One of the greatest years for a single asset probably just came to an end. By the end of 2016, the total market cap of cryptocurrencies was around $17.7 billion.
Fast-forward a year later, and the total market cap for cryptos was an astonishing $613 billion, representing a better than 3,300% increase. This figure means every traditional equities, including the stock market, were left behind by the crypto market.
The leading cryptocurrency bitcoin (BTC) is responsible for the surge the other currencies experience. Analysts and experts believe that bitcoin is the backbone of the 2017 rally. It began the year trading at roughly $1,000 and finished 2017 at $14,156 per coin.
Looking at the fact that it was trading at for just $0.003 per coin ten years ago makes it one of the most remarkable runs in recent history.
Other cryptos banked on bitcoin (BTC) in 2017.
Even though bitcoin investors had it well last year, the unpopular altcoins were the ones who enjoyed it. Apart from bitcoin, the average market value of every other digital currency grew from $2.24 billion at the beginning of the year to $374 billion by year’s end. It implies that investors were desperately looking to invest in the new bitcoin that they decided not to invest in the actual bitcoin.
It became clear that several cryptos were simply running around bitcoin last year. here are 2- of the bitcoins that outperformed bitcoin last year, according to data from XBT.net:
Verge: up 1,171,479%
PIVX: up 141,880%
Einsteinium: up 71,082%
Reddcoin: up 67,818%
NEO: up 52,372%
Ripple: up 35,564%
NEM: up 27,920%
DigiByte: up 27,713%
ZCoin: up 23,395%
Stratis: up 19,270%
Ardor: up 16,847%
BitShares: up 16,382%
Stellar: up 14,511%
Lisk: up 14,033%
Bytecoin: up 11,945%
Nxt: up 11,783%
Ethereum: up 9,383%
Dash: up 9,282%
Litecoin: up 5,260%
Waves: up 4,922%
Each of these virtual coins recorded monumental moves that surpassed that of bitcoin (BTC). An investor that put in $1 at the beginning of 2017 would be worth nearly $12,000 by the end of the year.
What trend was unique?
Some people believe that investing in cryptocurrencies automatically guarantees that you will make a fortune, but it isn’t as easy as that. Some trends were definitely unique.
Privacy coins were the biggest winners.
Of the 20 cryptos listed above, three of them (Verge, PIVX, and Dash) are big names in the privacy-coin space. The privacy coins have focused their attention on providing users with privacy and anonymity that other cryptos couldn’t.
Why the interest in privacy coins? The truth remains that privacy was the initial of cryptocurrency developers. Recent events and research though has indicated that anonymity and privacy in most crypto networks aren’t as solid as people were meant to believe.