Bitcoin crashes to year-low after surging in 2017 3 weeks ago

Bitcoin crashes to year-low after surging in 2017

It's not a good time for Bitcoin.

Last November, Bitcoin surged to its most valuable level in its history — with one BTC being worth roughly $20,000 (€17,460).

This explosion eventually levelled off and Bitcoin's valued dropped sharply, eventually setting at less than half of its peak valuation for most of 2018.

However, on Monday the cryptocurrency reached its lowest value in over a year, and 1 BTC is now worth about €4,360 — more than a 75% decrease since its high point at the end of 2017.

Many are attributing the fall in value to a split that occurred in the currency last week, when an offshoot of the original currency - called Bitcoin Cash - forked into two. The fall has served to highlight the volatility of the cryptocurrency.

The total value of Bitcoins in the world now stands at roughly $87bn (€76bn).

In the aftermath of the latest Bitcoin dip, other major cryptocurrencies, such as Ethereum, are also experiencing decreases in their value.