Gone are the days when it felt like the value of bitcoin and other cryptocurrencies would just keep on climbing. The values have tanked pretty hard over the past year and continue to do so. The bitcoin value has now hit a new low for the year 2018, hitting its lowest point since September 2017. It’s down a staggering 30 percent for the week.
Bitcoin and cryptocurrencies became a household name last year after Thanksgiving as the values set new highs every day. It reached $10,000 by the end of November 2017 and almost touched $20,000 before Christmas. The values have slid a long way since then.
Even though the rest of the global markets sold off during most of October, Bitcoin head steady around $6,400. It kept trading around that range comfortably even as the global markets had a bad time. It started dipping a couple of weeks ago and plunged as much as 16 percent on Tuesday to $4,076.59. That’s the lowest it has been since September 30th, 2017.
It only marginally recovered by the time U.S. stock markets closed as it was trading around $4,299 but that was still down 12 percent over 24 hours. Bitcoin’s total losses for the year are in excess of 65 percent. It remains to be seen if the cryptocurrency is going to stage a recovery and just how much of its value it will be able to make up over the next couple of weeks.