Last week, on November 15, within a 24-hour span, the valuation of the crypto market slumped from $210 billion to $183 billion, by more than $27 billion on a single day.
Bitcoin, the leading cryptocurrency, the “name of the game”, fell by more than 11% on the day, accelerating the downtrend of other leading digital assets and cryptocurrencies.
At the time of this post, crypto’s total market cap is $147 billion and Bitcoin is traded at $4.500, far from its peak of $20.000 just one year ago.
“Bitcoin’s no longer boring” declares Bloomberg, before stating that analysts predict the price could fall as low as the $1,500 point, a further 70% drop in the coin’s price.
I don’t follow the cryptocurrency market development closely, so I have no idea what will happen next.
But just from those numbers, it is clear that cryptocurrency in general and Bitcoin in particular is not the type of investment you should make if you can’t afford the risk of a sudden slump due to the extremely high level of volatility.
On the bright side, the craze over cryptocurrency has helped drawing the public interest into the technology behind cryptocurrency – Blockchain.
Wait for the dust to settle!
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