Bitcoin PRICE CRASHES below $8,000 as cryptocurrency value continues to WORRY INVESTORS
Getty The value of the cryptocurrency has since risen to $8,490.01
On Saturday Bitcoin traded at a horrifyingly low price of $7,415.56 as the virtual currency plummeted by over 20 per cent in the last month. The immense drop could be caused by the announcement from Google that it plans to ban cryptocurrency adverts. This move could severely harm those working in the crypto space. However, Bitcoin has managed to maintain its grip as the market leader in the cryptocurrency space in terms of raw price.
Despite a universal free fall in trading values in the last month, Bitcoin has managed to provide the most resistance to falling prices. Although the value of the cryptocurrency has since risen to $8,490.01, it has still fallen by 21.94 per cent this month. In contrast, Bitcoin Cash has plummeted by 35.58 per cent this month while Ethereum and Litcoin have seen sharp declines of 43.25 per cent and 30.39 per cent respectively. In what could be a sign that the cryptocurrency is on course to steady itself, Bitcoin’s value rose by 8.99 per cent in the last 24 hours.
Cryptocurrency price: A year in charts Mon, March 12, 2018 Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year Play slideshow coindesk.com 1 of 10 LiteCoin is going down with the market dip
The rise marks a price increase of $701.01. Although Bitcoin is incredibly volatile and has frequently seen spikes in value and troughs, it has risen by 729.63 per cent in the last year. However, Litecoin has seen the greatest price increase in the last year after climbing almost 4000 per cent in the last year.
The fledgling cryptocurrency is currently selling for $159.31 that marks an increase of $155.33 in the last year. Ethereum’s co-founder recently stated that those calling the crypto sphere a “bubble” are “shortsighted” as he defended the temperamental nature of the cryptocurrency. He stated: “We’re so focused on Ethereum, we’re so focused on building decentralised applications on the Ethereum platform and we’re so much less focussed on cryptocurrencies like Bitcoin.
Getty Bitcoin is incredibly volatile and has frequently seen spikes in value and troughs
Getty Bitcoin has managed to maintain its grip as the market leader in the cryptocurrency space