Bitcoin price news: Has BTC bubble burst? Is bitcoin a 'failed experiment’?
Bitcoin has been blasted as a "failed experiment” that is "doomed to die”, according to some experts, as prices continue to stagnate. The digital token has suffered a difficult Q2, losing significant gains across June to finally trade at $6,734.94 as of 4pm today. BTC rallied slightly by 2.28 percent today as the cryptocurrency market saw small gains, but the coin is still worth 70 percent less than it was at the peak of its price in 2017. Ethereum rose to trade at $476.68, Ripple for $0.499031 and Litecoin for $88.05. All cryptocurrencies have seen a marginal increase in prices today. The cryptocurrency market appears to have rallied despite the harsh criticism from some analysts, but is it really a failed experiment?
Is bitcoin a failed experiment? A market so volatile is sure to have casualties; so it should not surprise you to learn more than 800 cryptocurrencies have died throughout the steady rise and fall of bitcoin. Digital tokens lay fallen by the wayside and bitcoin is becoming perilously close to joining them. The meteoric rise in power, from 10p to $15,000 in less than 10 years, shows bitcoin has some incredible potential, but many analysts see the flaws and judge the bubble as ripe for bursting any time soon. There is still a huge amount of potential left in the cryptocurrency market but Evgeny Chereshnev, the founder of tech firm Biolink, told the Sun there is no future for the money-grabbing industry.
GETTY Bitcoin price news: Has BTC bubble burst? Is bitcoin a 'failed experiment’?
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
CoinMarketCap Bitcoin prices have fluctuated wildly in its history
Mr Chereshnev said: “At least 90 percent of all cryptocurrencies that exist right now are doomed to fail, die, or will basically be rejected, because the people who are primarily interested in them are money makers. "They're not businesses, scientists, academics or retailers. In most cases, this is due to the initial supply and demand, and it basically just enables them to make fast money." Evgeny describes cryptocurrencies as being like a "pyramid scheme". "People invest to drive interest which, in turn, means others invest more money – and that drives the price," he explained.
CoinMarketCap Bitcoin prices rose marginally today