Bitcoin Plunges 17% in a Week, While Ethereum Reaches New Record Highs

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Also another crypto firm founder, said that bitcoin had the potential to get to $60,000 in this year but due to its high volatility, it might also drop as low as $1,000.

Ethereum has enjoyed a strong showing since the start of 2018.

Over the past few months, the alternative cryptocurrency (altcoin) market has overtaken bitcoin, based on its dominance over the global market.

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Other popular and highly valued cryptocurrencies are also facing similar issues, with Ethereum being the only competitor to have fees in the double digits now.

The dominance of Bitcoin, i.e., the share of Bitcoin's market cap in the total market cap of cryptocurrency market, was 87 percent at the beginning of the year, which came down to 38 percent on December 31. Beginning the year at around $997, bitcoin experienced abrupt volatility in the last quarter as the currency witnessed huge buying interest in the wake of escalating tensions in the Middle East and East Asia, pushing investors to look at the virtual currency from the perspective of an alternate asset class with barely any accountability. The volume of investment in cryptocurrencies other than Bitcoin can be assessed from the rise in the combined market capitalisation of other cryptocurrencies. Other cryptocurrencies also rallied on the back of comparatively greater attention from people betting in the market. Reports after reports of authorities across the world clamping down on digital currencies, especially bitcoin, has led to a loss of over $150 billion in market capitalisation of the cryptocurrency market, Moneycontrol reports.

However, the analysts warned that investors may not realize astronomical gains, if digital currencies become a widely used form of payment.

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From the very beginning Bitcoin ecosystem, backed with blockchain technology, has listed its aspiring potential to streamline worldwide transactions without overheads among TOP 5 advances it brings to the surface. Therefore, investors should remain cautious when trading bitcoin and other digital currencies.

With regulators already investigating South Korean banks and their KYC and anti-money laundering policies, the banks linked to the cryptomarkets, it's getting hot under the collar for the exchanges and the government is looking to just throw cold water of the country's insatiable appetite for the cryptos. At one point, the value jumped to more than $19,000 for one unit.

This brings to another phenomenon of the year, the increased incidence of initial coin offerings or ICOs.

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Indeed, there are tough times for Bitcoin as the future of cryptocurrencies' King is being undermined by not only public scrutiny, but also by a lack of users' support. Comparatively, 2016 saw just 46 ICOs which had raised mere Dollars 96 million.

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