The cryptocurrency bubble shatters
Cryptocurrencies. © iStock.
After a year of wild speculation that saw Bitcoin and Ethereum reach new highs, 2018 has been a disaster for cryptocurrencies. The trend was reversed at the beginning of the year and their value started dropping, and never stopped. Today, the market cap of all cryptocurrencies put together is 191 billion dollars – the first time since November 2017 that it has slid below the 200 billion dollar mark. Bitcoin, which sat at a high of US$19,363 on 17 December 2017, is now worth US$6,426, or a full two-thirds less. Ethereum did even worse, shedding a whopping 79% of its value, from a high of US$1,403 on 13 January 2017 to just US$292 today. This crash could mean one of two things: either it’ll make way for a more mature, less speculative market, either it’ll put paid to the whole concept; only time will tell. For the moment, all signs point to a continued slide. But the crash has made some people happy: gamers.