What happened to the crypto craze? Understanding the world of cryptocurrency

On the 8th of December, 2017 one Bitcoin was worth $25,709 AUD. Only one month later, it was down to $10,000, and today, on the 11th of April 2019, one Bitcoin is worth $7, 435 AUD.

Cyrptocurrency enthusiasts are hoping a 16-month bear market is finally at an end. (AAP) Source: AAP

While it's coming in much lower than the December spike, nearly $8,000 is an incredible amount of money when you consider that in 2011, Bitcoin wasn't even worth $1.

So what is cryptocurrency? Is the world still wrapped up in the crypto craze of 2017? Helping us map out the basics is Dr. Lee Smales, Associate Professor of Finance at the University of Western Australia.