The cryptocurrency market has been fluctuating for a while. It has produced significant price increases and decreases, even if we look at the past week alone. On a larger scale, the market saw a severe decline last year and recovered partially since the start of 2019. Interestingly enough, the market cap one year ago on this date was exactly the same as it is now. So what changed?
Market Movements 2018 and 2019
All cryptocurrencies saw noticeable price movements in late 2017 and early 2018. The market went through a crash during most of 2018, finishing the year with a total capitalization of $127 billion. This means that in less than a year, the total capitalization was reduced with almost 85% from $813 billion at the beginning of 2018. This year, on the other hand, the tides turned.
However, if we look at a specific date, September 27th, for both 2018 and 2019, a curious similarity appears. The total market capitalization for the whole crypto market on that date is the same – $215 billion.
At a glance, the pictures appear to provide identical data with lots of green. Nevertheless, there are several main differences worth mentioning.
The Differences Between 2018 and 2019
The 27th of September 2018 shows a lot of green on the market but the main difference comes when we compare Bitcoin with the rest of the altcoins. Last year showed serious 7-day recovery periods for various altcoins such as Cardano (29%), Stellar (36%), and most notably Ripple with over 100%. Yet, the prices for all of these coins and most of the other alts are considerably lower compared to 2018. XRP, for example, is at $0.24 now and it was $0.57 a year ago. EOS, Bitcoin Cash, and Cardano have lost over 50% of its value in the course of a year.
Only two cryptocurrencies from the major ones appear to have a higher price as of now, compared to last year – Binance Coin and Bitcoin. While the former marked an all-time high in 2019 with $40, the latter has steadily increased its total market dominance. A year ago, BTC’s dominance was at 52%, whereas now it’s at 67.8%.
Even though the price of Bitcoin dropped with almost 20% over the last week, the fundamentals behind the largest cryptocurrency are still strong. Bakkt – Bitcoin futures Platform was just launched with potential growth as it’s supposed to bring institutional investors because of its regulated nature. The hash rate has been increasing constantly and the on-chain transactions were at an all-time high recently.
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