Read our latest article Cryptocurrency News January 2018 in order to learn about the huge price drop in Bitcoin, its impact on other coins, and how crypto mining industry will be impacted by these changes.
Earlier this month, in our “What will Bitcoin be worth in 2018?” post, we have discussed possible scenarios for Bitcoin in 2018. Some argued that Bitcoin is simply a bubble that people should not trust. Sexo Bank, a Danish Investment Bank that is famous for their Outrageous Predictions lists, predicted that the price of the Bitcoin will fall down to $1,000 in 2018. If the current trend is the beginning of their prediction, it is a little bit early in the year.
On the other hand, some argued that the price of the Bitcoin will rise to $40,000 (and even to $100,000 eventually) after its debut in major exchanges. To be honest, the trend in the first three weeks of 2018 doesn’t look promising for $100,000. Bitcoin had a peak value of $19,343 on December 16, 2017. After a month, it was reported that the price of Bitcoin briefly dropped under $10,000 on January 17, 2018. After the huge drop on January 15th, the price of the Bitcoin seems to be stabilized between $11,000 and $12,000.
Meanwhile, almost all other cryptocurrencies are also suffered from this trend. Indeed, most of them had double-digits price fall on the same day. Etherium, Ripple, IOTA, and DASH are some of the cryptocurrencies in the top 20 based on coin market caps, which impacted by this trend. Just like we didn’t have a clear idea of why the price of the Bitcoin (and other cryptocurrencies) was rising so rapidly in the last quarter of 2017, we are unsure of the driving forces for this drop.
Despite this market slide, many manufacturers and industry leaders foresee that cryptocurrency mining will keep its rise in 2018. Apart from the price of the cryptocurrencies, energy consumption is still one of the biggest factors for mining. Moreover, more companies are investing in blockchain solutions and supporting cryptocurrencies.