Bitcoin Price Sinks as Trading Volume Craters to 2-Year Low

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Bitcoin Price Sinks as Trading Volume Craters to 2-Year Low

Bitcoin prices have dropped about 7% in the last 24 hours, with trading volume falling to a two-year low. At 19:39 UTC today, the price of one bitcoin token was at $10,656, having risen to $11,432 only hours before.

The top ten most valuable cryptocurrencies in the world have all seen huge price declines in the last 24 hours, with bitcoin, Litecoin, Ethereum, Bitcoin cash, Tron, Neo, Eos, and newcomer Huobi Token all falling by more than 5%.

While the price of bitcoin (BTC) has risen in recent months, trading volume has fallen to a two-year low. On March 4, there were 195,500 verified bitcoin transactions occurring throughout the globe.

That amount was just marginally higher than the all-time low of 180,000 verified BTC transactions on February 26, 2018. Those were the lowest volumes since March 2016, when bitcoin prices ranged between $380 and $410 per unit.

According to industry experts, the reduction in trading volume is unusual, given that transaction costs are at their lowest in months.

“The decline comes as Bitcoin battles to reclaim the sky-high USD value it attained late last year, when it topped $20,000 on several major exchanges,” the Coin Telegraph said.

While the prices of bitcoin, Ethereum, and Ripple vary on an hourly basis, it seems that the cryptotrain is unstoppable as media excitement grows and blockchain—the technology underlying bitcoin—continues to win over doubters who are bullish about its fintechapplications.

Cryptocurrency supporters believe that digital currencies will gain mainstream acceptance in the coming years. The Winklevoss twins, Cameron and Tyler, projected in February 2018 that Bitcoin’s price will reach $320,000 per token in a few years. Cameron says bitcoin naysayers have a “lack of imagination” in dismissing what he believes will be the wave of the future.

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In contrast, economist and Harvard professor Kenneth Rogoff told CNBC yesterday that BTC values are more likely to fall below $100 per token in a few years when people awaken from their crypto coma.

“If you exclude the prospect of money laundering and tax avoidance, [bitcoin’s] practical usefulness as a transaction vehicle are quite tiny,” said Rogoff, the former International Monetary Fund head economist.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and neither Investopedia nor the author suggest that you do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.

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