The value of bitcoin is been struggling for some days now, as it continues its perpetual roller coaster ride. But according to bulls, the digital currency is still far above its major lows this year. While that is true, the digital currency is still substantially down compared to its highs late year.
Bitcoin Is Not the Only Struggling Digital Currency
Across the crypto-board, bitcoin is not the only digital currency that is struggling right now, as host of other leading digital currencies are also following the trend. In mid-April, almost all the leading digital currencies experienced a significant increase in their values, including bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, and much more.
But a few days later, there was a drastic decline across the board, and it has it been a roller coaster ride ever since. In the second half of 2017, bitcoin saw a major increase in its value, and it got to an all-time high of $20,000 in December last year. But the digital currency saw a drastic decline earlier this year, and it lost about 48 percent of its value in February.
According to coinmarketcap.com, bitcoin began this year at $14k. That is more than $5k above its current trading value. On the 6th of January, the digital currency got to its all-time high of 2018 at $17,520.
Ethereum, which is the second largest digital currency based on market capitalization, also saw a dramatic decline, though to a much lesser degree. The digital currency started this year at $756, and it is presently trading at about $730, as at the time of writing.
This digital currency also experienced a massive decrease, as it lost 67 percent of its value and went from $2.3 down to $0.75.
Bitcoin Cash was not left out in the contagious effect across the board, and this digital currency also lost 43 percent of its value and went from $2,534 down to $1,454.