Bitcoin has lost over 0.5 its price since last year’s all-time high
On Sunday, the value of Bitcoin continued to fall, losing 5 to 6 - 6 of its price.
According to CoinMarketCap, since an all-time high of close to $20,000 per bitcoin on Dec 17, 2017, the cryptocurrency has lost over 1/2 its price, presently trading at around $6,568. Overall, Bitcoin’s value is up by about 150percent compared with this same time last year, when it had been trading around $2,800.
Such fluctuations do not appear to have stopped demand for fitting new mining operations, significantly in areas wherever electric power is relatively cheap. Demand is therefore high in one a part of Canada that Hydro-Québec, the province’s energy utility, recently said that it'd "temporarily" stop acceptive energy requests from cryptocurrency mining firms "so that the company will still fulfil its obligations to produce electricity to all of Québec."
The move comes as 3 months ago, utilities in neighboring New York state proclaimed they might be raising rates for mining firms.
I think this is a positive correction for the future of crypto. It gained hype, countless people bought it for the name recognition without knowing anything about crypto at all and have now seen massive losses so they are selling off. This will allow the average person a chance to start to invest slowly into crypto and learn more about it. It will be a great thing for us all in the future; more people means more long term success. There is far too much of a focus on short term gains; the contemporary stock market mentality is deeply flawed and I hope it does not persevere.
@cmplxty you are really correct, since they are selling off now at a really low price with fear this will give real investors opportunity to purchase and really invest.
Yup! I’m looking forward to what the future holds for us all, thanks!
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