With the last month of 2018, Bitcoin spiraled downward. The world’s largest cryptocurrency went down as much as 8% percent on Monday, as per the data of CoinDesk, after ending November, to a low of around $3,970.76, in contrast to last year where Bitcoin started to climb to almost $20,000 finishing December at 40%. The surge was all because of the many retail investors buying in.
It Keeps Going Down
However, it has been a completely different story this year. With Bitcoin going down to 7.3% Since the beginning of January, during the entire cryptocurrency market capitalization went down to 80%, the 24-hour trading volumes of Bitcoin fell to 5.6% percent since January 1 of this year.
According to CoinMarketCap, XRP, the second-largest by market value in the world, also went down by 5 percent, Ether by 8% and so are other cryptocurrencies fell on Monday.
A look into the year of Bitcoin’s Performance
Analysts mentioned that the crackdowns by the US regulators and breakdown in critical technical levels are the main reasons for the slow price decline in November. After Bitcoin failed to stay beyond the necessary support level amounting to $5,850, Michael Moro, the CEO of Genesis Global Trading, said that it didn’t take much for the price to crumble.
There are still some optimists in the industry. Referring to the study from Glassdoor.com, Mati Greenspan, senior market analyst from trading platform eToro, showed bitcoin blockchain occupations rose a whopping 300% in a year and has never been so in demand. He added how cryptocurrency still shines brightly for the coming new year.