In today’s digital currency news, we are taking some time to ‘celebrate’ one year after the crypto bubble bursted and Bitcoin fell from its all-time high to lower and lower prices, lingering into the new year and continuing the trend throughout 2018, driving other altcoins in the fallback as well.
As data from CoinMarketCap shows, the cryptocurrency market was $835.7 billion on January 7th 2018, to later fall drastically. Today, the cryptocurrency market sits at just $136.3 billion and represents an approximate decline of 84%, while the number of crypto projects has swelled to 2,086 only.
The main factor for the downward trend, according to experts, was the introduction of Bitcoin futures in mid-December, which reportedly punctured the Bitcoin price bubble all while the most dominant cryptocurrency peaked near $20,000 days after its futures contracts began trading on the regulated US-based exchanges CBOE and CME.
Ripple (XRP) also had something to do with the bubble burst. The cryptocurrency was particularly popular in South Korea, where the “Kimchi Premium” drove the token’s average as high as $3.84. Today, Ripple is down more than 90% and trading at $0.36 at the moment.
What’s good is that this downward trend has not stopped developers from continuing to build out the technologies that helped Bitcoin and other crypto networks scale to accommodate mainstream adoption. For instance, the median Bitcoin transaction fee has now fallen to more than a three-year low, and is now able to process about 75% more payments on a daily basis than it did the last time when fees where this low.
However, everyone is hoping for a new bull run – and no one knows when times like these will come.
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