What Is Causing The Current Drop In Bitcoin’s Value?

Many people see the drop as a consequence of the many unresolved problems bitcoin has with its infrastructure. Also, BTC buyers have complained that they wanted to use bitcoin for anything but they hit a wall with the crazy transaction fees bitcoin has. These fees have gone up over the years because the network continues to grow each day.

If you remember, last year people were hyped about the price of Bitcoin growing incredibly and reaching somewhere above $19.000. This was the biggest rise in its value since Bitcoin was created. Because of this hype, people really wanted a piece of the cake with the intention to make two or three times more money in a very short time rather than waiting for a long, much healthier investment. Nobody was paying attention to the technology behind it, only money making was a priority. These are the dangerous steps that led to these kinds of situation.

Despite the fact that Bitcoin was created as a breakthrough technology with a very high potential for great changes in the banking industry, many less informed users swamped the opportunity of speed gaining. Also, new users who got to the scene later were only used in growing trends in the price and they weren’t really ready for a crash like this.

Many also believe that this is a healthy dip in price and will bring to a better optimization on the cryptocurrency. Analysts also believe that in late 2018 the demand for all cryptocurrencies is expected to rise extremely because people will learn more about them and will want to use them more especially Bitcoin because its the most known one.