Value of Bitcoin Drops Steadily

Following a tumultuous period for the cryptocurrency, the value of bitcoin continues to fluctuate unpredictably.

After achieving a new record high when it surpassed the $19,850 mark in the middle of December 2017, it rapidly tumbled, dropping to below $12,000 within a number of days.

It has constantly been growing and dropping ever since. According to the Coinbase exchange, Bitcoin is worth $13,141 as of Monday afternoon UK time.

The value of Bitcoin is up by over 20 percent over the previous month and over 1,215 percent over the previous year. However, recent goings-on have exhibited just how fast the situation can change.

The value of the cryptocurrency dramatically fell just ahead of Christmas, falling by almost $2,000 in only an hour at one point, and almost sliding below the $11,000 mark.

Bitcoin is notably volatile, and the cryptocurrency’s value is anticipated to continue to shift wildly.

The said fluctuations have caused problems with actually utilising bitcoin, with Steam recently proclaiming that it would not be able to take it anymore and various exchanges saying that the huge amounts of trading are leading to problems with actually transferring them.

Normally, its spectacular increase has coincided with the increasing amounts of interest, with more and more consumers now looking to invest.

It also seems to have boosted alternative cryptocurrencies, including litecoin and ethereum, which have both seen enormous gains in recent weeks.

However, there are serious concerns that bitcoin has produced a bubble that could just burst at any moment.

Many financial experts are warning potential investors to avoid getting involved with the cryptocurrency, even though others are speculating that it could keep growing towards the $1m mark.

Bitcoin only exists online. It has no central bank, and it is not linked to or regulated by any state.

An anonymised record of each bitcoin transaction is collected on a huge public ledger which is known as a blockchain.

However, transactions that are made with the cryptocurrency are irreversible, which makes the investors in bitcoin attractive targets of cybercriminals.