Some might say that the cryptocurrency bubble has exploded. Others, which is the last (or almost the last) opportunity to buy at acceptable prices before Bitcoin and other cryptocurrencies reach crazy prices again. But in any case and without entering into interpretations, the reality is that the most famous cryptocurrency is at its lowest value of the last year.
“The price of Bitcoin plummets and after losing 17% of its value in a week reaches its minimum value in 13 months.”
In December of 2017, Bitcoin reached its highest value ($ 19,783 per unit) in December last year. This high price was passed on to other crypto-currencies, which also reached their highest historical values.
After a few days approaching $ 20,000, the price began to fall quite sharply. In mid-2018, the cryptocurrencies entered a period of lateral movement, with small ups and downs but keeping the price more or less stable.
At least until last week, where a new fall has achieved the lowest prices since the boom and fall of last Christmas. The price reached its annual minimum, settling at $ 5,173. This decline has affected other smaller currencies such as Ripple, Litecoin and Ethereum. In the last week, Bitcoin has lost 17% of its value, Ethereum 26%, Ripple 4.53% and Litecoin 25%.
This drop can be motivated by the “hard fork” (or hard bifurcation) that is rumored to occur in Bitcoin Cash. A “hard fork” is when a coin is split in two, generating a new currency.
Bitcoin Cash is, in turn, the product of one of these bifurcations that occurred in the original Bitcoin. This currency was positioned as one of the most powerful of all the offer of crypts, and currently has a value only surpassed by the original Bitcoin and a virtual currency called Maker.