2018 did not start well for the cryptocurrency market – the value of the market fell by $93 billion. However, this is just the beginning and some of the digital coins are already looking into the green direction. What is the Best Performing Cryptocurrency of 2018 so far?
1 February, AtoZForex – We have entered the second month of 2018 and the cryptocurrency market has not been having the best time so far. In fact, the global digital currency market has lost 15% according to some of the reports, which accounts for $93 billion of value.
Yet, not all coins have been dropping equally – some are bigger losers than others. For instance, the third biggest cryptocurrency in terms of market capitalization, Ripple, has declined more than 45% since January 1.
Best Performing Cryptocurrency of 2018 is Ethereum
However, there is one coin that has been doing more or less good this month. This is the second largest cryptocurrency by market cap, Ethereum. Ether, the native token of Ethereum, has advanced more than 46% this year, thus outpacing Bitcoin’s 25% drop in value.
Ethereum seemed to avoid joining the overall downtrend of Bitcoin and other altcoins. The same goes for cryptocurrencies that are worth less than $1 billion – they have not fared well so far this year. In addition, Bitcoin Cash, the cryptocurrency that has taken the fourth place in the list of the top cryptocurrencies by market cap, has declined almost 40% this year.
Regulatory pressures impact the market
2018 year insofar has been a quite volatile year with a lot of wild price movements. According to the industry insiders, these movements can often reach 10% in either direction. Many blame gloal regulatory bodies for such sentiment in the market. While some of the Asian countries are going full mode against the cryptocurrencies, others encourage the trading and try to regulate it.
Andy Bromberg, the CEO of CoinList, has commented:
“The state of cryptocurrency is incredibly strong. Looking far beyond the prices, we’re seeing an increasing number of high-quality projects in the space, with experienced teams, impressive early technological breakthroughs, and rigorous legal structuring.
We expect to see this continue into 2018 as the industry matures and professionalizes — a necessary step for it at this time.”
Nevertheless, markets have welcomed some of the regulator decisions recently. For example, the latest decision by South Korean authorities to regulate cryptocurrency exchanges has spread positive sentiment in the market.
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