Published: Sat, January 13, 2018
Business | By Tara Barton

No Bitcoin for Bitcoin Event

No Bitcoin for Bitcoin Event

The past few weeks have been a wild ride for cryptocurrency. Although now not backed by any government, cryptocurrencies are very different from fiat currencies, the values of which are inflated due to the constant money supply provided by central banks-compared to a specific number of bitcoin in circulation that is fervently supported by individuals and traders, in spite of its high volatility and risks associated with hacking. Let's take a look at how these major currencies are performing.

Last year, Bitcoin has seen unprecedented demand in South Korea attracting a wide range of new "investors" from college students to housewives.

The news hasn't been great for cryptocurrencies all around.

It may not only be China and South Korea looking into crytocurrency exchanges.

This brings to another phenomenon of the year, the increased incidence of initial coin offerings or ICOs. This has not been without problems, with numerous dozen or more cryptocurrency Exchanges in South Korea been subjects to raids in the last week for alleged tax evasion.

The report states further that for now, Bitcoin could be money at least in theory and might attain such status if "it proves capable of facilitating transactions at a low cost and/or providing better risk-adjusted returns for portfolios". At the end of the year, no currency other than Bitcoin had a share more than 15 percent of the total market cap of all cryptocurrencies.

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The value of Bitcoin and its rivals plummeted by nearly 15% following an announcement from the South Korean Government regarding the preperation of a bill banning the trade of virtual currencies.

Still, it's important to keep in mind that this currency could soon bounce back.

During the past year, the investors were not bullish on Bitcoins only. A drop of 50% is significant, but considering the fact that the majority of currencies are performing poorly, it may not be something to be too anxious about.

However, bitcoin and Ethereum have fundamentally different purposes. Yesterday, the currency reached an all-time high at above $1400, smashing through the $1000 barrier for the first time in its history. It appears as if Ethereum has taken the lead today, with a roughly $40 billion lead over Ripple due to the massive drop the currency experienced today. Ripple, the third-largest cryptocurrency, went down by 15% according to Coindesk.

Dubbed the "Chinese Ethereum", NEO has performed as exceptionally well over the past few days - just like its cousin. Throw in all the other cryptocurrencies out there and the potential for instability skyrockets. As per the industry site BitInfoCharts.com, the average bitcoin transaction fee is now estimated to amount $30. However, one can not deny that currencies other than Bitcoin have generated increasing interest from the investors.

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