It’s 2018 and cryptocurrencies are in news and grabbing headlines due to many reasons. From the price slashes of the top 3 cryptocurrencies to the speculations of cryptocurrency bubble bursting, everything has made news. From the end of 2017 to the starting of 2018, cryptocurrency has faced a lot of ups and downs from which, some were predicted and some were uncertain.
Let’s have a look at what’s happening with the cryptocurrencies nowadays:
The instant price crash of cryptocurrencies:
Until the end of 2017, cryptocurrencies were going great. The investors were keen to invest in different currencies and companies were busy in developing wallets, debit cards and other such concerning cryptocurrency tools. With the end of 2017, almost all the cryptocurrencies faced a huge downfall. Most of the loss was caused to Ripple, Bitcoin and Ethereum, the three proficient players in the world of cryptocurrencies.
The reason behind this sudden clash was mainly the role played by the governments. Government officials from different areas started commenting about the anonymousness, risk and threat concerned with cryptocurrency investment which made people think twice before investing.
Also, they pinpointed security concerns related to cryptocurrency exchange and investment while opening about their plans to ban cryptocurrency exchanges. Especially, the ban of Bitcoin, Ripple and Ethereum exchange in China and South Korea has affected the cryptocurrency market to a very high extent. The cryptocurrency market fell down to $428 straight after the ban was proposed. Along with this, the stocks were high which made a lot of people to invest in the stocks rather than digital currencies which are risky and unstable.
Here is the analysis of the condition of three major players, bitcoin, ripple and etherum since the beginning of this year:
Bitcoin: On 2nd December, the price of Bitcoin reached $18,000 while between 31st December 2017 and the first month of 2018, the value of bitcoin did fall around 50%. Since the first week of January, the prices are fluctuating between $9,000 and $12,000 and trying to recover.
Ripple: Along with Bitcoin, the price chart of Ripple also fluctuated and a huge price crash was witnessed. The cryptocurrency faced 20% fall.
Etherum: Etherum faced 15% fall from its price in December 2017.
Currently, all the major cryptocurrencies are recovering from the price crash and are trying to get more investors to recover from the loss. It will be interesting to see how the cryptocurrency firms will fight the barriers and re-establish the currencies.