This week has been a rollercoaster ride for Bitcoin in the crypto market. The currency has been through some big soars followed the major dips by the end of the week. So much, that even in the holiday season, the currency seems to lose its previously gained worth.
The slight fall of about 40 percent in 5 days followed by a rise to the $15,479.26 yesterday, Bitcoin has had a tough week so far. Similarly other crypto coins were in the decline too, with Bitcoin Cash and IOTA being the most in troubled waters after being the heroes of having made significant gains last week, they fell by 18.78% and 18.24% respectively.
After the sharp decline on December 17 and 18, Bitcoin’s value went down as much as by 30%, that too in a matter of a single week. The coin went below $11000 which was a shocker in itself, although this was only for a brief moment. Later on it went up and reached about $15000, but has been the prey to decline since then.
Several reasons have been conjured for this shaky trend that Bitcoin showed in the last couple of days. According to analysts, this was result of the investors booking end of the year profits. If this is the reason, then they must have made a tidy profit. For the crypto market has had a phenomenal year, in which the value has increased immensely from $17 billion beginning at the start of the year moving to almost $600 billion towards its end.
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Nevertheless whatever the reasons, Christmas has not been a happy occasion for Bitcoin, and other cryptocurrencies generally. For the Christmas morning at 11.30 a.m., bitcoin was trading at $13,975 according to data from Markets Insider. This was more of a shocker since the coin, after soaring as high as $19,843, had to face a very nasty fall, crumbling its record of the all time high.
Yet what’s astounding is the fact that despite the plunge, investors have seen more buying than selling of the Bitcoins. The fall in the value, is taken as an opportunity to buy more, with the belief that the value would rise in the future, as it did this year.
Yet to assume that Bitcoin stands for the future of money transactions would be an overstatement. A decentralized tactic is very appealing to the eye, but only on paper. It might even have some real life applications.
Yet, the lack of widespread acceptance by the audience doesn’t really damage the public hype behind Bitcoins. As the number of users to the currency increase ten fold each day, the value of the coin has sky rocketed from a mere $0.06 in 2009 to an amazing soar of $16,448 in 2017. And the thing which makes the whole ordeal even more intriguing is the fact that coin is designed to grow with time, thereby it leaves no reason as to why the investors are interested to invest in this crypto coin even after the potential dips.
But the volatility of the crypto coin value should always be kept in mind before making any sort of investment in the crypto world; this would only tend to protect you from a bleak uncertain future!!
Stay tuned for more of the latest updates on crypto world, and comment below your viewpoints regarding the crypto market and its future. Merry Christmas!!