According to market tracker Coinbase, Bitcoin is currently selling for $8,962.30 that marks a dramatic decline of $2,025.46 in the last seven days.
Emil Oldenburg, the co-founder of a Bitcoin exchange website, declared that the cryptocurrency was “virtually unusable” as he revealed that he has “switched to Bitcoin Cash”.
He said: “An investment in bitcoin right now I would say is the riskiest investment you can make.
"It is an extremely high risk. I’ve actually sold all my bitcoins recently and switched to Bitcoin Cash.”
GettyBefore the current downward trend, crypto markets had seemingly been steadying
Bitcoin Cash is currently worth $996.36 at the time of writing and has also seen a dramatic decline in the last week.
The virtual currency’s value has fallen by $276.06 in the last seven days - a percentage decrease of 21.7 per cent.
The current downward trend of crypto exemplifies the volatile nature of the market.
Bitcoin’s current value is a stark contrast from the whopping price of $19,535.70 that it reached last year, setting a new record for the virtual currency.
Before the current downward trend, crypto markets had seemingly been steadying.
As the value of Bitcoin surely gives investors reason to worry, some have suggested that Ripple could overtake the leading cryptocurrency.
Ripple, also known as XRP, was forecast by industry analyst Roman Guelfi-Gibbs, Director of Operations at Pinnacle Brilliance, to see big growth next year.
The crypto expert stated: “Ripple certainly has the potential to move up a notch in 2018, but I think it will be more likely in 2019.
“As the market observes more projects being coded in other algorithms such as XRP, Ethereum will likely take a backseat to the next big coin.
“It will take some time for the markets to digest this, so I am projecting 2019 to be the likely time for it to take place.”
GettyThe current downward trend of crypto exemplifies the volatile nature of the market
GettyBitcoin's price has plummeted by over $2,000 in the last week
The CEO of Ripple, Brad Garlinghouse, declared that a key to XRP’s success will be its ability to work with crypto regulators going forward.
He explained: “It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system.
“The blockchain revolution is happening from within the system it’s not going to happen from outside the system.”
Bitcoin came under renewed pressure earlier this week after the US Securities and Exchange Commission stated the exchanges offering the trade of "digital assets that are securities" would have to register with it.
Last year a slew of regulatory scares added to the tumultuous nature of Bitcoin, causing values to plummet.