The cryptocurrency market had an incredible year. Most of the cryptocurrencies had reported important gains and 2018 is expected to be a good year. The rally that the market experienced took Bitcoin to $20K, Ripple to $2.85, Ethereum to $800 and Litecoin to $380. The mainstream media started to pay more attention than before to Bitcoin, but also to the cryptocurrency market in general. At the moment of writing this article, no top 10 cryptocurrency is operating positively in the last 24h.
The most known cryptocurrency in the market has moved this year from $950 up to $20,000 some weeks ago. At the moment is being traded under $13,000 and it does not seem to find a clear path. $12,000 seems to be working as a support level. But buyers do not appear so as to change the downward trend that the currency is experiencing since some weeks.
$15,000 is working as a resistance level that does not let the price to keep growing. When it did, an important amount of sellers appeared and took the price again to the support level at $12K.
In the last 24 hours, this cryptocurrency is 4,86 down. In the last seven days, it has lost 4.31 percent of its value. The market cap is now at $217 billion dollars with an important volume of $12 billion dollars.
Ripple has experienced an incredible year. Passing from $0.006 dollars at the beginning of the year to $2.85 on December the 30th. Today, before the new year, Ripple is operating almost 10 percent down. Many individuals may be closing the year taking some profits after the incredible run that this currency had in the last days. In just one week its price has grown 112 percent. That makes of this cryptocurrency the second in importance by market capitalization, reaching $100 billion dollars some hours ago.
This has made of this cryptocurrency one of the most profitable during 2017, growing more than 47,000 percent. Furthermore, there are several investors that for tax reasons are selling due to the end of the year.
Ripple has been growing among private and central banks. There were different meetings organized by Ripple and different banks and financial institutions were present. The IMF, American Express and several private and public banks were closely working with Ripple. Just this year, Ripple has managed to add more than 100 clients to its network. It will be interesting to see how this cryptocurrency will keep evolving after more banks will start to use its network.
Ethereum has reached and crossed the $800 goal. This network that offers smart contracts has been increasing in price since the beginning of the year. It has been the second cryptocurrency in importance during most of the year. It has been surpassed by Ripple in the last hours, but it does not delete what this network has achieved.
Several ICOs have been created this year based on the Ethereum network. Several developments have also been made in this network. For example, Moscow has decided to try an online voting system for its citizens that it is powered by the Ethereum’s network. CryptoKitties, one of the most popular games in the blockchain runs on the Ethereum’s blockchain.
The developer team behind this network, guided by its creator, Vitalik Buterin, is working hard to make the network scalable. Plasma is now trying to reduce the network congestion and provide lower fees and faster transactions.
This currency has also a good future in 2018. More ICOs, more developments and a possibility to reduce transaction fees will make of it a good network option.
Cardano is now the fifth cryptocurrency by market capitalization. This project has attracted the attention of many investors in the world. Its price has increased from $0.02 up to $0.77 dollars in just 3 months. The technology and its philosophy has been the key feature of this price increase.
“Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed,” reads Cardano’s project.
It will be interesting to see whether this cryptocurrency and network will keep growing in 2018. It certainly has a good developer team and an interesting idea that should be tested in the coming year. It has the potential to become one of the most popular currencies in 2018.
Litecoin has started the year being traded at $4 dollars. It has reached an incredible number at $358 some weeks ago after a generalized rally in the cryptocurrency market. Now it is being traded at $215.
Charlie Lee, its founder, has taken a controversial decision to sell all of his Litecoin. This has lead to several questions regarding the viability of the currency. Several retailers are starting to use Litecoin due to its low fee scheme and fast transactions. In the coming year, we could see how this currency could keep growing if more stores accept this currency as a means of payment.
Litecoin works as the payment currency that Bitcoin can’t offer with low transactions and high fees. Charlie Lee’s creation works side by side to Bitcoin and its future may be tied to the most famous cryptocurrency. Maybe, 2018 will be the year in which Litecoin will make its own path independently from the one of Bitcoin.
It is difficult to find important cryptocurrencies that did not increase its price during the last year. If you are an investor, and you have a position in cryptocurrencies, in the long term, the market will keep growing. It is important to distinguish between possible scams between the new tokens that appear time to time, and good projects that prove to be revolutionizing.
At the moment, we can only wait another good year for the whole cryptocurrency market, unless an unexpected event will surprise us.
Happy New Year!
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