Bitcoin was stupidly cheap this weekend, now hovering around R55k

bitcoin mining price Mirko Tobias Schafer flickr cc by

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)

Andy Walker
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