How CoinMarketCap Historical Snapshots Can Help Investors See the Market in Perspective
CoinMarketCap is one of the most important websites all over the world. It is an important tool for traders and virtual currency enthusiasts. It allows people to see the prices and market capitalization of almost every single cryptocurrency in the market.
One of the many features that CoinMarkeCap offers is the historical snapshots. With it, it is possible to see the cryptocurrency market as it was months or years ago. That would allow investors to put the market into perspective and see more clearly how the market is currently behaving.
In 2018, the cryptocurrency market has been in a bear trend. Most of the virtual currencies lost between 70% to 95% of their value. Bitcoin moved from $20,000 at the end of 2017 to $5,800 in June.
On December 2017, Bitcoin had a market cap of $327 billion dollars and Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), XRP and Cardano (ADA) had a market capitalization of at least $10 billion dollars.
Back in 2014 the situation was completely different. Bitcoin was able to surpass $1,000 for the first time and the community was really excited about it. However, at that moment, there was no cryptocurrency with more than $1 billion dollars with the exception of Bitcoin.
Litecoin had, at that moment, $617 million dollars and Ripple $219 million dollars. However, now there are more than 15 virtual currencies with a market capitalization of more than $1 billion dollars.
If instead, we compare the market with April 28, 2013, the differences are even bigger. Bitcoin had a market capitalization of $1.5 billion dollars which is the equivalent of what Dash is today as the 12th most important crypto in the market.
At that time, there were only seven virtual currencies listed on CoinMarketCap. All of them combined had a market capitalization of $100 million dollars which was conformed almost 75% by Litecoin.
Currently, the altcoin market has completely expanded. There are several virtual currencies and with important market capitalization.
Are we in a bear market? Yes. But cryptocurrencies have grown stronger than never before. In the future the market will keep growing as several analysts predict and reach new all time highs.