The majority of the 1000+ on the market cryptocurrencies and tokens derive their value from speculation.
This is a hard but true fact.
The market cap of all cryptocurrencies combined was around $17 billion at the beginning January 2017, fast forward to the last day of the year and the increase equals to short north of 3,300%, or around $600 billion.
The first four days of the year saw the uptrend continue. The current market cap of all the crypto market is around $750 billion (Coinmarketcap data).
So it’s a matter of choice, if you’re planning to get into the crypto space.
You’re either a “hodler”, a person that buys a specific coin or multiple coins and sets a long term profit target (like in any market it’s not guaranteed that it’s going to go the way you forecast), or become an active trader, be it scalping or daily trading.
In most cases, successful people, or better, the “entrepreneurial” types, set long-term goals, and they know that success is a result of short-term habits that they need to do every day.
The same is valid for the investing space. If you decide to play, then play big or don’t play at all (sounds like a casino?).
Never trying to take great opportunities or allowing dreams to become realities, will never unleash a persons true potential.
Lesson learned: do your research and good peace of mind reading before investing in anything, crypto or not.
This shouldn’t be taken as an investment advice. This should be taken as a life advice.
But first of fall, you need to be organized and know yourself very well.
It’s not for everyone.
2017 Hall of Fame
Now, the list below is very good, but we calculated things straight on and #1 performer of 2017 results Verge Currencyand not Ripple as many media outlets highlighted this.
A little math based on Coinmarketcap data:
January 1st 2017, one XVG was worth $0.000020
December 31st 2017, one XVG was worth $0.228673 (not counting the all time high of above $0.26$).
Percentage increase is [1,143,265 ] – Over 1 million % gain.
Chart data based on Coinmarketcap data and Quartz analysis.
Special mention: Verge Currency
At its highest point, Ripple XRP went to the moon, gaining ove 36,000% to become the world’s best-performing digital asset. In comparison the Nasdaq Composite Index gained a shy 27% last year.
The XRP coin overtook Ethereum as the world’s no. 2 digital asset in the first days of the month.
Besides being considered the “Banker’s” coin, as it’s fully controlled by a private company, with a CEO, the token got some real fire momentum.
For example, blue chip stocks like Tesla gained around 37% last year, just 35,963% short.
Bittrex data/ XRP/USD
Now let’s looks at the crystal ball: Google Trends.
Google Trends reveals a lot about very much everything nowadays, including crypto.
As we can observe, the market gain and trend is very correlated to the actual interest in Ripple google searches worldwide.
Although it’s nor real-time data, next time you’re taking a decision or analyzing, don’t forget about Google Trends.
We’ll continue with a focus on each of the top performers of 2017 in the following articles, so stay tuned.