Cryptocurrency market begins to stabilize
The year 2018 hasn't been a really good start for the world of cryptocurrencies as in the month of January alone we had seen numerous bad news that has affected the cryptocurrency market quite a lot. Most of the bad news was about countries banning and regulating cryptocurrency trading.
Image source: www.nichemarket.co.za
The market seemed to be performing really well from the ending days of December and right up to the first week of January, but after that, the market just kept falling and falling and it suffered a loss of billions of dollars. The cryptocurrency market cap reached more than $800 billion on 7th January but it dropped to around the $390 billion mark at the start of February. The price of Bitcoin was also severely affected as it dropped to the $7,900 mark.
The good news is that the cryptocurrency market seems to be stabilizing and recovering from the loss. Although the market has recovered quite a bit, the cryptocurrencies are still well below their all-time high values.