Bitcoin has certainly seen better days. The “people’s currency” just tumbled 12% to below $5,000, currently trading at around $4,955. This is the lowest level that Bitcoin has hit in a year’s time.
Since the beginning of 2018, Bitcoin has lost more than 60% of its value, when in December 2017, it was trading for around $20,000 per coin. The digital coin began its downslide just a week ago, losing more than 19% of its value for just seven days.
As we previously reported, the major reason is the hard fork of Bitcoin Cash, which split into two different iterations of the coin.
The decrease in the price of Bitcoin speaks for the massive sell-off that Bitcoin investors have initiated. Some speculate that most would like to invest in the two new iterations of Bitcoin Cash, releasing some of their Bitcoin holdings.
The community is divided again, as with every hard fork that occurs. Bitcoin Cash itself was created in such a way in 2017, as a spin-off of Bitcoin.
Other major cryptocurrencies are losing their value as well. Ethereum, for example, is currently trading at around $155.
The digital coin market has lost tremendous amount of value, as much as $17 billion, as reported by The Street and CoinMarketCap.