According to the industry reports, the fall has now surpassed the Nasdaq Composite Index’s 78 percent decline after the dot-com bubble burst in 2000. This drastic decline has spread a shock wave across the cryptocurrency investors who invested hugely on virtual currencies assuming its bright future.
On Wednesday’s the losses were led by Ether, the second-largest virtual currency. Ether fell by 6 percent to$ 171.15 at 7:50 a.m. in New York. Bitcoin did not see much change; however, the MVIS CryptoCompare index fell by 3.8 percent. According to CoinMarketCap.com, the value of all virtual currencies tracked by slipped to $ 187 billion, a 10-month low.
The virtual-currency experiences massive popularity in 2017, as Bitcoin prices inflated significantly and it was predicted that Bitcoin would become “digital gold”. It was expected that the blockchain-powered tokens would reshape all industries ranging from finance to food. However, the bubble of this hype soon bursts and soon the Bitcoin prices hit the rock bottom