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Cryptocurrencies in disgrace

December 7, 2018.

Ether price.

Ether prices. © Worldcoinindex.

Cryptocurrencies are undoubtedly an idea before its time, but their potential has yet to show its value. These past weeks have been brutal on the stock market and cryptocurrencies are slipping as well. Ethereum network’s currency, ether, fell below USD 100 for the first time since May 2017. Its value has dropped 93% from its peak in January just above $1,400. The bitcoin is similarly sagging. It is now trading at around $3,700, down 80% from its high of almost $20,000 last December.

Despite the billions spent on start-ups, no one has found a way to create blockchain-based applications that are widely used by the consumers. This does not mean that cryptocurrencies should be put out of circulation, but that it may still take time to catch on.

Ars Technica, “Ethereum falls below $100—down 93 percent from its January high.”