Bitcoin, Ethereum and other cryptocurrencies value seems to be going down after last week’s uncontrolled increase in value. During last week the Bitcoin’s value increased to a record $19,500. This represented an increase of $7,500 compared to its valuation of $12,000 just a week prior.
Although the new tide seems to be turning as Bitcoin saw a massive dip and fell below $13,000 on this Firday. Bitcoin is not only blockchain currency that’s seen a major fall in its value, as other major cryptocurrencies like Litecoin, Ethereum and Bitcoin recently experienced devaluations equivalent to 32%,28%, , and 37%, respectively.
According to experts this new massive fluctuations in prices are a result of the investors’ anxiety that the recent increases in their value represents a bubble, which will soon be followed by major losses. Another contributing factor to the fall of bitcoin specifically are the transaction fees, which reached an all-time high of $50 on average this week, doubling in as many weeks.
Bitcoin has seen similar, sudden falls in value before, and not only stabilized but also inflated in value soon after. Some experts already believe the future price of bitcoin will be at least $25,000. Indeed, the currency is already on an upward trend again, jumping back to a $15,000 valuation at the time of writing.
Regardless of whether the digital currency can maintain its current heights, the volatility in its price was enough for Steam to drop support for earlier this month, and other services may soon follow.