoin was designed to be a decentralized, government-independent online currency.

Cboe Global Markets withdrew its longstanding application for a rule change that would have allowed it to list a bitcoin exchange-traded fund Jan. 23 on the expectation that it would be rejected by the U.S. Securities and Exchange Commission. The decision was indicative of a stance by the SEC that has seen it reject a number of ETF applications over the last two years.

Other new bitcoin-related investment opportunities that could help drive demand for bitcoin and other cryptocurrencies remain somewhat in limbo.

Bakkt LLC, the brainchild of New York Stock Exchange owner Intercontinental Exchange Inc., raised $182.5 million in funding Dec. 31. But it has yet to proceed with its products, which include bitcoin futures contracts, presumably as it awaits regulatory approval.

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