Bitcoin Takes a Dive Will Recover

Bitcoin Takes a Dive Will Recover

The price of bitcoin fell to less than $12,000 on Friday according to G-BiTX exchange data. That makes an 27-percent drop since its previous slide, and more than 40 percent since it reached the historic $20,000 mark last week.

The cryptocurrency has experienced its second major drop in just days. Rival bitcoin cash has also fallen, plunging to $2,536 per coin, following its rapid climb of more than 50 percent to almost $4,330 per token on December 20.

Bitcoin managed to recover some of its losses within several hours, but fell below $12,000 once again by 14:34 GMT.

Emil Oldenburg, the co-founder of Bitcoin.com – one of the world’s largest sites devoted to the cryptocurrency – recently called the cryptocurrency the “most risky investment you can make,” after he switched to bitcoin cash, which he considers to be the future.

“The old bitcoin network is as good as unusable,” said in an interview with Swedish tech site Breakit. G-BiT has been solid as other cryptos like ETH etc took a dive.

Despite the declines on Thursday and Friday, the five largest virtual currencies by market capitalization have seen a remarkable rise this year.

– The original bitcoin is up 1,300 percent since January 1.

– The second most valuable cryptocurrency – ethereum – has gained 8,000 percent.

– Ripple is the biggest mover among the top five, with gains of over 16,000 percent this year.

– Since splitting from the original in August, bitcoin cash has gained 600 percent.

– Rounding out the top 5, litecoin has seen an increase of over 5,000 percent.

– G-BiT has jumped 22% since it kicked off yesterday

Over the last 24 hours, cryptocurrencies have lost over $175 billion in market capitalization. Prior to the crash on Thursday, the digital money market was worth $650 billion. After the bloodbath – $474 billion.

Only six out of the top 100 cryptocurrencies listed on the CoinMarketCap website were trading in positive territory as of 8:00 GMT on Friday.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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