The rapid rise in Bitcoin and other crypto currency prices revived the investment world in 2017. Bitcoin prices rose from $ 998 in January 2017 to $ 13,863 at the end of the year.
Many people entered the market quickly and opened numerous accounts on crypto money exchanges. The number of account holders in Coinbase, a popular crypto currency trading platform, exceeded 13 million.
Will the interest in the crypto money market and digital currencies continue to continue? Here we discuss the performance and expectations of the first five digital currencies in terms of market value in terms of market value
*Current market value: $ 148 billion
*Current price: $ 8,784.66
In the recent past, bitcoin prices have experienced severe fluctuations. In mid-December, bitcoin reached up to $ 20,000. After just over two months, the price fell below $ 9,500.
The latest news about the crypto currency helped increase prices. According to one report, Peter Thiel, one of Facebook’s early investors and one of the founders of PayPal, has a very positive opinion about bitcoin. Founders Fund, the venture capital company that Thiel pioneered, recently invested $ 15 to $ 20 million in bitcoin, and is now worth hundreds of millions of dollars.
How long will the Bitcoin price rise? For bitcoin, which was below $ 1,000 in December 2016, Sax Van Bank analyst Kay Van-Petersen said the crypto currency would reach $ 2,000 in 2017. This target was achieved in May.
Now, in 2018, Van-Petersen says bitcoin could go up to $ 100,000.
But this is not an opinion that all people agree. For example, Warren Buffett, the famous investor and billionaire, CEO of Berkshire Hathaway, thinks crypto currencies will have a “bad end”.
*Current market value: $ 65 billion
*Current price: 664,62
After reaching $ 1,423 on January 13 this year, the ether is currently trading around $ 664. Everyone who has invested around $ 1,400 is rightly mistaken for the price loss.
But if you think of a longer time frame, the ether performed extremely well. To remind you, in January 2017, the crypto currency was traded between $ 8 and $ 10.
Why did Etherin’s value increase so fast? Ethereum plans to use blockchain technology by many financial institutions around the world to comply with new regulatory requirements. For this, a project called Massive Autonomous Distributed Reconciliation (Madrec) was recently launched.
Madrec will adapt and simplify the new rules for financial institutions in the European Union. The project is managed by the UBS of Switzerland, a financial services company, with the participation of Barclays, Credit Suisse, KBC Bank Ireland, Thomson Reuters and European payment services provider SIX.
Greens Ethereum is the most promising blockchain technology with the most projects currently under development, Mat says Mat Greenspan, senior market analyst at eToro, a Cyprus-based broker.
*Current market value: 29 billion dollars
*Current price: 0,758355
Ripple’s XRP crypto money reached $ 3.28 earlier this year, but is now trading at $ 0.76. A major reason for the popularity of this crypto currency is its deceptively low price. Even though the XRP’s successor is under the dollar, it has a circulation of 38 billion in the market.
Another feature of Ripple’s XRP is that it is not a crypto currency in a certain sense. Formerly known as Opencoin, Ripple Labs is a San Francisco-based company that specializes in providing international payment solutions exclusively to global financial institutions.
Unlike bitcoin, which has to be extracted by decentralized operations such as mining, Ripple simply created the entire XRP from the philosophy of decentralization and allocated about 60 billion for itself. The remaining 39 billion XRP is currently traded on the crypto currency exchanges.
*Current market value: $ 17 billion
Bitcoin cash is a crypto currency created in August 2017 and separated from bitcoin. The main reason for the separation and the creation of a crypto currency different from bitcoin was to address the speed problem affecting bitcoin transactions.
Vinny Lingham, co-founder and CEO of Civic, an Internet entrepreneur and an identity protection company in San Francisco, says that the demand for bitcoin cash will soon exceed the demand for bitcoin.
Ham Bitcoin and bitcoin cash are currently focusing on two completely different markets, Ling Lingham said. From a product standpoint, I think the big demand is for a peer-to-peer transfer (bitcoin cash) rather than a digital gold (bitcoin). ” says.
Since it started trading at $ 327 in August 2017, bitcoin cash prices have fluctuated considerably. On December 21, 2017, it rose to around $ 3,700 throughout the day and is now at $ 1,019.
*Current market value: $ 9 billion
*Current price: 167,31
At the beginning of 2017, litecoin was trading at $ 4.51. In December, the value exceeded $ 300, and on December 19 began a day of $ 375. Today, litecoin is traded at $ 167.
Charlie Lee, a former Google employee, launched litecoin in 2011. Litecoin’s properties are very similar to bitcoin. Lee’s goal was to create a crypto currency that would complement the shortcomings of bitcoin. Today, litecoin processing is still cheaper and faster than bitcoin.
Litecoin introduced LitePay payment processor at the end of February; this allows people with crypto currencies to transfer money between themselves faster, as well as businesses to pay for the opportunity to make a quick wink.
Charlie Lee, the creator of Litecoin, said on a Twitter post a few weeks ago that he believes that the market value of litecoin will exceed the market value of bitcoin cash.
The rapid rise in crypto currency values seems to have all the features of a bubble. Coinmarketcap.com, a website that tracks altcoins, already has 1,560 digital currencies listed and more are added regularly.
The fluctuation in price increases was largely driven by the impact of the mainstream media. This encouraged individuals to sign up for trading platforms, and many people invested in the hope of making a quick profit. FOMO, called the fear of missing the opportunity, has undoubtedly played a major role in many investment decisions.