Leading cryptocurrency Bitcoin dropped this past week, leaving it below the $5,000 mark, the currency’s lowest since fall of last year.
And due to Bitcoin’s status as the most prominent cryptocurrency currently on the market, the drop has led to drops in other cryptocurrencies as well, leaving the future of these currencies in question, especially as the fiscal year nears its end.
Some have attributed the fall to Bitcoin Cash’s recent splintering, which formed two new currencies, each of them in opposition with each other, furthering competition in the market.
And while competition is healthy for an industry as a whole, it also means decreases in profits and the health of individual brands.
To put the fall in perspective, last year Bitcoin reached a high of almost $20,000. And while it could very well bounce back in a matter of weeks, there is no guarantee of recovery.
