Bitcoin is perhaps the most popular cryptocurrency of all times. 2017 was one of the biggest years for the growth of Bitcoin as well as cryptocurrencies at large. While Bitcoin recorded massive gains last year – reaching to an all-time high of as much as $19,000 and beyond, 2018 hasn’t really started off with the same momentum. Bitcoin’s market cap has been falling and in a major blow, it fell by close to $20 Billion in less than an hour.
This is one of the biggest falls – which is likely to lead the markets towards a major crash. The fall is going to hurt Bitcoin’s market dominance as well, as Bitcoin has fallen from being 87% in control around this time last year to now being in control of around 30%. The total money invested in Bitcoins is on a fall because of the rise of other cryptocurrencies.
However, this is one of the biggest drops in the valuation of cryptocurrencies since last September when China decided to ban cryptocurrency exchanges in the country. The collapse today reminds one of a similar downward spiral. The prices are falling as well. Bitcoin, which had met a major correction in late December – has since been falling. It reached $13,000 from $19,000 – and then momentarily bounced back to $17,000.
However, there has been no recovery since then and the free fall of Bitcoin continues. The acceleration in the fall has begun today as the currency continues to fall in a rapid pace, dropping from $13,100 earlier in the day to $11,700 at the time of this writing. The fall is drastic and might lead to major losses for those who bought at higher prices.
Interestingly, despite a ‘bloodbath’ in the markets – NEO continues to do well as it reached an all-time high of $196 hours ago. While Bitcoin stumbles, Ethereum too, has eventually gained back it’s no. 2 position which it had lost out to Ripple a few weeks ago. It would be interesting to see how the markets perform over the next few days. We advise the users to check their stop-losses and trade cautiously!