885% up in 20 months (November 2016 to August 2018) and 500% up in 6 months (January 2017 to August 2017.) This is how the prices go up in case of cryptocurrencies. Many cryptocurrencies have grown more than the above mentioned percentages in a very short period of time!
The cryptocurrency market is a volatile. When it comes to price predictions, every expert has a different opinion on it. No one has been able to predict the market accurately. Some say, it’ll reach $100,000 by end of 2018 and some say it won’t even be worth $100 someday.
Bitcoin, the dominant cryptocurrency has fallen below $7,000, just after growing up to $8,400. It climbed from $6,739 on 17th July to $7,400 on 18th July. The giant touched $8,379 on 25th July and remained above $8,000 till the month end i.e. 31st July.
Everything was going good, many experts again started mentioning about it’s buy time and the next high would be above $10,000. But, today we noticed that the price has fallen below $7,000. As of reporting time, it’s priced around $6,928. This seems to be the lowest price for 3 weeks now.
As of this reporting time, the price has fallen have fallen by 17.32% since 25th July. This is a huge fall in the price. Although, this isn’t something new in the cryptocurrency scene. If you’ve been into this for long, you must have seen Bitcoin touching $20,000 during December, 2017 and falling to as low as $5,900 in June 2018, calculating it shows that it has fallen by 70.5% just in 6 months.
We’ve talked about the quick fall in the prices, but the growth in the prices and the market has been even quicker than it. The giant was around $800 during January, 2017 and touched $4,900 on August 2017 achieving the growth of 500% in a matter of 8 months.
There has been no negative news about cryptocurrencies or blockchain in the recent, but there were many positive updates regarding them. We posted about NYSE parent company ICE’s intentions on starting a cryptocurrency futures exchange with Microsoft, Starbucks and other giants. Despite of so many positive news, the prices have fallen.
One thing every cryptocurrency investor must be aware of is, “Volatile nature”. The currencies are not regulated unlike FIAT currencies and gold, therefore they are volatile in nature and the price differences could so much. It could be at the peak on one day and could fall to the lowest on the next day and since there is no one who regulates it, you can’t question anyone.
Regulation in cryptocurrencies can bring some stability in the prices and could increase the adoption and usage of it, but not every crypto holder would like regulation in it. So, this is the market of ups and downs, Remember one thing, “Invest only what you can afford to lose.” Every investor should be following this!
Like op-eds like this? Get in touch with us on contact@blockpitch.org and let us know about topics you want op-eds on.
