How much did the value of Bitcoin rise in 2017?
As the price of Bitcoin began decreasing in early January of this year, so did all the other digital coins.
Rather than calling cryptocurrencies names like "a Ponzi scheme", I hope that our nation can be open-minded about them and see if there is an opportunity to capitalise on this new technology to improve our economy. This is particularly true for so-called "utility tokens" like Ethereum which can be used to build new blockchain applications. The report states that "With only several hundred people reporting their crypto gains each year since bitcoin's launch, the IRS suspects that many crypto users have been evading taxes by not reporting crypto transactions on their tax returns". If they lose it, they can get really hurt in this bitcoin craze...
Moreover, the market cap of Bitcoin is now on the lower side. This is disappointing news but not something out of the blue because for the longest time now, we are hearing news about a bitcoin crash.
Ripple is known for being the centralised, bank-focused digital currency - but it's not just a currency, it's also a system on which any currency, including bitcoin, can be traded. "There are 100 billion XRP at present".
Heavily influenced by Bitcoin during its development, Litecoin is also one of bitcoin's biggest global competitors. On top of that, it has a faster block generation rate, thus offering a faster transaction confirmation.
"Taking bitcoin in isolation... we believe bitcoin disrupts gold".
Bitcoin Cash, on the other hand, is putting a smile on investors who have it.
Similar to what Bitcoin does with payments, NEM levels up with its "smart assets" - taking the appeal of Bitcoin and applying it to all technological infrastructures. This is one of the main reasons why most of the investors are looking to invest in this cryptocurrency.
2018 predictions If you're looking to invest in one of the currencies on this list, market growth for altcoins in 2018 looks great.
However, unlike stocks and bonds, where they are definitive value factors like dividends and cash flow, Bitcoin does not, as of yet, have such definitive features in which to measure it by.
The bears ruled the cryptocurrency market over the past month, which seems to be a clear indication of a major correction at the very least and maybe a longer bear market for cryptocurrencies. And even though most of those values have bounced back, the market is well known for its fluctuating nature, because, like any investment, values are subject to change based on uncontrollable and unpredictable factors.