i'm new to the bitcoin community so i'm just very curious about what causes the prices to sometimes skyrocket but then drop really low so quickly. Thanks
There are some causes why bitcoin didn't stay for a awhile in a value. . Cause of some reason that depends also in market situation which is the more using of the currency the more of chances that its keep rising its value cause as iknow it depends also in the market rate . And some reason also why bitcoin has a volatility attitude beacuse of the china . They decided to banned some of the ICO and aslo affect on the bitcoin value. in the past week it has a deeper drop but as of know its gaining more strength.thats are the reasons why bitcoin keep volatile its value..
And i hope that there are no more issues emerge that can stop bitcoin and reach our predicted value as well
The main reason to its price change is attraction of user to it, as investors are investing properly on daily basis price will stay up as investor got panic by some rumors and start selling this will bring down the values and it will not be helpful to both investor as well as to bitcoin so advise to investor is stay calm and keep investing profit will be yours.