«Dramatic Reduce of Bitcoin Exchanges
The current situation with cryptocurrency is not quite bright. The beginning of 2018 was quite unhappy for digital money owners, because it brought them bad news about prices and performances of BTC and other kinds of cryptos. At the moment, 1 BTC costs about $8400). Apart from tons of problems, connected with regulations and operations, digital money exchange websites report an enormous reduce of visits this month.
For example, February wasn’t a lucky month for such websites. After a significant increase of visits from December to January, the following month brought a significant reduce of visits. On the whole, the number of visits fell down by half.
Let’s have a look at Coinbase, which is one of the most popular website for cryptocurrency exchange. In December 2017 it was visited about 169 million times and in February we only see 61 million visits! It means a 50% decline in comparison with January’s visits of 123 million.
Another digital money exchange website is suffering from the situation, which is even worse. In January it was visited 31 million times and in February it had only 13 million visits.
The same situation we see at Binance, the third website for cryptos exchange which we’ve analyzed.
At the moment we see that situation with Litecoin is much better than the current situation with BTC. But on the whole we see the distrust in all types of cryptocurrencies, especially to BTC, which had the hugest popularity in the very beginning. And it’s not the first decline, because earlier we’ve already told you about Bitcoin’s plummet.
So why are people losing their trust in cryptos? What’s happening? What are the reasons? We can name two of them. First of all, we’ve been witnessing a very low price performance of all the possible types of digital money from January to February. And here we see that Litecoin seems to be doing quite well. Secondly, we saw a crazy rise of BTC value in the end of 2017, and this could make many investors pour money in BTC ecosystem. And the created situation will hardly ever repeat. This tremendous rise can be a reason for the following enormous plummet. Another reason is decrease of digital money usage and adoption.
By the way, the fees, following digital money transactions, have become lower too. Probably, that’s the only advantage of the current situation.