Is it common for coins to plummet in value like they are now?

[Pounds]

I just started mining Litecoins a week ago so I've never followed crypto-currency values before. Do they often crash like they did this week? Litecoins were $30 like 3 days ago, but are now around $22. Anyone that's followed coins for longer than me, do you often see coins drop 20% in a week before going back up? It's been fun mining, but at this rate, they won't be worth the electricity they cost.

 

http://coinmarketcap.com/

 

Link to the last 7 days value of different coins. Looks like everything's dropped like mad.

[Unhelpful]

...Well... This is kind of a new thing... With not a huge amount of precedence. So.. Who knows?

[helping]

it's because of China

[Pounds]

it's because of China

 

Ah - never saw anything about that. Just read an article. Well that bones. Makes me want to sell my card 7970 and grab a 780 before the prices drop on ebay.

[_ASSASSIN_]

I just started mining Litecoins a week ago so I've never followed crypto-currency values before. Do they often crash like they did this week? Litecoins were $30 like 3 days ago, but are now around $22. Anyone that's followed coins for longer than me, do you often see coins drop 20% in a week before going back up? It's been fun mining, but at this rate, they won't be worth the electricity they cost.

 

http://coinmarketcap.com/

 

Link to the last 7 days value of different coins. Looks like everything's dropped like mad.

has to do with the adoption of the coin. The reason it dropped recently is because China declared Bitcoin not a real currency, even having is banned for use in real places over there. people freaked out as it's a huge body with one of the largest and ever-expanding economies in the world. If they say that, it undermined the entire premise of the currency, based on the faith of the people to place a value If it's not a real currency, it has no value, so people started selling it cheaper so they could get rid of it before it "became useless". Now then, the US or EU has yet to really speak of crypto currencies, but when they do, they probably will determine the faith of these currencies. If they redeem the currency, then you will most likely see a boost in the value of the coins, if not, it will probably become useless since people use bitcoins not as a true currency, rather as just an exchange of US dollars primarily.

link to the whole china thing- http://www.coindesk.com/bitcoin-china-statement-interpretation/

[Kamina]

It's because it became mainstream and the casuals had to ruin it for everybody.

[_ASSASSIN_]

It's because it became mainstream and the casuals had to ruin it for everybody.

says Doritos and Mtn Dew triple XP weekend yolostrats casual plebian himself

[Imabigmac]

These fluctuations is this currency will fail in matter of time.