Cryptocurrency analysts are learning that certain things cannot be taken as a given in the fast-moving space. This week, the much-hyped Consensus 2018 conference drew thousands of blockchain and digital currency enthusiasts together for a multi-day event in New York City. Many analysts expected that the activities would provide a slight boost to the overall cryptocurrency market. However, in contrast with expectations, nearly all of the top 15 digital currencies are down by a sizable margin heading into the last day of the week.

Consensus a Dud?

Bitcoin had previously been aiming for the $10,000 threshold once again, finally climbing back up in value after a few weeks of middling performance. As of this writing, though, is is hovering much closer to $8,000. Indeed, 14 out of the top 15 digital currencies by market cap have all seen losses since local highs earlier in the week. The only one currently not experiencing losses is Tether, which has essentially remained stable over the past 24 hours. Altogether, the cryptocurrency space has lost about $52 billion in value this week.

Why the drop? It could be that analysts expected a surge from Consensus due to an influx of new buyers. However, with so many new investors having already piled on during last year's major rally, there may not be that much space for new investors to join, according to Fortune. Another possible reason could be a lackluster conference itself; as blockchain logistics company VeChain Tech CEO and Consensus speaker Sunny Lu suggested, "the quality of projects and speakers were not really as good as expected...I guess people just got disappointed."

Goldman Launches Coin

Goldman Sachs is looking to upend the digital currency space, having finally announced plans to launch its own coin. Circle, a payment startup that the big bank owns, revealed its new cryptocurrency called the Circle USD coin earlier this week. This marks the first time that a major U.S. financial institution has planned to release a cryptocurrency. Circle's coin appears to be linked closely to the dollar, meaning that it will not be subjected to the extreme volatility of most other cryptocurrencies. As analysts at Futurism point out, the coin seems to go against the general modus operandi of cryptocurrencies in this and other ways.

Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.

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