The value of bitcoin BTC has been declining dramatically over the past couple of months, and over the space of two to three months, the digital currency has lost 50 percent of its value. What is happening to bitcoin is quite simple, the interest, as well as the value of the coin, is melting away gradually.
What Happened to Bitcoin?
About twelve months ago, people were curious. Barely six months ago, investors were desperate for information, but the fire is no longer there right now. Even those criticizing the coin and saying it is worthless don’t seem to have many reports about the coin lately.
To a large extent, the digital currency has lost its way, and only a couple of people believe it to be an efficient means of selling or purchasing anything.
A Store of Value?
This might be associated with bitcoin, but as the value of the coin continues to erode, this might be up for questioning. Bitcoin (BTC) was worth “just” $2,500 by this time last year, so based on its current price, the digital currency had made a good twelve months return.
The value of the coin was even barely $600 by this time in 2016, and it has created a great twenty-four months return. Early investors have benefited greatly from the coin and that performance shouldn’t be dismissed.
Can Bitcoin (BTC) Regain Its Mojo?
The digital currency can regain its mojo, but what might help the coin right now is for it to assert the proposition of its value. The value of the coin over time is a product of the value it provides owners and users.
Until there are more tangible uses and increased adoption, the digital currency might plunge further as it lacks momentum to drive the price to its previous highs. With this trend, another digital currency might take its position in the coming months.