Top 10 Performing Altcoins of 2017
The year 2017 has come to an end, and what a year it was for cryptocurrencies! The unprecedented growth of bitcoin and popular altcoins have catapulted cryptocurrencies to the forefront of public consciousness. Just to get an idea of the magnitude of this growth, consider that by June of 2017, the total cryptocurrency market capitalization was just over $100 billion. At the time, it was considered to be a most astonishing feat. By the start of November, the market cap crossed the $200 billion mark. By the end of the month, the total value sat at just above $300.5 billion.
In this same year, numerous ICOs have come online raising capital in the millions of dollars. In fact, ICOs have successfully become the most popular crowdfunding method for startups this year. Bitcoin still retains its place as the most successful of all cryptocurrencies, with a market capitalization of about $158 billion. This is still more than all the others combined. However, there have been a number of Altcoins that have performed well in the market.
As we close out 2017, let’s take a moment to reflect on the Top 10 performing Altcoins of 2017. This ranking is based on market capitalization and the percentage change in exchange price of the cryptocurrency from January 1, 2017 to November 30, 2017. Some coins on this list were launched after January 1, 2017. For them, the percentage change covers the period between the date it was launched and November 30, 2017.
Ether is the native currency of the Ethereum Blockchain Network. Launched in 2015, it is the second most popular cryptocurrency after Bitcoin. In addition, many consider it the most valuable of all the Altcoins, at least in terms of market cap. There is one major driving force behind the growth of the Ether: Ethereum has become one of the more widely used platforms on which many blockchain-based applications and altcoins are built. Despite suffering a hard fork split in September 2016, it has remained steady as the number 2 cryptocurrency in the world with a market cap of $43.37 Billion. The price has also increased by almost 5,500% from $8.26 in January 1, 2017 to $460.36 as at November 30, 2017.
#2-BCH (Bitcoin Cash)
Bitcoin Cash is one of the more astonishing cryptocurrency stories of the year 2017. Launched in August of 2017, it had a market cap of over $8 billion after only one month. It came about as a result of another hard fork, this time in the Bitcoin Blockchain. This hard fork was due to the inability of the Bitcoin network participants to come to a consensus over the implementation of BIP 91 – the introduction of the SegWit Protocol. The price of BCH has risen by 640% between its launch in August and the end of November 2017. Today, BCH has a market cap of $24.3 Billion and a trading price of $1,443.82.
Formerly the #2 ranked Altcoin based on market cap value, Ripple is of late being upstaged by BCH. This RTGS (Real-Time Gross Settlement) cryptocurrency was released in 2012. It is one of the more widely adopted cryptocoins in the mainstream financial market and as such, it enjoys a level of stability. XRP has a market cap of $9.65 Billion and a price of $0.25 which represents an increase of 3,700% from its price at the beginning of the year.
DASH has made a jump from number 5 to number 4 on the Altcoin market cap rankings. Introduced in early 2014 as XCoin, it has undergone two name changes from XCoin to Darkcoin and finally to DASH in 2015. It has a market capitalization of $5.95 Billion and a trading price of $770.77. Compared with its price on January 1, 2017, the value of DASH has gone up by approximately 5,800%.
#5-BTG (Bitcoin Gold)
A few short months ago, Bitcoin Gold wasn’t even in the top 10 list of cryptocurrencies in terms of market cap but here it is occupying the number 5 position. BTG is the result of another hard fork in the Bitcoin Network which enabled mining with GPU (Graphics Processing Units) in contrast to the ASIC units used by large-scale bitcoin mining setups. The market cap for BTG is $5.12 Billion with a trading price of $307.12. The value of BTG has dipped significantly though, by almost 27%.
There are some who would consider Litecoin to be a grossly undervalued and underappreciated cryptocurrency. It is in many ways similar to Bitcoin and was among the many Altcoins that came up after the Bitcoin began achieving some level of success. Today, LTC has a market cap of $4.85 Billion and a market price of $89.67 which is an increase of about 1,900% from its $4.37 price at the start of the year.
IOTA is the pioneer of the “blockless” distributed ledger framework. Unlike in other blockchains where there are actual transaction blocks linked together in a chain, the IOTA blockchain looks a lot like a “Tangle” of transactions. It uses DAG (Directed Acyclic Graph) Cryptography, not the ECC (Elliptic Curve Cryptography) as favored by most blockchains. MIOTA, which is the native currency of the IOTA blockchain, has a market capitalization of $3.81 Billion and a trading price of $1.37. MIOTA has grown by 23% in terms of market price.
ADA is another of the revelations of the year 2017. Launched in September, it has experienced massive growth. This has led to it becoming the 8th most successful Altcoin in terms of market capitalization which currently stands at $3.27 Billion and a market price of $0.13 which is an increase of about 50% from its launch price.
#9-ETC (Ethereum Classic)
ETC came about as a result of the hard fork in the original Ethereum blockchain. This was during the aftermath of the DAO hack. It has a market cap of $2.88 Billion and a trading price of $29.36. The price of ETC has grown by 1,400% from January 1 to November 30.
Monero is another Bitcoin derivative cryptocurrency that was released in 2014. It has one of the most robust scalability features, which is why it can run even on the Android platform. XMR has a market capitalization of $2.84 Billion and a market price of $184.44. At the start of the year, the price of XMR stood at $13.58 which means that it has grown by almost 1,100% since the start of the year.
And into 2018…
It hasn’t been smooth sailing in the crypto world this year. We saw significant efforts made by governments of some countries to introduce a level of monitoring and control. The ruling by the SEC on the token securities/token utilities dichotomy has also raised some questions about the legality of some ICOs. There was also the blanket ban placed by China on all Cryptocurrency ICOs which did affect the market considerably.
With the sheer volume of activity that takes place in the market, access to reliable information is of paramount importance. Many experts are projecting even more growth in the industry for 2018. Investors are in dire need of access to premium-quality data. At TruDex, our vast catalog of ICO data based on extensive ICO research as well as a detailed study of the cryptocurrency market are made available to our online community. Join us today and let’s make 2018 THE Year of the Altcoin.
Authored by Faith Avan-Nomayo