It won’t come as a surprise to cryptocurrency industry observers that the market has had a rough time during 2018. A fresh report by CNBC highlights how the total cryptocurrency market has lost approximately 65% of its value during this year.
It should be noted that whilst Bitcoin and most major cryptocurrencies experienced an explosive increase in price during 2017, 2018 has left a lot more to be desired for those who purchased their coins during the end of 2017.
Although the entire cryptocurrency market has lost around 65% of its value, it should, however, be noted that some coins have been worse struck by this bearish trend than others.
The cryptocurrency market is prone to extreme volatility not usually found in traditional capital markets, which is partly the reason why it has previously demonstrated an awe-inspiring ability to rally dramatically.
However, when the market is caught in a bearish trend the opposite effect of this can be felt. For example, those who purchased XRP during its January high this year would have lost the majority of their investment.
More specifically, if one were to have invested $100 in XRP in January, the person’s holdings would currently be worth $8.
Bitcoin, on the other hand, has lost a comparatively conservative 54% this year, but hit a high of $20,000 in December of 2017. If one were to have invested $100 in Bitcoin during its December high, that person would be left with holdings worth $35.
In addition to this, Bitcoin Cash has experienced a substantial decrease from its December 2017 high. If one would have invested $100 in Bitcoin Cash during this time, the value of the investment would have dropped to approximately $14.
Moreover, Ether has also had a rough 2018, decreasing 15% this week alone and plummeting more than 70% this year. If one had invested $100 in Ether during its January high of this year, the investor would be left with around $16.
Litecoin skyrocketed in 2017, at one point having increased around 8,000%. Nonetheless, this cryptocurrency has also hit on hard times during the past year, with a potential $100 investment in December having decreased to a meager $17.
It should be noted, however, that this development has not been linear. 2018 has experienced intermittent market sentiment, with daily, weekly and even monthly market sentiment being both bearish and bullish.
Nonetheless, the fact that the cryptocurrency market as a whole has decreased substantially since its high around the start of the year is undebatable. It remains to be seen what market sentiment will be the dominant one during the rest of 2018.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.