Despite 2018 Bear Trend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

In our latest historic snapshot analysis, we look at the performance of the top ten cryptocurrency markets since May 28th, 2017. Despite suffering heavy losses during 2018, the average price gain of the top ten markets has been 170% when compared with prices from 12 months ago, with only one of the then leading markets trading at a lower price today.

Also Read: Markets Update: Bear Market Adds Cryptocurrency Trading Uncertainty

BTC and ETH up Approximately 240% in 12 Months

With the price of bitcoin trading for approximately $7,345 USD as of this writing, the value of BTC has almost tripled since last year.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Then trading for $2,173 according to Coinmarketcap, bitcoin had a total market capitalization of $35.5 billion on the 28th of May, 2017 – approximately one-quarter of today’s capitalization of $125 billion.

During late May last year, Ethereum was in the early stages of a parabolic bull-run that by mid-June would prices up to approximately $400.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

After having broken above $100 for the first time just a few weeks earlier, ETH was trading for $171.55 and had a market capitalization of $15.78 billion at the time of the snapshot. ETH’s price has since increased by 242% – with the markets trading at approximately $586.80. Ethereum has remained the second largest cryptocurrency by total capitalization – currently boasting a market cap of roughly $58.5 billion.

Mixed Performances Among Top Altcoin Markets Of May 2017

Like today, XRP was the third largest cryptocurrency by market cap on the 28th of May last year, with a total capitalization of $8.8 billion. As of this writing, Ripple has a market cap of roughly $23.75 billion, with the price of XRP having gained 162.75% from $0.231 to $0.606.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 MonthsWith a total market cap of nearly $2 billion, XEM was the fourth largest market by capitalization at the time of the snapshot. Since then, XEM’s market cap has grown modestly, with XEM’s current capitalization of $2.327 billion making it the fifteenth largest crypto market. The price of XEM has increased by just 20.75% since last year, gaining from $0.214 to $0.258.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Ethereum Classic is the only top ten cryptocurrency market from May 28th, 2017 to be trading at a lower price today – with ETC having fallen approximately 10% from $16.95 to $15.28. The total capitalization of Ethereum Classic has also shrunk when compared against last year, with the then fifth largest cryptocurrency market by capitalization now ranked seventeenth with approximately $1.557 billion – down from 1.559 billion last year.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

LTC Produces Highest Percentage Gains of Top Ten Crypto Markets

Of the then ten largest cryptocurrency markets by capitalization, Litecoin has seen the largest percentage price gains since 12 months ago, with LTC’s current price of approximately $118 comprising a 365% increase from $25.38 – which was posted at the time of the snapshot.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Today, as with a year ago, Litecoin is the sixth largest crypto market by market cap. The total capitalization of the LTC markets has grown from $1.3 billion 12 months ago to nearly $6.7 billion today.

DASH, XMR, BCN, and GNT Slide from Top Ten Rankings by Market Cap

Of the highest ranked markets by capitalization from the 28th of May, 2017, only BTC, ETH, XRP, and LTC have retained their position in the top ten – all of which are ranked the same today as they were one year ago.

The then seventh-ranked cryptocurrency by market cap, DASH, now sits at thirteenth – with the total capitalization of DASH having grown from nearly $810 million to roughly $2.585 billion today. The price of DASH has grown by nearly 190% in 12 months, with DASH gaining from $110.5 to $319 today.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

On the 28th of May, 2017, Monero was the eight largest crypto market by capitalization with a market cap of $535 million. Today, Monero is ranked 12th with a total capitalization of $2.6 billion. XMR is the second best performing top ten crypto market since May 2017, with the current price of approximately $162 comprising a 340% increase from $36.86.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

12 months ago, Bytecoin was the ninth largest cryptocurrency by market cap with approximately $480 million. The BCN markets have since moved to 19th position, with a total capitalization of $1.175 billion today. Despite the price of BCN having nearly halved in the last two weeks, BCN is currently trading 142.5% higher than it was a year ago – gaining from $0.002634 on the 28th of May, 2017 to $0.006385 today.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Golem was the tenth largest cryptocurrency by market capitalization 12 months ago with a total capitalization of roughly $360.5 million. Since then, the total capitalization of the GNT markets has shrunk to approximately $384.3, making Golem the forty-seventh largest cryptocurrency by market cap. The price of GNT has increased by just 5.3%, gaining from 0.437008 to 0.460301.

Despite 2018 Bear Tend, Top Ten Crypto Markets of 2017 Gain Average of 170% in 12 Months

Are you still holding cryptocurrencies you purchased last year? Share your experiences in the comments section below!


