“People hate what they don’t understand and try to destroy” – Eva Le Gallienne
Some people call it a scam, some people call it a bubble, some prefer to stay away due to the fear of the unknown, while some see it as an opportunity.
Despite criticism from governments and China’s attempt to regulate cryptocurrencies, Bitcoin, needs no gauntlet to show wonders and surpassed $9000 to reach its All-time high on 26th November 2017.
2017 has been a crazy ride for investors, starting with Bitcoin fork in August, giving birth to Bitcoin cash followed by another hard work attempt in November for SegWit activation only to be called off before launch. Finally after the dust settled, this a moment of relief to all the bag holders.
While many believe it was too late to invest in Bitcoin in 2013, the comparative analysis of Bitcoin price and Market Capitalisation to overall Cryptomarket Capitalisation in 2017 tells a different story.
Price per Bitcoin over the years
November 26 , 2010 – $.22
November 26 , 2011 – $2.87
November 26 , 2012 – $12.41
November 26 , 2013 – $778.65
November 26 , 2014 – $375.72
November 26 , 2015 – $328.98
November 26 , 2016 – $738.28
November 26 , 2017 – $9202.39
Though the Bitcoin’s price has been on a constant rise since 2010, Bitcoin’s dominance over the cryptomarkets from 2013 has been on a decline due to entry of new players in the markets who realized the power of cryptocurrency and the potential of blockchain as a technology. Still, Bitcoin dominated the crypto-sphere with 94.48% share and minor share was held by Litecoin($2.80) and Ripple($1.44) on November 26, 2013
Bitcoin’s shares was reduced to 88% in 2014, 85% in 2016 and finally 52% in 2017.
The reduce of Bitcoin’s dominance was accompanied by rise in its price and indicated the acceptance of the world of cryptocurrencies. Many Altcoins (Ethereum, Ripple, Dash etc) started to mark their presence in the domain.
Total Market Capitalization of Cryptocurrencies over the year
November 26 , 2013 – $10.2Billion
November 26 , 2014 – $5.7Billion
November 26 , 2015 – $5.4 Billion
November 26 , 2016 – $13.9Billion
November 26 , 2017 – $289 Billion
With Apple Inc., alone standing at a capitalisation of 1 Trillion, It wouldn’t be unrealistic to expect the cryptomarket capitalisation to cross $800-900 Billion mark in the near future once the crypto-projects starts getting the due recognition and acceptance by the masses.
“Perhaps we’ve just forgotten that we are still pioneers. And we’ve barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us” – Interstellar(2014)