Bitcoin Crash November 2018
Bitcoin is a technology which nobody owns, like email. Developers are improving the software. They can't force a change in the Bitcoin Protocol, because all the users are free to choose what software and version they use. Bitcoin is used by businesses like restaurants, apartments and law firms, as well as individuals. While Bitcoin remains a relatively new phenomenon, if fell drastically this November.
This popular cryptocurrency fell to below R55 000 and is down since last year this time from over R100 000. The market was very volatile and there were quite a lot of sharp declines this month. It went from bad to worse with a fall of more than R30 000 in two weeks.
The coin market cap is currently R832 Billion - down from last year November 2017 to R1780 Billion. At writing time Bitcoin is trading at almost R55 000, so it remains in the red. Ripple, an altcoin, also declined with 5.3 percent. Hundreds of other virtual coins also went down with the price fall of Bitcoin. Dead coins are listed around 800, that is effectively worth nothing, the National website reported in June 2018 after Bitcoin went down that month.
There is still hope for Bitcoin, because there are a lot of people who are still in the game. Bitcoin may not go to zero but the gap between Bitcoin and other altcoins are huge and it can be a sign that the gap will grow smaller. Investors say the best investment is with new coins which enter the crypto market.