After a snowy weekend, December 3 hits the calendar, and unwillingly, to all the cryptocurrency traders this makes them reminiscent about the bull run we experienced last year. One year ago, we thought that this was the major crypto adoption, and some of us couldn’t see how that could be going somewhere else, but up. ICOs were booming, influencers were in the head of the game, and it almost seemed like you could invest in any of the projects that came out because a x10 profit was self-evident.
Nothing of that can be said about this December, as we open up coinmarktetcap.com, and yet again we see only red accents. Market cap was three times larger than now, and already we can see some significant changes in the top 10 most popular crypto-top
Exactly one year ago
As we can see, the picture back then was a lot brighter than now. Bitcoin was trading at $11,176, Ethereum was the second largest cryptocurrency, Dash was nr. 5 and BitConnect was still scamming people like nothing. Monero, Bitcoin Gold and IOTA have left the top 10 after a year, but at the same time, Stellar, Tether, EOS and Bitcoin SV have replaced them. You might want to think that there’s nothing changed, but the positions of some cryptocurrencies, but think again.
If we look at the current market cap for each coin which has remained in the top 10 list, we see a staggering decline in value. For example, Bitcoin’s market cap on December 3, 2017, was $186,851,799,628, comparing to today’s $69,929,197,213, which is almost three times less. You can observe the following with other cryptocurrencies as well. Litecoin had $5,443,078,362, but now rests at $1,915,803,929, also, three times less.
The good thing
Let’s not talk about only the bad things we get from these last year statistics and let’s focus on more positive things. For example, the first thing that we can see is successful projects and cryptocurrencies which endured the year-long bear market and managed not only to develop their idea further but to maintain their community’s interest in the project.
The other rather positive thing is that if we look at 24h volume for each coin and compare it with last year, you can see an increase despite the price fall, despite the market cap, which would lead us into thinking that cryptocurrencies today are used more than they were a year ago. Bitcoin’s 24h volume today is $5,164,916,673 which is shy of a billion larger than a year ago when it was $4,826,067,051. Interestingly enough, Ethereum has seen the biggest increase in 24h volume, despite all the FUD whats revolving around it. Last year Ethereum circulated $822,953,290 in volume, but today $1,867,401,151. That is a little over one billion more, which makes you think – then where is all the money at? Ethereum is the absolute leader in increased volume throughout one year.
However, the significant volume increase only applies to the top 3 coins we see today. Others had a minimal increase, some a minimal decrease.
If we made a competition on who lost the most volume in one year – it’s obvious who’d win. BitConnect!
As mentioned above, today cryptocurrency markets are coloring the picture red, with rare green accents. Bitcoin is trading at $4,017; XRP at $0,36; Ethereum at $113,53 and Stellar, which recently jumped to the no. 4 position going pass Bitcoin Cash, is trading at $0,15. The bear is still winning over the bull, and it doesn’t look like some time soon this is going to change. One of the most surprising assets is Bitcoin SV because in only a couple of weeks it has managed to jump in the top 10 most popular cryptocurrencies and takes a decent share of the market.
However, the good thing is that volume is increasing, and Bitcoin is still the king of crypto, it’s dominance since last year has fallen by only 3%. We need to reconsider how this past year has affected the crypto market, either yourself as a trader/hodler/enthusiast. Can we learn from past problems or not? That is the question. If another bull-run emerges – are we also going to be as blind as during the previous one? Hope not.
Photo by Lorenzo Cafaro from Pexels