RATE Group | Bitcoin prices slide below $4,000, as cryptocurrency hype recedes
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Bitcoin prices slide below $4,000, as cryptocurrency hype recedes

26 Nov Bitcoin prices slide below $4,000, as cryptocurrency hype recedes

Posted at 23:23h in Cryptocurrency News by

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Only 12 months ago, the price of bitcoin was piercing the $10,000 mark, with some particularly bullish investors blithely predicting it would eventually top $100,000. What a difference a year can make: 2018 may go down as the year cryptocurrency mania died.

Bitcoin prices on Monday traded at $3,768, according to CoinDesk. The best-known digital currency has lost 75 percent of its value this year. The overall market value of cryptocurrencies, including once high-flyers such as Ether, Litecoin and XRP, has sunk roughly $670 billion in 2018 alone, data from CoinMarketCap show.

Over the hype

A number of factors have torpedoed cryptocurrencies. The most important is the speculative nature of the investment, which like gold trades on investor sentiment more than underlying business fundamentals. 

The hype surrounding bitcoin and other digital currencies that helped fuel their climb into bubble territory is fading now that bitcoin has turned the corner on a decade of existence…

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