it recorded this week. The cryptocurrency reached an all-time $11,434 this
week, creating an unprecedented surge in traffic as everyone wanted to get a
hold of the world’s biggest cryptocurrency.
over $2000 off its highest value of $11,434, and dropping to as low as $9,009,
a drop which represents a 20 percent fall in value for the world’s biggest
all-time $10,000 high during the week amidst heighten concerns from industry
observers that the cryptocurrency was in “bubble”, considering that
it ended September a little above $4,000.
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Bitcoin, investors were in a rush to buy and sell, leading to huge exit, a
development that is seen as a major reason for the fall. David Mondrus, chief
executive of Trive, a blockchain-based platform sums it up as thus: “After
doubling in such a short period of time, people are taking profits. Issues in
the exchanges add to it without a doubt. When you have a lack of stability to
exit, then people dump in order to exit faster”
that Bitcoin would experience this as it has fallen by at least 25 percent in
three separate occasions in 2017 alone. It has since risen from $9,009 to
10,087.79 as at the time of this report.