2017 was an extraordinary year for cryptocurrencies. Even the main cryptocurrency owners got more then 1000% yield, but the ICO and token rush could generate even more. There are a lot of important steps as well to be sure that the explode of the crypto market has just begun... but do not rush forward so fast. In this short article we would like to think together with you about the results of 2017 and about the possible future.
Main cryptocurrencies in 2017
Of course Bitcoin was the biggest cryptocurrency in 2017 but just based on the hype and the volume. Lot of people jst know the name of this coin and many of them thinks that Bitcoin is equal with blockchain technology. This is what we see in it's price as well. The very first crypocurrency made a really hudge price increase in 2017 (based on results 29.12.2017):
We started the year with $800 and the increase was quite normal and steady. Over time it changed. After Japan accepted the use of cryptocurrencies in September the price started to jump higher. This growth attracted the attention of investors. Early Birds could be really happy this time, but something happened in november what couldn't stop the increase until Christmas. In november the price of Bitcoin reached $10.000 for the first time. This limit was a real milestone for the market and the price exploded. Now we can see a correction or just the usual exits before Christmas but it can be the best point to buy Bitcoin as well at the end of this year.
Based on the story of Bitcoin it's hard to believe that other currencies could generate more growth. Let's talk about Ethereum:
This cryptocurrency was the dream of investors this year. It is not just a coin, it is a platform for blockchain based contracts. Most of the ICOs use the platform of Ethereum and this advantage gave the possibility for the owners of this currency to generate more than 8000%. The chart is similiar to the previous one based on the same news what affected the whole crypto market, but with Ethereum we are at just the beginning.
These number are from Coinbase what is one of the largest cloud wallet provider and exchanger in the crypto market. Basically this site could manipulate the crpto values. This website worked with 3 different and main cryptocurrencies. Bitcoin, Ethereum and Litecoin. In december they introduced one Bitcoin hard fork to the market. They started to accept Bitcoin Cash and this introduction shuffled the market. BTC cash price jumped from $1.000 to $4.000 in days. Coinbase investigated possible insider trading as well because of this price movement:
Do not forget to think about Litecoin what is the forth currency you can find at Coinbase. The price of this coin casually raised with more than 5000% in 2017:
Of course we don't have to forget other currencies what we can't find at Coinbase. Dash, Monero or several altcoins had incredible year. But we need to leave prices behind, and we need to talk about a new area of investing based on blockchain and cryptocurrencies.
ICO and Token explosion
2017 was the year of ICOs clearly. Incredible amount of money went into cryptocurrency crowfounding. Basically it is not an exaggeration that you can be a millioner with ICOs, but you need to be careful: Do your research and be selective! Dozens of ICOS just failed in 2017 and we need to realize that most of the investors even don't know what they do. Money goes into these projects without any knowledge just for the expectation of high profit. If you don't learn from mistakes of 2017 you can lose your money incredibly fast. To think easily just watch this video and realize how many possibilities we have and what amount of money arrive to these projects:
Beside incredible income generation Bitcoin and the crypto market gave us a sign as well at the end of this year. This was the celebration of crypto-sceptic people. At the end of this december The price of bitcoin decreased with more than 30%. Mainstream media immediately started to talk about Bitcoin bubble and an incredible drop. Maybe the fall seems to be quite big, but examine this summary and think about it based on the results of this year:
Vision for 2018
From April this year was really mindblowing, but there are signs that next year can be even better. There are several forecasts about the price of Bitcoin from zero to millions, and no one can exactly tell the truth. Which is quite certain: NASDAQ introduced Bitcoin futures for the first time in this December. Japan and Russia moved forward to accept cryptocurrencies. Main companies started to accept cryptocurrencies as well. These signs show us that 2018 will be even more exciting that this year. You need to consider your possibilities and find the exact coins or ICOs, and nextyear can be really the best for you.