It has been a disappointing past week for cryptocurrency holders, as digital currencies have lost ground. In fact, the king of cryptocurrencies, Bitcoin has plummeted by 13% in the last 7 days to sell for US $ 5.60 this afternoon at a price slightly above the minimum of 52 weeks. However, its "bifurcated" Bitcoin Cash rotation went even worse by up to 27% last week, in a move that many digital currency experts have attributed to another bitcoin cash in the horizon. Two other of the worst performers are Litecoin and Ethereum down 17% and …
It has been a disappointing past week for cryptocurrency holders, as digital currencies have lost ground.
In fact, the king of cryptocurrencies, Bitcoin has plummeted by 13% in the last 7 days to sell for US $ 5.60 this afternoon at a price slightly above the minimum of 52 weeks.
However, its "forked" rotation Bitcoin money it even worsened 27% last week, in a move that many digital currency experts have attributed to another fork Bitcoin money be in the horizon
Two other of the worst performers were litecoin is Ethereum which fell by 17% and 15.3% in the last week, so let's look at what might be behind these big falls.
It is another Bitcoin derivative that was bifurcated by Bitcoin in 2011.
Surprisingly, in December 2017, at the height of the cryptocurrency craze, it reached prices above $ 360 per coin, but now it is only $ 44 per coin, which means it has lost almost 90% of its value only in the last 11 months.
Second Investing.com Litecoin now has a market value of about 2.57 billion US dollars, which is equal to its current price multiplied by the number of coins in circulation at 59.18 million.
The creators of Litecoin argue that it offers faster transaction processing times than Bitcoin because the blockchain can handle higher payment volumes than Bitcoin. It also claims to be a leader in allowing users to distribute it to make payments for common goods and services.
It is still the third largest cryptocurrency platform with a market value of about 18.5 billion dollars, but has also now lost almost 90% of its value since it hit the highs around US $ 1,380 an all-year currency. 39, beginning of January 2018.
Today it sells for only $ 181 for a minimum of 52 weeks for $ 181. It was assumed that the supply of Ether was limited to 18 million Ether per year, but according to its website it is unlikely that the limit will be maintained for several reasons.
The huge falls suggest that the price of Ether is largely determined by the sentiment of speculators buying or selling based on the short-term average direction of the currency.
Of the most popular digital currencies only Ripple it avoided double-digit losses in the last week, although it is still down by almost 5.4% in 7 days and more than 80% compared to the highs reached in January 2018.
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Motley Fool's collaborator Yulia Mosaleva has no position in any of the stocks mentioned. Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all have the same opinions, but we are all convinced that, considering a diversified range of insights, we have become better investors. Motley Fool has a disclosure policy. This article contains only general investment advice (with AFSL 400691). Authorized by Scott Phillips.