Cryptocurrencies including Bitcoin, Ripple and Ethereum continue to track lower in 2018 after their remarkable price surge over the final quarter of 2017 saw the likes of Bitcoin sell for above US$19,000.
That price surge may prove a once-in-lifetime event as since then Bitcoin has shed around 66% of its value to leave many crypto speculators underwater in need of a snorkel.
As at 10.10am AEST today, Bitcoin is changing hands for US$6,340, with Ethereum at US$169.80 (a new 52-week low) and Ripple at 0.2743. A host of other ‘popular’ online currencies are also miles off highs set around 10 months ago.
In fact the crypto fever over the hot Southern Hemisphere summer months of 2017/18 appears broken, with the main hope of crypto evangelists being a resurgence in demand for the digital currencies.
Whether that happens or not is anyone’s guess, as the price of cryptos move in mysterious ways given their shadowy background and lack of an intrinsic value.
It’s possible that another bout of crypto fever grips the world to send the bitcoin price back to US$19,000, although it’s also possible the price breaks back to US$1,000 as a result of a group rush for the exits.
Either way crypto speculators are in a for wild ride as sentiment over cryptos’ prospects swings over the 12 months ahead.