Top 20 Cryptocurrencies Witness Market Cap Decline Of $336 Billion In 2018
When it runs down to adoption, the year 2018 has been stupendous for Cryptocurrencies. Even though cryptocurrency is driving closer to mainstream adoption every day this year, the digital currencies has so far witnessed a drastic plunge in value in the year 2018 compared to the previous year.
Entering 2018, the market cap of 20 largest cryptocurrencies dropped by 66%. The director for research at Pension Partners, Charlie Bilello who is also the manager of ATAC Rotation Fund (ATACX) made known in a tweet.
The 20 largest cryptocurrencies entering 2018 have seen a cumulative market cap decline of $336 billion YTD (-66%). pic.twitter.com/osMZqDMIYK
— Charlie Bilello (@charliebilello) September 9, 2018
The director who was the 2016 Charles Dow Award/2015 Wagner Award Winner gave the declaration in accordance to a research which he led at Pension Partners.
While Cryptocurrency witnessed the peak of its value around December 2017 and many investors wallowed in success for the multiple gain that had been added to their wealth, the year 2018 which they had more expectation, due to increasing rate of adoption was somewhat disappointing.
Dripping from $512 billion to $175 billion from the previous year till this moment, the research recorded that the present day total market cap of top 20 Cryptocurrencies has witnessed a cumulative of $336 billion decline compared what was obtained in December 2017.
The Cryptocurrency boss, Bitcoin fell from $220 billion to $110 billion after witnessing 50% market fall. Other crypto currencies like XRP, Ethereum, Bitcoin Cash, cardano and litecoin were down by 86%, 70%, 80%, 89% and 73% respectively.
The result of the research also made known that the market cap of Bitcoin, as of 2017 was higher than the present day market cap of all top 20 Cryptocurrencies in total.
While EOS had the lowest value plunge -6% of all the Cryptocurrencies made available in the list, BitConnet witnessed the highest value decline within the calculated period. The change in the value of BitConnect was over -$2billion with 99.7% market cap decline.