2018 has not been a great year for cryptocurrencies. However, 2019 holds promise. A whole lot of new investments have flooded the virtual currency sector. Now one might wonder the flow of money into a sector that has had a shaky previous year. To dispel such doubts, let’s rejig our memories.
Cryptocurrencies appeared first in the year 2009. That was also the year Bitcoin appeared on the scene. A blockchain-based peer to peer transaction system which totally annulled the need of a third party. No one took cognizance of it until 2013 when it finally matured and exploded. Since then, the market of cryptocurrency has seen a growth of almost 4000%. In 2017, the market cap of cryptocurrency was $21 billion while as of today, standing at the fag end of 2019, it’s a staggering $454 billion.
The best part of this story, other than it is real, is, that the cryptocurrency market has grown beyond Bitcoin. We have some outstanding currencies vying for the limelight. Litecoin, Ethereum, Zcash are all in contention for being among the most sought after.
So despite what the naysayers say, this is a market worth looking at from the investment point of view.
Now, like any investment, a bit of research is needed. A careful analysis of past trends would be beneficial to take an informed decision. Let us quickly look at some of the cryptocurrencies one can put their monies in.
The earliest of the lot. The mother to all the other coins that eventually made their way out into the market. Such has been its popularity that more often than not, most of us have equated cryptocurrency with Bitcoin, overlooking the others. Bitcoin corners 40% of the entire cryptocurrency market share. Its crowning glory was in December 2017, when it touched a record high of $20000, after being valued at $76 in 2013. However, soon after, it crashed and went under $6000. It has since stabilized and should be a good bet for 2019.
The second most popular among the cryptocurrencies, Ethereum is more than just a set of coins. Unlike Bitcoin, It is a more advanced blockchain project. This is because Ethereum offers something special — by using Ethereum’s platform, which goes by the name Ether, developers can build their own cryptocurrencies or DApps.
ETH has a current market cap of almost $70 billion and is definitely on top of the investment list of many.
Litecoin Developed in 2011 by MIT grad and former Google engineer, Charlie Lee, Litecoin has come a long way being a clone of it’s more famous predecessor, Bitcoin. Like most, it is based on an open-source global payment network but unlike most, has a faster block generation rate and hence offers a faster transaction confirmation.