Images courtesy of Shutterstock, Trading View


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Pantera Capital Predicts Record BTC Prices Within 12 Months

Pantera Capital Management, a leading investor in the cryptocurrency sector, has predicted with “strong conviction” that bitcoin has established a local bottom. The fund anticipates that $6,500 will comprise the low of the current bear market, anticipating that the markets are likely to break into new all-time highs within 12 months.

Also Read: These Countries Won’t Tax Your Bitcoins Too Much

Pantera Predicts Imminent Bitcoin Bounce

Pantera Capital, an investment firm exclusively operating in the cryptocurrency and distributed ledger technology sectors, has published a letter predicting that bitcoin has established the low for its current bear market. Pantera cites a number of factors as informing its market outlook.

The letter partially attributes the recent sell-off to “unintended tax selling.” The letter describes a hypothetical scenario in which a trader has a “great year [..] actively selling” crypto, before, to their surprise, “Come the spring their tax account tells them that every sale at a profit created a taxable gain with taxes due by April 15th.” Pantera adds that “There were $300 billion of capital gains created last year,” emphasizing the likelihood that “a decent chunk” of selling pressure may have been triggered by traders quickly pulling money out of the markets in order to meet their tax obligations.

The company also notes that recent “news about the [United States Securities and Exchange Commission (SEC)]” had minimal effect on market sentiment. “[T]he fact that the market didn’t react negatively,” Pantera asserts, “suggests we’ve reached a local, if not global bottom.” In Pantera’s eyes, the markets upward movements in the “subsequent 24 to 48 hours” after the SEC’s recent announcements indicated that the markets have “reached peak negativity,” indicating “at least a midterm bottom.”

Pantera Bullish Long Term

Pantera describes its positions in crypto as being “in the first innings of a multi-decade trade.”

The letter states that $6,500 is “likely the low for this bear market,” predicting that although “It could briefly go below that […] the vast majority of the next 365 days will be above that price.” Pantera also states that “It’s highly likely” for the price of bitcoin to exceed its previous record highs of $20,000 “within a year,” asserting that “A wall of institutional money will drive” the growth in price.

Pantera also points to bitcoin’s recent cross below its 200-day moving average. The fund describes the indicator as a “rare buy signal,” adding that, historically, “if you invested $100 on the day that the bitcoin price crossed below its 200-day moving average and sod a year later, your total return would be 285%.”

When do you think the bitcoin markets will next produce record highs? Share your predictions in the comments section below!


Images courtesy of Shutterstock, Pantera Capital


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Japan’s GMO Internet Develops 12 NM Mining Chips

Japan's GMO Internet Develops 12 NM Mining Chips

Major internet technology manufacturer and recent entrant into virtual currency mining hardware industry, GMO Internet Inc, has announced it has successfully developed a 12 nanometer (NM) Fin FET Compact (FFC) semiconductor chip for its next-generation of cryptocurrency miners. The company has described the innovation as a significant step “towards realizing a […] 7 NM process technology for mining chips.”

Also Read: Japanese Internet Giant GMO Offers to Pay 4700+ Employees in Bitcoin

GMO Develops 12 Nanometer SHA256 Mining Chips

Japan's GMO Internet Develops 12 NM Mining ChipsGMO Internet Inc. has announced the successful development of “a new 12 NM FCC process based mining chip” during “the first step of […] research and development.”

The company has hailed the development of its 12 NM FFC mining chip as a significant step toward “realizing their next-generation […] high-performance computer for mining.” GMO emphasized that the development of the 12 NM chip as has occurred “prior to the development of a 7 NM process technology” – stating that such comprises a “cutting-edge” innovation in “ASIC mining hardware.”

GMO stated that it “will now proceed to the next of the development to realize a 7 NM process technology for chips to be used in the mining,” adding that it “will not sell mining boards equipped with 12 NM FFC process based mining chips.”

GMO Internet Reinforces Prominence Within Mining Hardware Industry

Japan's GMO Internet Develops 12 NM Mining ChipsGMO Internet Inc, a Tokyo-headquartered entity comprising more than 60 individual companies domiciled in 10 different countries, first announced its entry in the cryptocurrency mining industry during September of last year.

The company expressed its desire to support the mining infrastructure of virtual currencies, describing the cryptocurrency sphere as comprising the “new universal currencies.” The company presently operates a mining center powered by renewable energy located in Northern Europe, and is seeking to develop and introduce “the next-generation of mining boards equipped with 12 NM chips in the first half of 2018.”

The announcement regarding the development of GMO’s 12 NM chips came on the same day that the company revealed that it has begun “offering [the] official version of [the] ‘Z.com Cloud Blockchain’.” The company describes the new chain as a “PaaS type blockchain platform” that allows users to “build distributed applications” on the blockchain “using Ethereum.” The project had previously been in beta since 2016.

What is your response to GMO’s development of a 12 NM mining chip? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, GMO Internet Inc.


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