As 2018 comes to a close, the cryptocurrency world is not doing too well. Analyses show that the last month of the year may mark a further downfall in terms of price for all the major types of digital currencies.
Bitcoin, in particular, still shows the instability that a large number of analysts predicted for the end of the year. The famous cryptocurrency started the day at $4,000 and went down by 4,37 percent by the end of the day, reaching $3,769. While fluctuations such as this one have been seen countless times before, it is important to note that it is the lowest Bitcoin has been in the last week.
New theories regarding the cryptocurrency market collapse
The recent developments in the crypto world have led to analysts coming up with new theories regarding what could have caused the downfall of all major crypto coins. A large number of opinions are divided between three reasons:
- Bitcoin hard fork – The news that Bitcoin would fork in order to create a new type of cryptocurrency has made people uneasy right from the start. However, investors have been more cautious than most would have expected;
- S. developments – The Security and Exchanges Commission’s decision to force Initial Coin Offerings to return funds to investors, has contributed to the overall worries regarding how stable cryptocurrency is and how it can be integrated in our day to day lives;
- State of the global market – The Global Market is not at a point where cryptocurrency can thrive, and this can be seen by how unstable most crypto coins have been in the past couple of months;
The main cryptocurrencies have taken a fall
This fall in price is not only the case of Bitcoin but of all the major cryptocurrencies. Ripple and Ethereum are only a few of the ones that have taken a fall. However, no digital currency has lost as much as Bitcoin.
Some argue that this is due to the fact that Bitcoin is the most popular of them all, therefore the most widely used. So, a change in value would be more noticeable in its case.
Regardless of the reason why some cryptos suffered more than others, the fact that the year may not end well when it comes to the cryptocurrency world is undeniable. There is also a big change that this situation will affect how companies and investors choose to invest and integrate these digital assets in their businesses in the coming year.
There is still time to improve the situation
While it is unlikely that Bitcoin will reach its all-time peak in the time that there is left until 2019, there still are a couple of weeks during which cryptocurrencies may grow and show enough signs of stability to change the outcome.
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