The cryptocurrency market in 2017 was marked by significant growth and volatility. In 2017, the total market capitalization of all cryptocurrencies reached an all-time high of over $830 billion, according to CoinMarketCap. This represented a significant increase from the previous year, when the total market capitalization of all cryptocurrencies was just over $17 billion.
One of the main drivers of the growth in the cryptocurrency market in 2017 was the increased interest and adoption of bitcoin, the original and largest cryptocurrency by market capitalization. In 2017, the price of bitcoin reached an all-time high of nearly $20,000, which represented a significant increase from its price at the beginning of the year, which was around $1,000.
Other cryptocurrencies also saw significant gains in 2017. For example, the price of Ethereum, the second-largest cryptocurrency by market capitalization, increased by over 9,000% in 2017, while the price of Ripple, the third-largest cryptocurrency by market capitalization, increased by over 36,000%.
However, the cryptocurrency market in 2017 was also marked by significant volatility, with the prices of many cryptocurrencies fluctuating significantly over the course of the year. This volatility, along with concerns about the potential for fraud and other risks associated with cryptocurrencies, led to increased regulatory scrutiny of the market. Despite this, the overall trend in 2017 was one of growth and increased interest in cryptocurrencies.
Here are a few examples of cryptocurrencies that gained popularity in 2017:
- Bitcoin: As mentioned earlier, bitcoin, the original and largest cryptocurrency by market capitalization, saw significant price growth in 2017, reaching an all-time high of nearly $20,000. This was driven in part by increased adoption and interest in the cryptocurrency, as well as the launch of futures contracts on major exchanges, which made it easier for institutional investors to enter the market.
- Ethereum: Ethereum, the second-largest cryptocurrency by market capitalization, saw significant price growth in 2017, with the price increasing by over 9,000%. Ethereum is a decentralized platform that runs smart contracts, which are applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
- Ripple: Ripple, the third-largest cryptocurrency by market capitalization, gained popularity in 2017 due to its focus on being used as a payment settlement platform for financial institutions. The price of Ripple increased by over 36,000% in 2017.
- Litecoin: Litecoin, a cryptocurrency that is similar to bitcoin but with faster transaction times and a different algorithm, also gained popularity in 2017. The price of Litecoin increased by over 5,000% in 2017.
- Monero: Monero, a privacy-focused cryptocurrency that uses advanced cryptographic techniques to obscure the identities of the sender and receiver of transactions, also gained popularity in 2017. The price of Monero increased by over 3,500% in 2017.
