In July, when the majority of investors within the cryptocurrency market panicked over bitcoin’s abrupt price drop, bitcoin and security expert Andreas Antonopoulos stated:
“The reason bitcoin price is dropping is the rapid 1500% rise in 2 years, especially the last 3 months. The ‘scaling debate’ is just a trigger. Relax.”
Similarly, most cryptocurrencies in the market including bitcoin, Ethereum, Bitcoin Cash, and Litecoin have demonstrated exponential increase over the past few months, without major corrections. The bitcoin price surged to $11,300 from $6,000 in November alone, while the price of Ether surpassed the $400 mark for the first time since September.
The price of leading cryptocurrencies has exploded and surged rapidly within a one-month span, with nary a correction or sharp decline in value.