2017 was a breakthrough year for cryptocurrency. Its combined market cap soared to unprecedented heights, leading to lots of media attention and celebrity endorsements, such as Paris Hilton and Floyd Mayweather, for Bitcoin and other similar currencies.
In 2018, however, the skyrocketing ascent began to turn around. In December 2017, one Bitcoin was valued at almost 20,000 U.S. dollars. By the the end of July 2018, the digital currency’s price was just above 8,000 U.S. dollars. Now, in the middle of August, the blockchain-driven coin is worth around 6,500 U.S. dollars.
However, as Statista’s Raynor de Best notes, this price drop could present new investors with an opportunity to enter the market. The latest results of the ING International Survey show that relatively few consumers have invested in Bitcoin or other virtual currencies.