The Ups and Downs of Bitcoin

Dennis Yanatos

Over the past months, cryptocurrency has increased in popularity. With the surge of increase in value, some crypto coins like “Bitcoin” have been on the high end of attention. The Bitcoin has been around for about ten years, but in the last year has become the most popular it has ever been. The coin started to grow in the middle of 2017, with the value going up at least one thousand dollars from last year, putting the coin to about $1,800 in USD. Other coins such as Dash, Ethereum Classic. Monero, Litecoin, Ripple, and many more establish themselves around late 2016; all these coins will also add value as Bitcoin did in mid 2017. These are just the main coins around, but over 1,000 different Cryptocurrencies were put into the crypto market in May of 2017.

Mining for Bitcoin.

The way Bitcoins are made is through a process of which a computer solves complicated math problems to “mine” for the Bitcoin. Some people have invested many resources like special mining computers, generators (since mining for Bitcoin takes a lot of power), and sometimes even entire warehouses to put thousands of computers in. All of this is to get more Bitcoin. No matter how many bitcoins are out there, the coin only has worth if the other Bitcoin holders think so too. The market cap for Bitcoin is currently $243.4 billion as of December 2017. The current price for 1 Bitcoin has dropped to $7,220 USD currently.

The rise and drop of of Bitcoin has been one of the biggest fads going into 2018. The bubble has popped, which means Bitcoin might as well keep going down. Every month in 2017 from March onwards has had a steady climb upwards in price for 1 Bitcoin. The Bitcoin had slight, and sometimes harsh dips, but it would reach its highest price of $17,900 USD in the month of December 2017. Then next week, it lost a third of its value. The Bitcoin on the 22nd of December 2017 was valued at only $13,800. Ever since the big dip in pricing, the Bitcoin, and other cryptocurrencies, have been degrading in worth. The Bitcoin is now worth $10,000 less than its all time high of $17,900, putting it at the current price of $7,220. The cryptocurrencies that have surged in popularity are on a slow decline. These coins may rise in price again one day, or they might go all the way down to what their price once was. The nature of these coins are very unpredictable, as some were stating that the Bitcoin in particular would be able to reach over $100,000 for 1 coin. The demand for Bitcoin and other coins of the like has come to a stop, and it may be unlikely that people or investors will ever try to put money back into it.

Be the first to comment on "The Ups and Downs of Bitcoin"

Leave a comment

Your email address will not be published.


*