The past three months of the crypto sphere have been interesting. It started with Bitcoin hitting a record of more than $19,000 per coin before falling dramatically in subsequent weeks. The prophets of doom predicted that the Bitcoin and cryptocurrency bubble was about to burst. I think some investors were secretly shaking and panicking. This is a normal reaction. The majority of us followed closely as China cracked down on cryptocurrency exchanges.

The effect of the crackdown was terrible but not as catastrophic as some people had imagined. The majority of the major cryptocurrencies recorded sharp declines in their prices. In the middle of January, the market capitalization of cryptos recorded a loss of nearly $100 billion. China was joined by other countries such as South Korea. However, countries like India were still considering how they were going to deal with cryptocurrencies.

There were also some comments about cryptocurrencies from the World Economic Forum meeting held in Davos, Switzerland. The fact that the delegates of such a powerful meeting mentioned something about cryptocurrencies is a sign that the market can no longer be ignored.

Even in the middle of all the commotion and crackdown, several ICOs went ahead as planned. The crackdown and negative publicity certainly weighed down on the entire market, but it did not have much of an impact. Some people are still wondering how the market is still standing after a tumultuous period that almost pronounced its doom.  We believe that cryptocurrencies are likely here to stay. In this article, we’ll take a look at how the digital assets in our BCMY wallet have performed as of recently.

Bitcoin

Bitcoin is the biggest currency of them all both by market capitalization and coin price. The last three months have been very eventful in the life of the young currency. I will begin by taking you back to December when the currency had an all-time high of just below $20,000. This was a watershed moment for Bitcoin and cryptocurrencies. Only a few people could have predicted that something like this could ever happen.

BM screenImage source: recode.net

Over a period of 3 months, Bitcoin’s price increased modestly from just over $6,500 on the 16th of November, 2017, to over $9,300 on Valentine’s Day in 2018. A graph showing the overall price increases is shown below.

Bitcoin chartImage source: coinmarketcap.com 

Despite the recent slide that hit the entire crypto market, Bitcoin is showing signs of a currency on a recovery path. In February, its price was just over $6,000. In the last 5 weeks, Bitcoin has posted a sizeable growth. Does this mean that the currency is now on the path to complete recovery? Only time will tell.

Ethereum

Ethereum is the second best digital asset by market capitalization. The digital asset grew by more than 8,000% in 2017. According to Mr. Neyaroff, the co-creator of Ethereum, some of the several reasons why Ethereum has been growing are:

  • It can be used as a currency.
  • It is open source and this helps it to attract businesses.
  • There is an increase in the number of people using the Ethereum network.
  • The Ethereum platform is being used to build other platforms.

The Ether was priced at $329 on November 14, 2017, but it rose in price to $914 as of February 14, 2018. The asset has posted significant growth over the last 90-day or so period. Ethereum’s price chart over the past 3 months is shown below.

Image source: coinmarketcap.com

However, within the last one month, Ethereum had slid from a high of over $1,300 on the 14th of January, 2018, to the $914 mark mentioned above. The price correction has been mainly due to authorities putting a heavy hand on the crypto market. Fortunately, Ethereum is now beginning to show positive signs of recovery.

Ripple

Ripple’s place in the crypto-sphere is as interesting as its history. It even gets better when we take a look at its founders and how the platform has changed to be where it is today. You may well know that cryptocurrencies were introduced to the world in early 2009. The groundwork for Ripple had started as early as 2004.

The Ripple platform is unique in the sense that it is not completely decentralized but is gearing forward towards full decentralization. More importantly, the Ripple payment protocol is currently being used by big financial companies and banks such as UBS, American Express, and Santander.

It is considered by many people to be a dark horse in the crypto race. In just one year, Ripple grew by over a whopping 35,000% between January 2017 and January 2018. Ripple was trading at over $2 at the beginning of the year but its price has fallen over time to just $1.09. This price drop comes with the backdrop of the regulations in the crypto industry that saw a decline in the prices of many coins. However, Ripple’s hope lies in being a utility token.

Ripple has fared well in the last three months reaching a price as high as $3.20. If this is anything to go by, Ripple has the potential to surpass this figure in the future. The chart below shows how Ripple has fared in the past 3 months.

Image source: coinmarketcap.com

ZCASH

Zcash is an open source, decentralized, and fungible cryptocurrency. Zcash was worth more than $4,200 in late October 2016. It has declined to its current price of just under $500. It has, however, declined a little bit since the beginning of the year. Its price was around $502 on the 1st of January, 2018. It now has a current price of $481.16. This is not a bad drop considering how the overall crypto market has fared over the same period. A chart of how Zcash has performed over time is shown below. 

Image source: coinmarketcap.com

DinarCoin

DinarCoin (DNC) is a gold price-backed crypto asset. It was created by DinarDirham and it runs on the Ethereum blockchain. The DNC token is equated to being a gold spot contract. This significantly reduces the effects of inflation on the token. The DNC token can be traded and exchanged for fiat money or physical gold. You can obtain DNC tokens through a process known as minting and spend them through a process called burning. You can buy a DNC tokens at around 0.0232 BTC or 0.2389 ETH as of recently. You could sell the same DNC token at 0.0185 BTC or 0.1913 ETH.

Gold Smart Contract (GSC)

The GSC is not yet available, but we are looking to implement it in future months. Gold Smart Contracts will be backed by specific pieces of physical gold. You will be able to buy specific makes and models of gold bullion (and perhaps silver) in varying weights. GSC will be digital tokens tied to specific bullion pieces.

Final remarks

The crypto market is young and attractive. Many players are coming into the field despite the attempts by authorities to ban ICOs and trading. In the meantime, digital tokens/assets are coming into the picture as they provide people a more convenient way of owning assets and commodities. Our BCMY wallet promises to be a digital wallet app to look out for in the future… or right now.


Resources:

https://www.bloomberg.com/news/articles/2018-01-15/china-is-said-to-escalate-crackdown-on-cryptocurrency-trading

https://qz.com/1183635/as-china-cracks-down-on-bitcoin-indian-cryptocurrency-exchanges-wait-and-watch/

https://tokenmarket.net/ico-calendar

https://cointelegraph.com/news/cryptocurrency-market-in-the-green-total-market-cap-bounces-back

http://uk.businessinsider.com/bitcoin-price-global-cryptocurrency-market-capitalisation-january-3-2018-1

https://www.recode.net/2018/1/17/16901466/bitcoin-price-cost-invest-cryptocurrencies-50-percent

https://techcrunch.com/2018/02/01/why-is-bitcoins-price-down/

https://www.express.co.uk/finance/city/902952/ethereum-price-why-is-eth-rising-crypto-exchange

https://www.coinmarketcap.com

https://www.reuters.com/article/us-cryptocurrency-2017-factbox/bitcoin-may-be-king-but-ripple-dark-horse-in-crypto-race-idUSKBN1ES1PT