Winter is here. The cryptos are falling. While we had a good run (though for a short while) the world stopped and took notice of all the multiple cryptocurrencies and naysayers finally stopped bashing what they considered fake money!
The sudden crash is brutal. Even the legendary Bitcoin could not recover enough touch the heights that it did in December. Why are they crashing in value? Why is Ripple surging? What even is happening?
Fear not for we have all the answers for your questions.
- Why is Bitcoin falling?
Bitcoin is probably the most famous of all the cryptocurrencies. The percentage of it’s rise is incomparable. The fall in its current values may seem drastic, but one needs to remember that it is still at a much higher value to what it was in November, before the December Assent. On the 1st November ‘17, Bitcoin was at the value of $ 6750. On the 1st of January ‘18, it was at the value of $ 13,412. A clear high of $ 6662! Another thing that needs to be kept in mind is that, Bitcoin.Com’s co-founder and CTO publicly declared that he sold off all the Bitcoin in his name to invest in Bitcoin Cash. This plunged the faith of the people and hence the values dropped too. We still believe that the Bitcoin is IT for the long haul!
- Why is Ripple Surging?
Ripple was almost unheard of couple of months back. As more and more people became aware of Bitcoin and other cryptocurrencies, with the intent of wanting to invest, they realised that for short term investment, the most pocket friendly crypto is Ripple. It also boasts of shorter validation time and offers peer-to-peer cross currency exchange. Another factor that works in its favor is that the Japanese and Korean banks are now starting trials with Ripple for testing cross border payments. Now, what more does XRP need to shoot up. With Coinbase soon to list Ripple, its value is only going to rise. Shine on you crazy diamond!
- What even is happening to Litecoin?
Litecoin, the silver to Bitcoin’s gold. It bears remembering that Litecoin was the first fork in the Bitcoin Blockchain. The crash in its value is due to its own Judas. The founder of the Litecoin gave up all his Litecoin as he considered it as a conflict of interest. While this move can be considered to be very fair, but, it was the verbal bashing that he gave to the Litecoin supporters that broke the camel’s back. He even predicted that Litecoin can go as low as $14 in coming times! Talk of sinking one’s own boat!
- Bitcoin Cash! Why does it hop like it swallowed a frog?
Ever since the time of the prognostication of segwit2x fork (split) that was cancelled due to lack of consensus, there has been a bitter rivalry between Bitcoin and Bitcoin Cash. Some nodes even withdrew their their nodes from the Bitcoin Blockchain claiming scalability issues. This, and many other factors are making it a volatile currency. Be alert while trading in this one folks!
There you have it folks. If there are any other questions that you have for us, then do drop them down in the comments section below. Happy Trading!