Bitcoin’s Soaring Value Short Lived

Bitcoin has had its ups and downs this year.

While back in March, the valuation of cryptocurrency bitcoin tiptoed above $1,000, it jumped to just above $1,400 at the beginning of May and soared above $3,000 earlier this month.

It appears the upward trajectory of bitcoin’s value has been short-lived.

News this Thursday revealed that bitcoin’s price dropped to its lowest point this month, taking a 12 percent fall to $2,185.96. As of late Thursday afternoon, bitcoin was back up to $2,366.

With bitcoin’s popularity, other digital currencies like Bancor and IOTA have raised significant amounts of funding, which was $153 million and $1.5 billion respectively. Some are saying that the rise of all of these digital currencies is what prompted cyberattacks on two major exchanges. The overall value of digital currencies as a result decreased from $117.21 billion on Monday to just below $100 billion on Thursday.