Up and down, round and round
The rollercoaster that is the cryptocurrency market continues to oscillate in 2018. Last December, Bitcoin investors were in for a shock, as the pioneering currency suddenly tanked just before Christmas. However, already in January of this year things started to look bright for crypto-investors again, as Bitcoin started to bounce back and altcoins like Tron were up as much as 14,000% in one month. Now, however, Bitcoin has dropped by almost 35% in the last month, and Ethereum is performing even worse – it has seen a drop of over 50% since the beginning of the month.
Making sense of it all
How is one supposed to make sense of all this? One of the reasons for this rapid rise and fall of various cryptocurrencies can undoubtedly be put down to the many regulations either enacted or proposed by governments around the world. Not only are the regulations themselves enough to put off current investors, but the horror stories in the news are making it less appealing for would-be investors to enter the market. On top of all that, Internet giants like Google, Facebook and Twitter are banning the advertisement of cryptocurrencies on their platforms.
Ones to watch
While some of the more established and well-known cryptos will undoubtedly survive and bounce back – as they have done in the past – there are other, more dubious, cryptocurrencies that investors should be wary of. Fortunately, there are sites like Onchainfx and ATHcoinindex that are dedicated to keep track of how far cryptos have fallen since they reached their peak. 2018 has already been a rough year for many currencies, and judging from the ATH (all-time high) of these once-promising cryptos (most of them altcoins), it would be advisable to keep a close eye on them – if not stay away from them altogether.
Bitcoin Diamond: With an ATH of $105, it is now only worth $2.19 – a drop of 98%.
Bitcoin Gold: Once boasting a value of over $500, it has also dropped over 90% to $45.
Einsteinium: Worse than the above, this crypto has become almost worthless, dropping from $2.83 to $0.11 in just over three months.
NEM: Only doing slightly better than Einsteinium, NEM has dropped 89% – from $2.09 to $0.22.
Siacoin: This once promising coin took a hit of 90% in less than three months.
Cardano: As with Siacoin, it took less than three months for Cardano to drop 89% since January.
Digibyte: Marginally better than Siacoin and Cardano is Digibyte – and it has still dropped 88% in under three months.
Bytecoin: Hot on the heels of Digitbyte and the others is Bytecoin, with a similar drop of 88%.
Ripple: Despite the initial hype, Ripple is not far behind the other altcoins with a drop of 87% in under three months.
Due to the fluctuating nature of the cryptocurrency market, the figures cited above will no doubt change at a moment’s notice – so it is worth keeping an eye on the aforementioned Onchainfx and ATHcoinindex.