2017 was a big year for cryptocurrency. Bitcoin is a name that more and more people are beginning to recognise, even outside of tech or financial circles. But one of the ways that 2017 saw a change was the Bitcoin now isn’t the only cryptocurrency that matters. Bitcoin is still the dominating currency, and the most expensive, but several others are coming hot on its heels. Other cryptocurrencies like Ethereum and Ripple have taken considerate portions of the market too, and people are starting to take more interest in them. In this article, we’ll take a look at how the cryptocurrency scene changed in 2017 and where it’s going next.
Bitcoin in 2017
Bitcoin has had longer to grow than many other cryptocurrencies. It’s the one that people are most likely to have heard of, whether they’re interested in crypto or not. However, it’s not just Bitcoin’s history that’s interesting to consider. Bitcoin doesn’t appear to be going anywhere, and it experienced strong growth in 2017. In November, the Bitcoin price shot up, passing $10k, and briefly even reaching up to the $20k threshold in December. The market cap is at $320 billion, and Bitcoin has shown a 2000% growth since its beginning.
The Growth of Altcoin
Bitcoin is still a big deal. It holds the top spot in the cryptocurrency market, and it’s by far the most expensive cryptocurrency available. However, many other currencies are gunning for it. Ethereum and Ripple are closest to catching up, although they both still have a much smaller market share. Other recognisable names include Litecoin and Dash. There are hundreds of other cryptocurrency options, and many investors are exploring what they might be able to offer. Not all currencies offer the quality and prospects that some do, so it’s important for any potential investors to do their homework.
New Altcoin Continuing to Grow
Not only did altcoin become more prominent in 2017, but it’s also continuing to grow. There are thousands of them already out there, and new ones are seemingly being created every day. It’s not just the existence of these coins but also how they’re being used and adopted in different ways. The Ripple network is being used by global financial institutions to transfer value and Dash is being used in many online stores to offer an additional payment option. It’s likely that other currencies will also be adopted for various official purposes too and might eventually gain the reputation that Bitcoin has.
ICO Market Growth
Along with new altcoins, we have seen a growth in the ICO market. ICOs, or initial coin offerings, are a way to raise funds by creating a new currency. Many companies, particularly tech companies, are using ICOs to fund their existence and their new projects. The record for money raised on ICO passed the $4 billion record in December. For three quarters of the year, at least one ICO was held every day.
2017 showed that Bitcoin is unlikely to be the only big crypto name for ever. Other currencies are growing rapidly too.