Colossal rise of cryptocurrencies over the last 5 years
The meteoric rise of cryptocurrency has astonished the world and challenged traditional laws of market behavior. Years after being labeled an “experiment,” “fade,” and “bubble,” the crypto market continues to remain overall resilient in the face of impossible difficulty. The cryptocurrency movement has earned such a tremendous amount of steam in such a short period that a visual is required to truly understand the dramatic changes.
A visual has been created to showcase the growth in the overall cryptocurrency, revealing how the top ten digital assets by market cap have grown over the past five years. Using January as the benchmark, we discovered the top ten digital currencies by market cap between 2014 and 2018 from CoinMarketCap.com. A green color scale is used to depict the market cap growth during the time frame more clearly, extending from light to dark shade.
On each square, the darker the green background, the greater the market capitalization. Conversely, lighter shades signify lesser market caps.
Bitcoin Still Top Dog, But Market Cap Dominance in Downtrend
Bitcoin, the “grandfather of cryptocurrency”, has single-handed brought the cryptocurrency market to the point it is today. There would be no crypto market without Bitcoin. However, the “grandfather” is getting worn as other altcoins continue to see extensive growth and influence in the cryptocurrency industry. In January 2014, Bitcoin’s market cap was $10.20 billion, which denoted 89% of the whole market cap of all digital currencies. The market capitalization of Bitcoin has surged to $192 billion as of January 2018, but now only signifies 33.40% of the overall crypto industry market capitalization.
As digital assets were proceeding to ride out the final steps of its first bull market in January 2014, just four coins were valued above $100 million.
By 2015, the market experienced an abrupt crash, which put only two cryptocurrencies above the $100 million point in the top ten. The crypto market rebounded in 2016 before leading to the beginning of the current bull run.
In January 2017, the cryptocurrency market observed a record seven coins move past the $100 million mark, but only Bitcoin was still occupying the billions space. After digital assets started becoming more publicly accepted in late 2017, a face-melting rally started which drove all top ten of the most substantial cryptos into the billion-dollar market cap space.
Here is a breakdown visual, estimated using the total size of the market cap of the top ten digital currencies between January 2014 and January 2018:
– January 2014: $11,356,979,703
– January 2015: $3,403,948,945
– January 2016: $6,283,781,652
– January 2017: $16,985,815,798
– January 2018: $455,573,149,014
Overall, the cumulative market cap of the top 10 digital currencies has increased from $11.36 billion to $455.57 billion within January 2014 and January 2018. This decodes an increment of $444.22 billion or 190.27% over the five-year time frame.
Interestingly enough, the top three largest digital currencies in January 2014 Bitcoin, Litecoin, and Ripple, are the only three to appear on the top ten list each year consistently.
Ethereum broke onto the top ten picture by January 2016 and has shocked the whole community with its huge rise to be the second largest digital currency by market cap for the second year running. Overall, each year brings discoveries and insight into the status of the cryptocurrency market.