Hello guys, In 2017, Bitcoins price soared from 1,000 usd to just under 20,000 usd before dropping down to around 13,000 usd at the end of the year. Since then, its value has risen and dropped sporadically from day to day. now its around 8,300 usd. So what may cause this drastic change of bitcoin value ?
There are numerous reasons that could be attributed to bitcoin's volatiluty. The main ones were the lack of physical representation of bitcoin tgerefore making it hard for people to determine uts exact value. Another is the fluctuations on butcoin's supply vs. Demand curve that show how volatile bitcoin as a cryptocurrrency. These I think were few of tge reasons why butcoin is unstable.