Investing / #ForbesInvesting



January 2, 2019,   3:51 PM

Dramatic Plunge in Cryptocurrencies Market During 2018

Amany Zaher

FULL BIO

bitcoin drops

2018 was a turbulent year for cryptocurrencies investors, as the market witnessed a dramatic plunge with over 70% in major cryptocurrencies prices.

More than $482.2 billion of cryptocurrencies Market Cap has been wiped out in 2018 amid a market meltdown by 78.6% in 2018, down from $612.9 billion to $130.7 billion by the end of the year, according to CoinMarketCap.com.

Bitcoin, currently the most valuable cryptocurrency in the market, lost 72.9% from its value during 2018, to drop below $3,822 -which is lower by 81% of its $20,000 2017 peak-.

Meanwhile currently the world’s second most valuable cryptocurrency by market Cap, Ethereum, fell by almost by 82% to reach $618.64 by end of 2018, compared to $755.76 at the beginning of the year.

Also, Ripple (XRP), currently the world’s third most valuable cryptocurrency declined by 84% from $2.30 to $0.362 at the end of the year.

Among major cryptocurrencies, Cardano and Bitcoin cash recorded the highest decline by 94% and 93.6% respectively, while Tether, currently the world’s eighth most valuable cryptocurrency by market Cap, is the only one of the major cryptocurrencies that slightly rose by 1% from $1.01 to $1.02

Forbes Middle East determined the major currencies by the highest market capitalization according to CoinMarketCap data, taking into consideration the crypto that was trading for more than a year, so we excluded Bitcoin SV, which is currently the world’s ninth most valuable cryptocurrency as it was split recently from Bitcoin cash in November 2018.

 

Here are the performances of the major cryptocurrencies

 

1-Bitcoin

Price at 1st January 2018: $14,112

Price at 31st December 2018: 3,822

Change: -72.9%

 

2- Ethereum

Price at 1st January 2018: $755.76

Price at 31st December 2018: $137.12

Change: -81.8%

 

 

3- Ripple (XRP)

Price at 1st January 2018: $2.30

Price at 31st December 2018: $0.362

Change: -84.24%

 

4- Bitcoin Cash

Price at 1st January 2018: $2,534

Price at 31st December 2018: $160.82

Change: -93.6%

 

 

5- EOS

Price at 1st January 2018: $8.77

Price at 31st December 2018: $2.61

Change: -70%

 

6- Stellar

Price at 1st January 2018: $0.360

Price at 31st December 2018: $0.116

Change: -76.7

7-  Litecoin 

Price at 1st January 2018: $231.67

Price at 31st December 2018: $31.36

Change: -86.5%

 

8- Tether 

Price at 1st January 2018: $1.01

Price at 31st December 2018: $1.02

Change: +1%

 

9- TRON

Price at 1st January 2018: $0.045

Price at 31st December 2018: $0.020

Change: -56%

 

10- Cardano

Price at 1st January 2018: $0.7188

Price at 31st December 2018: $0.0425

Change: -94%

 



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