Thursday, December 28, 2017

Cryptocurrency - the latest 'thing'

Cryptocurrency proved to be a smashing hit in 2017, exceeding the wildest predictions in returns and investor frenzy. Bitcoin, which accounts for roughly 44 percent of the market cap of all digital currencies, is the toast among investors. Founded in 2009, it's the most widely used and known crypto. Bitcoin was initiated as a peer-to-peer electronic cash system in 2009, and was first traded on an exchange in 2010. The highest value at which bitcoin ever traded in 2010 was 39 cents. The digital currency is now perched at unimaginable highs.

Ethereum, the second most widely traded currency, went live in July 2015, with 11.9 million coins pre-mined for crowd sale. The collapse of the DAO project in 2016 led to the forking of Ethereum into two separate blockchains, with the original continuing as Ethereum Classic and the new one iteration simply called Ethereum. Over 2017, Ethereum has added about 9,000 percent, as it moved from above $8 at the end of last year to about $700 as of Dec. 28. By market cap, Ethereum accounts for roughly 12.5 percent of the total for all digital currencies.

Ripple, which accounts for over 9 percent of total crypto market cap, was built as a digital payments network for real-time financial transactions. Its currency token is the Ripple XRP. From $0.0064 at the end of 2016, the XRP has soared about 21,000 percent. The market cap of XRP is nearly $57 billion
Litecoin, a fork of bitcoin, has caught up with its more renowned counterpart due it being cheaper to mine and its faster transaction speed. Litecoin has gained roughly 5,500 percent over 2017 and is trading around the $247 level.

Dash, which was originally called XCoin and later changed its name to Darkcoin, adopted its present name in March 2015. It facilitates instant transactions, private transactions and operates a self-funding mechanism that allows the network to pay for work that adds value to the network. Dash has run up through 2017, with about a 10,200-percent climb