Crypto Prices Have Dramatic Fall In Q1 2018

mcminer | March 30, 2018 | 0 | Latest News

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Cryptocurrency prices have had dramatic fall in prices in the first quarter of 2018. With the continuous threat of regulation, hacking scandals and a bullish start to the year, prices have since dropped dramatically. In this time difficulty also increased dramatically for all cryptocurrencies. Though times ahead for GPU miners.

Bitcoin Analysis

Bitcoin price chart
Bitcoin price chart source: coinmarketcap

Price 1st Jan 2018: $13,555 USD

Market Cap 1st Jan 2018: $227,402,425,448 USD

Price 29th March 2018: $7232 USD

Market Cap 29th March 2018: $122,559,762,111 USD

Price Change: -$6323, (-46.64%)

Market Cap change: -$104,842,663,337

Peak Price High: $17,375.90 (Jan 6th)

Peak Price Low: $6194.33 (Feb 6th)

Mining Difficulty Change: +79% 

Since the 1st of January, Bitcoin saw a 46% price drop from the 1st Jan to 29th March. Bitcoin however is still profitable for Asic miners who use Antminer S9 Asics. Bitcoin mining difficulty increased over 79% in this period, this has thus reduced this profitability and will continue to increase in the future. Over $120 billion has been wiped off bitcoins market cap since 1st January. However its price has rallied slightly up over $1000 since Feb 6th.

Ethereum Analysis

Ethereum price chart
Ethereum price chart  source: coinmarketcap

Price 1st Jan 2018: $752.64

Market Cap 1st Jan 2018: $72,776,881,775

Price 29th March 2018: $448.45

Market Cap 29th March 2018: $44,159,088,121 USD

Price Change: -$304.19 (-40.41%)

Market Cap change: -$28,617,793,654

Peak Price High: $1,412.12 (Jan 13th)

Peak Price Low: $446.28 (March 29th)

Mining Difficulty Change: +59%

Ethereum had a great start to the year with prices nearly doubling by the 3rd week of January however has had significant drop off in price from Feburary to March. Ethereum difficulty has now hit a point with the price which makes it much less profitable for average miners. Difficulty will hopefully drop off slightly to ease the cost on miners, however large scale mining operations with lower electrical costs can maintain higher profitability.

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