logo
Plus   Neg
Share
Email

It's One Year Since Bitcoin Hit Record High

bitcoindown-dec18-lt.jpg

2017 December 17 is a landmark in the history of Bitcoin. It was on that day the world's largest cryptocurrency reached an all-time high of $19,600 on multiple exchanges.

A year has passed, and the soft coin lost its gloss.

As some crypto experts predicted, the "bubble" has burst, and Bitcoin is at its lowest level in 2018.

BTC hit a 15-month low of $3,122 over the weekend. After a 4.09 percent rise in value this week, Bitcoin was trading at $3,548 on Coinbase Tuesday.

Although the crypto frenzy created a parallel money market across the world, the global data for Bitcoin is not at all encouraging for the potential investor on the first anniversary.

From its December-2017 peak of nearly $20000, BTC has fallen by more than 82 percent within a year.

From $9,300 in May and around $8000 in August, the price of Bitcoin fell again to around $6000 and had been generally stable in September and October.

Since then, the softcoin tumbled at a relatively fast pace and lost much of its value in November-December.

In fact, a majority of digital currencies had touched all-time highs last year at this time and are yet to return to those levels since. The entire crypto-economy in December last year had around 1,600 coins, valued at about half a trillion U.S. dollars. Now, it is estimated that 400 more varieties of cryptocurrencies are available, but the market is only worth $100 billion.

Bitcoin had its ups and downs over the period, but mostly it has been bearish, and never showed signs of a recovery to come back to anywhere near its dream price.

Some market experts fear it will never peak again amid a greater crypto market sell-off.

The continuing downfall of Bitcoin indicates that traders may now be moving money out of it and into dollar instead.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT