Bitcoin, the biggest cryptocurrency in the world, enjoyed a gargantuan surge ever since Donald Trump's victory in the US presidential election held on November 5. It is not just Bitcoin; other major names in the digital currency space, including the likes of Ripple, Ether, and even Doge, have seen a spike in their value.
Bitcoin In Decline?
In the past week, Bitcoin even attained the historic feat of crossing USD 1,00,000 for the first time in its history. This surge was of course augmented by the appointment of the crypto-friendly Paul Atkins as the next head of the Security Exchange Commission (SEC).
However, in the recent past, a wave of decline appears to have hit the digital currency. In the past five trading days alone, the value of Bitcoin slumped by 2.48 per cent or USD 2,475.31.
Bitcoin
In the bargain, the value of Bitcoin dipped below the coveted USD 1,00,000 mark after its euphoric rise. This has taken the overall value of Bitcoin to USD 97,419.86
This many not seem like a major downturn, and may fall pale in comparison to the astronomical surge it has seen over the past month and more, this once again serves as the reminder of the extensive volatility that comes with supposedly safe means of monetary transaction and accumulation.
Ether
The story was no different with other major names in the crypto world. Ether or Ethereum also saw a major dip.
In the past five days alone, the value of the currency have declined by an even greater 8.48 per cent or USD 339.75. This has taken the overall value of Ether to USD 3,665.39.
Ripple
Meanwhile, Ripple, another crypto coin also declined. Ripple declined by 3.83 per cent or USD 0.09. This took the overall value of the crypto currency to USD 2.34.
It remains to be seen whether this trend continues or will the series of surge return to this new asset category.
