• Motorburn
      Because cars are gadgets
    • Gearburn
      Incisive reviews for the gadget obsessed
    • Ventureburn
      Startup news for emerging markets
    • Jobsburn
      Digital industry jobs for the anti 9 to 5!

Bitcoin was stupidly cheap this weekend, now hovering around R55k

Bitcoin didn’t have a good Thanksgiving.

Whether it was the dry turkey or the grainy pumpkin pie, the cryptocurrency has lost some 40% of its value in the past two weeks, falling to below US$4000 (R52 364) on Saturday.

Compare this to its high water mark of US$19 666 recorded late in 2017, and the digital currency has lost three-quarters of its value in 2018 alone.

At present, Bitcoin has recovered slightly, standing at just below R55 000.

Other cryptocurrencies, which also didn’t fare much better during the Thanksgiving-Black Friday mayhem, have largely recovered.

Ripple (XRP) — a cryptocurrency that’s fast becoming a heavy hitter in the industry — also fell slightly but rallied to a 9% increase on Monday. With that said, it’s nearly 90% below its healthiest state.

Ethereum, the third largest cryptocurrency based on overall market cap, has also recovered by 8% since Saturday’s lows. It’s now worth US$115.94.

Bitcoin Cash, Litecoin, and Monero have also seen gains between 6.6% and 11% on Monday.

Feature image: Mirko Tobias Schäfer via Flickr (CC BY 2.0)

Author | Andy Walker: Editor

Andy Walker: Editor
Camper by day, run-and-gunner by night, Andy prefers his toast like his coffee -- dark and crunchy. Specialising in spotting the next big Instagram cat star, Andy also dabbles in smartphone, gadget and game reviews over on Gearburn. More

More in Bitcoin & Blockchain

'Fifty Shades of Blockchain' is the smut the internet really needs

Read More »