Bitcoin cryptocurrency plunged down at the end of the Big Week. Bitcoin’s price has fallen more than 40 per cent from its record high of nearly $20,000 set at the start of the week.
Price of Bitcoin cryptocurrency (Popular digital currency) fell down as low as $10,891 on Friday afternoon, according to CoinDesk’s Bitcoin Price Index.
The bitcoin success has led to a rise in rival cryptocurrencies and competition in the market is heating up. It’s not clear what cause the sudden fall in the price.
“Bitcoin Cryptocurrency was valued at just $998 on January 1 2017. Bitcoin and almost every other cryptocurrency crashed down today.”
Anyone who had bought Bitcoin cryptocurrency earlier week, it’s very painful for them, and it’s a reminder that there’s a long way to go for this currency to be “viable.”
The wild price swings are the biggest problem of this Bitcoin Cryptocurrency. As we know Bitcoin is really good concept, its secure and also transparent. But no one is going to use Bitcoin as a currency when it’s fluctuating by 50% on a week-by-week basis.