Bitcoin [BTC] price hits its lowest since November; Ethereum [ETH], Ripple [XRP] and others also see downfall
Bitcoin [BTC] price valuation again encounters set back on Friday as its price fell to the lowest point ever since November, 2017. This results in a gradual diminishing interest among the investors because the demand becomes feeble with time. According to a report by BCFocus, cryptocurrencies including Bitcoin [BTC] have been experiencing crash in the crypto market, which is likely a cryptocurrency bloodbath.
Bitcoin [BTC], despite its fall and fluctuation in price, yet occupies the top most position in the list of all cryptocurrencies. Bitcoin [BTC] happens to be the most popular and the mostly the first choice for the crypto enthusiasts and the investors. However, since the beginning of this year, Bitcoin [BTC] failed to maintain its positive momentum and is in a downward trajectory.
One of the vital factors that led to the repulsion of the investors from the domain of cryptocurrency is the hacking cases. A number of “cyber intrusion” and hacking of crypto exchanges in the Asian nations led to the waning of enthusiasm. The current price of Bitcoin [BTC] on the Bitstamp exchange is hovering at $5774 which is the lowest mark since 12th November, 2017.
With the beginning of 2018, the price of Bitcoin [BTC] started stumbling almost 60%. This event occurred after the remarkable price upsurge exceeding 1300% in 2017. In December, 2017 the Bitcoin [BTC] price achieved the heights of its valuation only to be followed by its 70% declination.
On 29th June, 2018, Friday the price of other prominent digital currencies like Ripple [XRP] and Ethereum [ETH] has also experienced a downfall. The price of Ripple [XRP] has fallen by 4% to the mark of $0.44. The valuation of Ethereum [ETH], holding the second position in the list of cryptocurrencies, has also fallen down by 4% and is currently at the $416 mark.
In the fourth position, Bitcoin Cash [BCH] has also gone down in price valuation by 5.61% and is currently hovering around $661. EOS [EOS] has equally experienced a negative change by 5.84% with the price marking at $7.38. Litecoin [LTC] and Stellar [XLM] occupying the 6th and 7th position has seen a declination by 6.97% and 6.92%, respectively.
Investment Strategy at Barclays Smart Investor’s Head, Will Hobbs commented, “The frenzy surrounding crypto has ebbed and flowed with prices.” He further stated, “None of the crypto currencies currently fulfill any of the criteria that we would look for in an investible asset and we would continue to advise extreme caution. The rout in crypto currencies is still not finished.”
The insurers and the British banks have been given warning by the Bank of England to ponder about digital assets. The precautionary statement explicitly implies that the cryptocurrencies are highly vulnerable to fraudulent activities and volatile.
However, last year when the virtual currency prices were considerably at higher side than the present times, significant institutional personalities developed their interest. Consequently, it was expected that these major players would involve themselves in the crypto industry by their investments. They paused while taking forward the execution plan since the regulatory norms concerned them.
Nearly by $230 billion, the market capitalisation of the digital currencies has experienced a downfall. The price fall in January, 2018 has been from a height of about $800 billion. Nevertheless, funds continue to flow into the new cryptocurrency sales. In a period of just five months of 2018, the sales attained the height of $13.7 billion which accounts for twice the raised amount in 2017.
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