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The price of bitcoin has reduced to about $13,000 as against its worth on sunday December 17, 2017 (it was worth $19,666). This is about 30% reduction in value.
Analysts have suggested that the price could experience continued fluctuation as 2017 comes to a close.
Bitcoin is known to have undergone wild fluctuation in value. Early this year Bitcoin was valued at about $1000. In September it dropped in value by 40% from $4,979 to $2,972. Then in November it tumbled almost 30% from $7,888 to $5,555.
The recent drop in Bitcoin value has sparked the reaction of Takashi Hiroki Chief Strategist, Monex Securities, Tokyo, who said:
“Trading in Bitcoin is akin to gambling, so its movement does not follow a logical pattern…Unlike equities and Bonds it is not possible to calculate expected returns on Bitcoins, so buying it becomes a gamble rather than an investment.”
Going by the recent drop in price of the much sought after Bitcoin and the consequent negative reaction of top ranked financial analysts, will cryptocurrencies eventually go out of existence?
Well only time will tell. For More Crypto currency update please subscribe to our newsletter