venture - The Cryptocurrency Market During the Year – What has Changed?

The Cryptocurrency Market During the Year – What has Changed?

During this year, many currencies have been expanding and increasing their prices. Today we take a look at the cryptocurrency market and we realize that it is not the same as it was one year ago. Let’s see the main differences.

Differences From One Year Ago

The top ten market capitalization is conformed by Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Cardano, IOTA, Dash, NEM and Bitcoin Gold. One year ago, it was a little bit different: Bitcoin, Ethereum, Ripple, Litecoin (until now, very similar), Monero, Ethereum Classic, Dash, MaidSafeCoin, Steem and NEM. Just six cryptocurrencies keep from the last year in the top ten.

What Happened to the Others? Who Surged During this Year?

Ethereum Classic has been losing most of the developers working in this platform. After the DAO hack, most of the community has decided to support the new Ethereum’s network that split from Ethereum Classic (the old chain). At the moment of writing this article, Ethereum Classic is the 17th cryptocurrency by market capitalization.

Steem and MaidSafeCoin have been also removed from this list as well as Monero. Steem and MaidSafeCoin lost several positions, but Monero is just one place down, being in the 11th position.

Bitcoin Cash and Bitcoin Gold are the two new cryptocurrencies that appeared this year. These two currencies were born as hard forks from the bitcoin network. Bitcoin Cash is trying to reduce transaction fees and network congestion and Bitcoin Gold wants to create a decentralized network again.

Cardano and IOTA have been incredible players this year. Both currencies have been increasing and showing the potential they both have to offer. IOTA with its Tangle technology and Cardano with its scientific philosophy are now in the top 10.

The prices and market capitalization have been also increasing. While Bitcoin had at the beginning of the year $14 billion market capitalization, today, it has $225 billion dollars’ market value. That’s an incredible performance for the most famous cryptocurrency. Today, Litecoin market value represents more than the entire market capitalization one year ago.

What About the Next Year?

Several currencies have an incredible future and many others will for sure disappear in lower ranks. But it is amazing to see how different technologies evolve and gain space in the market. In 2018, we will witness how the market will evolve and change its structure. We will see whether Bitcoin Cash and Bitcoin Gold are able to sustain their proposals or not; we will see if Ripple will finally be adopted by all the major banks around the planet, we will witness if Litecoin will be the currency for daily payments.

In sum, the market has changed and it will keep changing and evolving, for better. The coming year we will again take a look at the past and see the new developments and proposals.

Image Source: VentureBeat