It hasn’t been a great day for some of the world’s major cryptocurrencies. After opening at $11,348, Bitcoin has since dropped to a low of $9,685, which puts it at half the price of its peak all-time value. The majority of other major cryptocurrencies, including Ethereum and Ripple, have also lost value.
According to CoinMarketCap, cryptocurrencies like Ethereum, Ripple, Cardano, and Bitcoin Cash have suffered losses ranging between 30 and 40-percent to represent a fairly miserable day for those who have invested heavily in the digital currencies.
Those investors know that the rise and fall of the value is all part of that investment journey but the current value of Bitcoin is a far cry from its all-time high in mid-December 2017 when it breached the $19,000 mark. Bitcoin, which is the world’s most popular cryptocurrency, started off in 2017 at around the $800 mark. That meant that parting with $800 would have acquired you a single mined Bitcoin. During the course of 2017, that price rose exponentially, with the value rising to an all-time high of $19,783 on December 17.
Rather than rising organically, the price was likely hugely affected by the fact that a hoard of investors was taking the opportunity to jump on the cryptocurrency bandwagon, forcing the price to rise and rise as more people invested.
One of the frustrating and often confusing things for investors is that there is generally no real indicator as to why the value of a cryptocurrency like Bitcoin would suddenly start to drop at alarming levels. Individual hacks on platforms like BitConnect, as well as countries like South Korea starting to impose bans and tighter regulations on cryptocurrencies, could also be adversely affecting the value of the digital money.
Whatever the reason for the drop, and the steady drop in the price of Bitcoin over the last week or so, investors should realize that it’s a long-term plan, just like any other investment. The history of Bitcoin has already proven that it’s an extremely volatile market where prices rise and fall on an almost daily basis. It will be extremely interesting to see if this crash causes investors to take a step back and approach it more logically, or if the money keeps getting pumped into Bitcoin investments.
Whatever the case maybe, experienced investors will tell you that the best time to buy crypto is when it’s down, and now that it has crashed, this might be the best time to get some. We have a guide on how to quickly get some Bitcoin right on your smartphone here: How To Buy Bitcoin From iPhone Or Android Device The Easy Way.
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