November has seen another dramatic turn for cryptocurrency Bitcoin, with its value dropping drastically in just two weeks by 40%. This plummet in value has virtually wiped out all the gains the cryptocurrency made in 2018, reseeding doubts around Bitcoin's viability as a sound investment, with the currency valued at $3,520 for XBT1 in recent days.
The fall in value contrasts heavily to the state of the cryptocurrency for the same period last year, as Bitcoin passed the $15,000 mark and peaked at just under $20,000 heading into December. By January, however, it had lost 50% of its previous month's value and was down to $10,000 for 1XBT, slowly losing its value ever since.
The last two weeks has, however, resulted in a marked acceleration in that value loss which many have attributed to 2018 "forking craze". These "forks" are spinoffs from the original Bitcoin whereby developers have cloned its software and relaunched it with a new name, new coin and some new features, utilizing the familiarity of the original coin to drum up interest in new offerings.
Forks such as Bitcoin God, Bitcoin Clashic and the other estimated 100 new variations of Bitcoin which have come out in the last year since Bitcoin peaked have all experienced drops in value. Bitcoin Cash has been one of the most successful forks to emerge and was also one of the most stable coins through this valuation dive, only experiencing an 8% drop in value this month.