It’s been another turbulent year in cryptocurrency trading. It’s been a wild ride from the meteoric price rises and falls to the shifting regulatory issues. Few traders have managed to capitalize on these swings and make anything out of it — but that doesn’t mean you shouldn’t try!
This article is designed to provide a brief overview of current cryptocurrency prices today so you can update your portfolios accordingly. It’s time for 2018 — enjoy, but also be prepared.
2018 is set to be one of the most exciting years in cryptocurrencies, yet more people than ever are beginning to learn about them and their potential application in our day-to-day lives and livelihoods.
The infighting, the hype, and the wealth of startups working on solving real problems with blockchain technology — it’s all made for a captivating year! But what about these markets? What about the price?
If we look at Bitcoin, it’s been a turbulent year. After soaring past $20000 in late December 2017, people expected January 2018 to be a breeze. Unfortunately, Bitcoin made an incredible drive down to around $11000. But it wasn’t all bad news. The coin has since recovered and is sitting at just over $15000 again, proving that this market is far from stable and should always be approached with caution.
Ethereum has had a similarly dramatic year. After starting at just over $800, it skyrocketed to over $1400 before falling to $900, and it’s now stuck at around $1200. This is a considerable fluctuation that will seriously affect your portfolio.
Cryptocurrency Prices Today: The Winners and The Losers
Firstly, let’s look at the biggest winners and losers — we’ve selected 10 of the best cryptocurrencies according to market cap, so you can get a good idea of where your money should behead.
The Biggest Losers: Bitcoin Cash, Bitcoin Gold, and Zcash
Bitcoin Cash has had a terrible year — it started at just over $1200 and is now hovering around $2200. Since January, it has lost almost half its value, which is a pretty big hit. This coin was created by those who opposed SegWit2x, but it hasn’t performed that well, generally speaking.
Bitcoin Gold is another coin that has lost almost half of its value since January — it used to be worth around $300 but now sits at just above $130. It’s not entirely clear what the purpose of Bitcoin Gold is (aside from being a hard fork), but it doesn’t seem to be doing so well.
Zcash was trading at around $520 in January and now sits at $130. Once again, this coin seems less than desirable due to its strange mining algorithm. It also didn’t get off to a great start — its value began to plummet on August 1, after the company behind its development was hacked.
Ukrainian Web Hosting Provider BESK is Plunging After an Outage
Ukraine hosts more than 60% of the world’s top internet domains, a country apparently in some economic crisis. BESK only offers shared hosting and VPS services, which means that websites hosted on it aren’t as safe as they could be. Ukraine has a terrible infrastructure, and intermittent outages are pretty standard. As a result, BESK is now dropping like a rock.
The Price of Bitcoin Cash is Slowly Falling
Bitcoin Cash (BCH) has been performing poorly over the past few months, and it’s only going to get worse. The price of BCH has dropped from $1,150 at the start of the month to $670 today. It looks as if we will be seeing more price drops in the coming days, as well as more volatility as traders start moving their funds away from it. Even Venmo was hacked just last week, which will only make matters worse for these altcoins.
Billionaire, avid blockchain enthusiast, founder of PayPal, and creator of Ethereum, Vitalik Buterin did an AMA on Reddit. He said that he doesn’t think the cryptocurrency market will crash but will instead continue to grow until the bubble bursts.
The Price of Bitcoin Will Hit $25K Early This Year.
On January 1st, the price of Bitcoin will hit $25,000, according to research analyst Ronnie Moas. This prediction is based on bitcoin’s transaction volume increased by 500% since last year. “The average cryptocurrency in this space is going to blow up,” Moas wrote in a report detailing his analysis. “Our analysis puts Bitcoin at $25,000 and Ethereum at $400.”
Bitcoin has seen significant growth over the last year as more and more people are looking for an alternative to traditional currencies like dollars or euros. It’s no surprise that merchants and investors are looking for ways to liquidate their bitcoins for cash too. A recent report by Chainalysis showed that the amount of bitcoin coming out of crypto exchanges has increased nearly five-fold over the last year.
The chart below shows the daily volume of Bitcoin transactions per day in the last six months. The number is based on Blockchain data, often billed as the most reliable long-term analysis of bitcoin activity. Moas’ report uses a different methodology and shows that bitcoin has seen a much smaller increase in total transaction volume over this period than what Blockchain is showing:
Most people have no idea how many bitcoins are circulating or being mined. To make an informed decision on which cryptocurrency to invest in, one must figure out how many bitcoins there are in total. A simple way of doing this is using the number of bitcoins created in a given year. For example, if bitcoin were first mined in January 2009 and had a fixed cap of 21 million coins, then the number of bitcoins created over time is simply 100% of the total coins already mined (all other things being equal).
If you’re curious about how much bitcoin was created each year, Bitcoinity has been providing this data for several months. The below chart shows the number of bitcoins created per day since January 1, 2009.
The chart also shows that the creation pace slowed down as of December 2016. It is expected that this decline will continue and affect the price. Some people think that bitcoin has bottomed and is headed to $5,000 or even lower. However, if you look at the number of bitcoins being mined each day, it’s hard to imagine Bitcoin hitting anywhere close to $5k or even $10k again anytime soon:
A former analyst with a firm called eToro, Aswath Sanghi, has predicted that the price of Bitcoin will hit $25Kin 2018. He looked at market data and concluded that it would hit $25K by March next year. Bitcoin has been the subject of much speculation over recent months, which sparked some interest. Many people believe that bitcoin is going to hit the $25,000 mark sometime this year.
The value of a single bitcoin has increased at an astronomical rate. The price has been steadily increasing from $1 at the start to its current value of around $11,000. It’s not surprising that this phenomenon is so widespread because bitcoins are unique as digital currency—they’re not tied to any specific country or company, making them perfect for online shopping purchases. They are also completely anonymous and secure from government intervention.