Counting Costs of Bitcoin’s Big Three Drops of 2017

A lot has happened in a week for Bitcoin. The on-again-off-again plans for SegWit2x were officially put on ice and the effervescent Bitcoin celebrated by reaching yet another all-time high of $7,888. However, what comes up, must come down.

Bitcoin then went into a spiral as a number of factors influenced its latest drop of 29 percent, which saw $38 bln wiped clean off the market cap. Bitcoin Cash managed to profitas it hit new highs, but things are already returning to normal.

Not even the biggest dip

Since Friday, Bitcoin crashed as much as 29 percent as the market reacted to the news that blocks would no longer be getting bigger for Bitcoin. And as such, the alternative was to look into Bitcoin Cash.

It was a busy weekend for Bitcoin Cash, which rose as much as 40 percent and even overtook Ethereum as the second biggest cryptocurrency for a brief time.

Bitcoin Classic, which also shut down at the end of last week, gave its parting shot at Bitcoin, stating that rival Bitcoin Cash would overtake the original within six months.

However, despite this drop, which cost Bitcoin $38 bln, the currency has seen bigger falls this year alone.

In September, after surviving the fork of Bitcoin Cash, Bitcoin slumped as much as 40 percent as the Chinese government took their stance against the digital currency while Jamie Dimon also timed his vitriolic attack.

Prior to that, and leading to the hard fork on Aug. 1, there was a lot of fear and uncertainty around the digital currency’s future which saw it dip expectedly by about 38 percent…

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