Just about a month ago, the Bitcoin set a staggering record in the world of cryptocurrencies, reaching a height of over $19,000. But in recent times, we have seen it run down a slope with almost no brakes and in the space of one month, it has crashed to about 50% the price it was. As we speak it is worth about $11,689 according to coinbase exchange, this will mean it has gained about 5% in value over the last 24 hours.
From statistics from last week, we see that the coin has dropped with about 15% and about 31% from a month ago, and it has actually gained over 1,195% from over a year. There was a huge drop in the price ahead of Christmas with about $2000 in just an hour and almost dropped below the $11000 benchmark, but then it still came back stronger.
We have seen how the recent turn of events can change the lives of investors who have put in so much in the rising currency. The fall in the price of bitcoin, that is still unstable, has also led to the steady downfall of other coins like Ethereum, XRP and Litecoin. The steady growth actually brought the coin to limelight with a whole lot of investors rising up.
The speculated fears in the industry at the moment is that the Bitcoin has created a bubble that will soon burst. Several financial experts have warned potential investors to tread with caution as to the cryptocurrency and the SEC is also warning against scammers who might use this period to perpetuate their wicked act. Still, in the midst of these, others are still speculating that the coin could keep rising to the $1m benchmark.
This coin only exists online and has no central storage or bank and is not regulated or linked to any state. The records of the transactions are only recorded on an anonymised huge public ledger known as Blockchain. Whatever transactions made on the bitcoin are irreversible and this is the means by which cybercriminals dupe people online.