Outstanding Versus Poorly-Performed Cryptocurrencies of the First Half of 2018
The crypto market took a complete dive in the first half of 2018, as majority of the existing tokens have experienced enormous drops ranging between 60 and 80 percent. Although the blockchain technology behind this relatively novice, digital asset has been praised by numerous experts and leaders across diverse industries, the lack of new investment has stagnated and further reduced trading volumes.
In a recent post shared by news.Bitcoin.com, an analysis was provided in which a look at how the crypto market performed between January 7th and July 25th. By the looks of it, performance was assessed in terms of the tokens, with a list of those that have outperformed the rest, and some that have underperformed.
Here is a breakdown of what was found:
Poorly Performed Tokens of the First Week of January 2018
Since December 2017 was the time in which prices and trading volumes rose, it was evident to see whether or not the trends followed over in 2018. While we know the answer is a clear no, it is important to see when most of the drops in price occurred.
Out of all the tokens, it appears that altcoins were the coins to get hit the most as, Ripple [XRP] dropped by nearly 86 percent, followed by Cardano [ADA]’s 84 percent, IOTA [MIOTA]’s 75 percent, Litecoin [LTC] and Bitcoin Cash’s [BCH] 71 percent, Ethereum [ETH] and Stellar Lumens [XLM]’s 57 percent and Bitcoin [BTC]’s 52 percent. Tron [TRX] and NEM [XEM], both tokens that were on the Top Ten list as per CoinMarketCap, easily slid down.
By assessing just the drops alone, it is clear that BTC, ETH and XLM were the ones who did not take the hit as nearly as the remaining,
Well Performed Tokens of 2018
Surprisingly, the best performed tokens of 2018 were those that were rarely heard of, which according to news.Bitcoin.com, include Paccoin [PAC] with a growth of nearly 1,500 percent, Hexx [HXX]’s 1,270 percent, Mithril [MITH]’s 925 percent, Casinocoin [CSC]’s 140 percent and Ontology [ONT]’s 110 percent.
Underperformed Tokens of 2018
Some of the worst performed coins that made it on the list include those that have plummeted in the 100 percent ranges. The one to take the lead is Bitconnect, which well by 99.88 percent, followed by Rise’s 97 percent, OP Coin’s 98 percent and MyBit Token’s 99.5 percent. Bitcoin Gold, which forked out of BTC almost suffered as it fell by 89 percent in the first week of 2018 alone.
While most of the analyses above have been made based on the prices, other factors that would have been interesting to see would have been that of the individual token’s market cap against that of the total market cap, along with each one’s trading volume. This would have helped to assess the trends as well as a possible relationship within factor pairs. Furthermore, crypto news during that timeframe is crucial, as 2018 has been known for the numerous hacks that occurred.
Aside from the fact that the crypto market has been ultimately performing poorly, recent weeks have showed some hope for crypto believers and fanatics. With news surfacing on the potential approval of a bitcoin ETF, which not only means new money, and increasing trading volumes, but also the possible surge in prices, the latter half of the year might be comforting. For the time being, most forecasts on crypto market’s stance towards year end are all based on speculation, hence only time will tell.