The cryptocurrency market has been changing over time, and this is something that can be seen Christmas over Christmas. The number of crypto markets has moved from 59 in 2013 up to more than 2,000 nowadays. During the same period of time, Bitcoin lost an important part of its market dominance, however, the impressive growth of altcoins was not able to threaten Bitcoin (BTC).
Between December 2013 and December 2014, more than 447 virtual currencies have been launched to the market according to CoinMarketCap. Although there are several virtual currencies being created, in 2018, most of the cryptos had a very negative year in terms of price performance.
Several cryptos have lost more than 80% of their value while others have experienced a price decrease of 95% or even more.
Between the Christmas of 2013 and 2014, Bitcoin lost almost 50% of its price when it fell from around $620 dollars to $316. At the same time, Litecoin (LTC), that at that time was the second largest virtual currency, feel 84% from $17 down to $2.75. However, XRP was one of the only winners that year, moving from $0.022 to $0.024.
One of the virtual currencies that was not able to sustain its rank was Peercoin (PPC). This cryptocurrency lost around 81% of its price when it fell down to $0.58 from $3.12. Other virtual currencies such as Namecoin (NMC) and Quark (QRK) lost 82.5% and 92.6% respectively.
Other digital assets such as Bitshares PTS (PTS) or Worldcoin (WDC) lost 99.99% and 98.5% of their value respectively.
During 2014 and until 2015, the situation changed. Both Bitcoin and Litecoin were able to grow in the market. Bitcoin increased 32% between these two years. Its price grew from $316 up to $416.5. Although XRP was able to remain the second largest crypto in the market, it lost 94% of its price, moving from $0.024 to $0.0062. Furthermore, Litecoin increased 25% in 2014, becoming a very positive year for the virtual currency created by Charlie Lee.
During this year, the increase in the number of markets was lower. There were just 56 new tokens created and added to CoinMarketCap.
Bitcoin starts to grow stronger in 2015. Between December 2015 and December 2016, Bitcoin increased 111% after reaching $878.8 from $416.5. XRP recovered just 3.4% of its price. It was traded close to $0.00617 in 2015 and it was traded around $0.00638 in 2016.
Litecoin continued its expansion in the market registering a 27% gain from $3.43 to $4.35. However, it ended up in the fourth position rather than in the third place.
The number of active markets has also increased by 15%. There were 644 new coins in December 2016.
2017 was by far one of the best years for Bitcoin and other virtual currencies. Between December 2016 and December 2017, Bitcoin grew 1,500% after moving from $879 up to $14,057. Ethereum has also expanded. It grew 9,345% moving from $7.29 to $688. XRP moved from $0.00638 to $1.10. This represents a massive increase of 17,140%. Litecoin has also increased from $4.35 up to $276, shielding a growth of 6,255%.
Other virtual currencies such as Monero (XMR) and Ethereum Classic (ETC) have decreased their ranks even after growing 3,455% and 2,725% respectively.
2018 was not a good year for digital assets. Cryptocurrencies dropped abruptly. Bitcoin lost 70% during the last months. Now it is being traded close to $4,230 when at the end of 2017 it was traded close to $14,057.
Ethereum has also lost 77% of its value, moving from $688 down to $156. It has also lost its position as the second largest virtual currency. Bitcoin Cash (BCH) lost 93% after decreasing from $2,956 to $206.
XRP is now the second largest cryptocurrency registering a 60% drop from $1.10 down to $0.44. Litecoin has also been affected by this bear market, losing 87% of its price. At the end of 2017, Litecoin was traded close to $276 and a few hours ago it was traded around $36.
IOTA (MIOTA) and Cardano (ADA) are now operating outside the top 10. They lost 89% and 87.5% respectively. Cardano is now the 11th largest crypto and IOTA the 12th largest.
What will happen during the coming year is still a mystery. There are some analysts that believe that the bear market will continue at least a few months in 2019. Other crypto experts have already called the bottom in 2018. We just need to wait for a new year to pass to know the next results.