As the cryptocurrency market continues to fall, a strange symmetry is starting to appear; the values of the four biggest cryptos are closing in on what they were a year ago, and could soon mirror them.
Two weeks ago, the cryptocurrency market looked as if it had finally shrugged off a nightmarish first six months of 2018, and big coins like Bitcoin and Ethereum were finally starting to fulfil the predictions scores of experts had made on their behalf. Some had said that after almost hitting a $20,000 valuation in late 2017, Bitcoin would easily double or even triple that figure before the conclusion of 2018 .
Brutal First Half of 2018
However, as the months rolled on, the crypto market was hit by the triple-whammy of Facebook, Google and Twitter banning its advertising (due in no small part to the negative press surrounding a string of ICOs), which hardly helped in its quest to attract corporate investment.
The fate of Bitcoin remained largely in the hands of fickle private investors, prone to panic selling their BTC whenever a “crisis” occurred, whether it be Google banning crypto advertising (understandable), or a digital currency exchange heist in South Korea (ridiculous.)
The news in January that Facebook were banning crypto advertising saw Bitcoin’s value fall from over $17,000 to under $7,000 in days, and the overall crypto market halve in value. Therefore, when in late June, with Bitcoin at its year-low price of $5,871, Facebook announced it was ending its ban, the feeling of joy and hope among the crypto community was palpable.
Facebook Ends Ban, Crypto Market Surges
That hope seemed justified as both Bitcoin and the crypto market in general began to slowly rise, phoenix-like, from the ashes of the overkill and hype that had surrounded it, and that realistically it could never have fulfilled. People stopped talking about Bitcoin finishing 2018 worth $40,000, now the hope was that come December, its value would be a healthy $10,000.
By mid-July however, what had been a steady climb in value suddenly became a rapid surge. Within 10 days, Bitcoin went from just under $6,300 to almost $8,400. $10,000 now looked a formality. So-called experts began to once again make exorbitant predictions such as Bitcoin finishing the year at $50,000, and hitting $100,000 in 2019.
But instead, it never even made it to $9,000. Out of nowhere, the market was suddenly stung deeply by a customer report compiled by Goldman Sachs’ investment strategy team which said:
“Our view that cryptocurrencies would not retain value … remains intact and, in fact, has borne out much sooner than we expected.”
The impact of that statement clearly induced major panic among investors. Overnight values began to tumble, and have never looked like recovering. Many cryptocurrencies have already hit their lowest prices of the year, and are now heading toward the value they were 12 months ago.
It’s almost as if the Great Crypto Boom of 2017 never really happened.
Here are the values of the Big Four cryptocurrencies on Monday, August 12 2018, and what they were on the corresponding date a year ago.
Current Value: $6,283
Value 12 Months Ago: $4,327
When 12 months ago, Bitcoin hit said value of $4,327, it was already well into the steady climb that would be the precursor to what would by November turn into a steep, dramatic ascendancy in value that made headlines worldwide. 2017 had begun with Bitcoin worth less than $1,000 and unknown, but by December its value had increased almost 20-fold to $19,345, and everybody was talking about it.
Worryingly, one year later, Bitcoin is in yet another slump. Possibly its worse yet, and a fall below $6,000, maybe even $5,000 seems inevitable.
Current Value: $324.36
Value 12 Months Ago: $308.02
For a few hour yesterday (Sunday, August 11), Ethereum was literally a dollar away from its replicating its value of 12 months ago. Then, it stood at $308.02, and yesterday Ethereum slipped to $309.01. Spooky!
Ethereum’s price 12 months ago was the result of a dramatic increase in value; Ether began 2017 with a value of $8.14, and by April it was still worth less than fifty bucks. However, by May it was creating an investor buzz that was second only to Bitcoin. It would end 2017 worth over $700, and by January 13, 2018, Ethereum reached a value of $1,385.
Despite that promise, Ethereum soon dropped in value, and the first half of 2018 has been massively underwhelming for the crypto that showed the most promise of all.
Ethereum’s current price is its lowest of 2018.
Current Value: $00.30
Value 12 Months Ago: $00.16
Of course, Ripple is a different commodity to the likes of Bitcoin, Ethereum and BTC Cash. XRP’s market cap is far greater than any other crypto, 39,299,874,590 coins, and unlike others, Ripple is not mineable. Because of this, its individual coin value will always be low, although in January of this year, Ripple maxed out at a record $2.73 value.
12 months ago, XRP was only four months old, and it would remain at 25 cents or less until its dramatic surge which began on December 8. By February, Ripple’s value had slipped to less than a dollar, and 2018 has been a relatively steady but unspectacular year, thus far.
Ripple’s current price is its lowest of 2018.
Current Value: $569.88
Value 12 Months Ago: $295.15
Bitcoin Cash began life little more than a year ago, the result of a blockchain hard-fork done specifically to create a strain of Bitcoin that would be superior in performance (speed and capacity) to the original.
While the new, improved Bitcoin Cash may be a better option, the original Bitcoin is clearly not going anywhere anytime soon, and remains far and away the most famous, popular and expensive cryptocurrency of all. That said, many experts believe that Bitcoin Cash will eventually overtake its forbearer at the top of the pile.
While the first half of Bitcoin Cash’s existence was a period of near-constant positivity and remarkable achievement, since February it has been hit by several severe slumps, punctuated by a couple of false dawns. Despite its current low value, BTC Cash has lost little of its luster.
Bitcoin Cash’s current price is its lowest of 2018