RATE Group | Bitcoin’s 10th Birthday Won’t Be a Happy One
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Bitcoin’s 10th Birthday Won’t Be a Happy One

30 Sep Bitcoin’s 10th Birthday Won’t Be a Happy One

Posted at 17:39h in Bitcoin News by

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Bitcoin is about to hit its 10-year mark, but by many measures it will be limping into its anniversary.

Last year was a blockbuster for the cryptocurrency, which got its start in 2008. Its price soared 1,375% in 2017 as celebrities and financiers took an interest in bitcoin.

But bitcoin and other cryptocurrencies this year fell into a slump that continued through the third quarter. Bitcoin’s price is down more than 60% from last year’s record high, according to data from CoinDesk. A small gain last week left bitcoin up about 4% for the quarter.

The larger crypto market fared even worse: The combined market value of all cryptocurrencies fell about 13% in the quarter, dropping from $255 billion to $221 billion as of Friday, according to data from CoinMarketCap.

More troubling, some of the biggest, best-established cryptocurrencies dropped the most. Ether, the native token for the Ethereum network…

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