As of December 2018, the value of BTC has fallen to $3,858.81. Considering the data of January, 2018, the price of Bitcoin was set more than $14,000 following which, about $700 billion has been lost due to falling rates of this cryptocurrency. The fall of BTC prices has also caused the prices of other Alt coins like Ether, Litecoin and XRP to decline.
Even though it is for the first time that BTC prices went below the $5,000 mark, it is expected by Bloomberg’s analysts that the prices may drop further and reach a new low of $1,500. These few months have been the worst days of Bitcoins, but they are here to stay.
According to Mr. McGlone from Bloomberg, the market crash of Bitcoin was followed by the pump for the Bitcoin Cash hard fork. The messy forking and concerns of the community over centralization brought in by Bitcoin Cash led to the tanking of the currency which affected the entire market.
An analyst of Fundstart Global Advisor by the name Rob Sluvmer, predicted that it’ll take weeks before Bitcoin’s value will be stabilized.
The real reason behind Bitcoin’s price fall is still behind clouds of oblivion, however, many blame the ‘hard fork’ for bitcoin’s market crash. It is because of the impact on the crypto market was observed following the hard fork of Bitcoin blockchain.
A hard fork is the term used for the splitting of a Blockchain protocol into the existing version and a new version, which are completely different from each other.
The entire market is affected by the BCH hard fork with all cryptocurrencies experiencing major losses. However, the largest weekly losses are experienced by the BCH cryptocurrency. This instability is definitely disappointing for those who were expecting a rise in Bitcoin prices.
It is difficult to say which event will trigger the market boom that Bitcoin experienced previously but the price boom will happen sooner or later.
According to Bitcoin whitepaper, only 20 million Bitcoins can be mined in its entire lifetime. After this number, the supply of Bitcoin will be untapped. As of April 2018, 17 millionth Bitcoin had been mined. This number continues to grow, leaving about 3 million to be mined.