We are waking up to the news that some virtual currencies have dramatically lost value overnight, causing the price to plummet, meaning that now could be the perfect time to invest, as they are likely to increase again.
In just over an hour, the price of Bitcoin has fallen by over $1,300, and other coins such as Ethereum and Dash have all fallen by approximately 20%. Cryptocurrencies, and in particular popular coins like Bitcoin, Ripple and Ethereum are all very volatile and it is not unusual to see a crash in price, before this then increase.
This is why, for some investors, it is the perfect time to buy more coins, whilst they are cheaper and then sit back and watch them increase in value again. The reason behind why the value drops varies. Bitcoin has seen a decrease in price over the past few days, and a large reason for this, seems to be thanks to the new South Korean regulations surrounding cryptocurrencies.
Bitcoin is at an all time low for this year; however, it is likely that the price will soon pick up again, particularly as they have just launched Bitcoin futures contracts.
All of the top 20 cryptocurrencies by market capitalisation have been experiencing losses, and are currently in the red today. In fact, the overall market capital for all tokens is approximately $584.9billion now, which is down from a high of $832billion which was seen just over a week ago.
Keen investors though should be investing now, whilst the price is still low, and they can then sit back and watch as the value starts to creep up again.
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