Bitcoin Bounces Back After Holiday SlumpWhile some industry projections peg that 2016 will be a better year for bitcoin, the digital currency sure stuck to its volatile reputation last week when it took a hard hit just after Christmas.
Following the holiday, bitcoin’s price took a dive of roughly 10 percent, according to price trackers, which showed that it dipped as low as $411.16 on Dec. 26. That’s a far dip from its December peak of $466.63 on Dec. 12. For the most part, bitcoin had been rising throughout December, giving hope that January would start out strong.
While yesterday’s price was only $421 in the early evening, the trends show that bitcoin could be on the mend after its most recent price slump. Some bitcoin industry data, such as tracking provided by bitcoinity, daily transactions dropped recently as much as 14 percent.
But dipping during the holidays isn’t anything new for bitcoin, as it followed the same trends in 2013 and 2014. This has typically been attributed to a dip in transaction volume and less bitcoins being traded.
Per usual for bitcoin, in just a few days following Christmas, it was able to spike back to more normal levels for the more recent price trends. Transaction volumes are on the rise, according to reports, and bitcoin exchanges have reported their trading volumes are going back up.
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