Markets Update: The Top Ten Altcoins Then and Now
While bitcoin’s price cracked a new all-time high of US$1,220, the top ten alternative cryptocurrencies also got a lift from the spike. The rise in bitcoin’s price has brought back a lot of memories from 2013’s upswing, but there are considerable differences in altcoin markets between bitcoin’s two massive bull runs. Also read: IOHK Initiates Cryptocurrency […]
While bitcoin’s price cracked a new all-time high of US$1,220, the top ten alternative cryptocurrencies also got a lift from the spike. The rise in bitcoin’s price has brought back a lot of memories from 2013’s upswing, but there are considerable differences in altcoin markets between bitcoin’s two massive bull runs.
A Look At The Top Ten Cryptocurrencies of December 2013
On February 23, 2017, the price per bitcoin reached a high of over $1,200 across many global exchanges. The price surpassed 2013’s high of $1,165 under new circumstances and an entirely different cryptocurrency environment. These days, there are countless new tokens, ICOs, and over 700 altcoins trying to compete with Bitcoin’s extensive network.
Back in 2013, there were far fewer altcoin rivals in existence as bitcoin’s price hit $1,083 per BTC on December 1st that year. Furthermore, the top ten altcoins with the highest market capitalizations were entirely different than today’s index. The only two altcoins that remain in the top ten today from December 1, 2013, are Litecoin and Ripple. During that time, Litecoin got a significant boost from bitcoin’s price spike as the price per LTC was $39.
Besides Litecoin and Ripple on December 1, 2013, the top ten cryptocurrency market capitalizations were coins such as Peercoin, Namecoin, Megacoin, Feathercoin, Worldcoin, Primecoin, Freicoin, and Novacoin. At the time, one Peercoin (PPC), the “first proof-of-stake” token [Editor’s Note: Peercoin still uses proof-of-work for important parts of its system], was around $7 and held the fourth highest cryptocurrency market cap.
However, Peercoin now holds the 37th position and is only worth 30 cents per PPC. Many of the other cryptocurrencies that used to be in the top ten range are either close to worthless or have non-existent communities. Nevertheless, many of these altcoin community members promised ‘more advanced’ cryptocurrency tech, and tales of one-day conquering bitcoin’s lead.
The Top Ten Cryptocurrencies Now
Currently, there is a whole new list of cryptocurrencies that hold the top ten market cap positions. Bitcoin’s price is hovering around the $1,150-$1,175 range, and the altcoins below have been having their own smaller price spikes as well. The second highest cryptocurrency market cap is Ethereum, resting at over $14 per Ether at the time of writing. Ripple XRP holds the third position this year, as it did in 2013.
The fourth largest market is currently held by Dash, which has just recently acquired the position. Dash has seen a meteoric price rise over the past few months, and one Dash is currently priced at over $27. The coin that used to hold the second highest rank in 2013 was Litecoin which now holds the fifth largest market. Litecoin has not seen a significant lift from bitcoin’s price rise this time around as the price per LTC is around $3.80.
The rest of the gang holding top ten positions in 2017 are coins such as Monero, Ethereum Classic, Maidsafecoin, NEM, and Augur. One notable coin that’s been moving up the ladder over the past two weeks is Zcash (ZEC), which now holds the 15th rank and is priced at $29 per ZEC.
Will The Top Ten Coins of 2017 Be There in Four Years?
Things have changed quite a bit since the bitcoin price spike in December of 2013. Many of the altcoins that were hot then haven’t done well over the course of the last four years. The question is, will altcoins like Ethereum, Monero, and Dash still hold their weight four years from now? A lot of the tokens today are quite different from mere reproductions of Bitcoin, Litecoin, and Peercoin derivatives. Some believe cryptocurrencies today have more to offer than the altcoins of the past with concepts such as governance platforms, pure proof-of-stake, newer anonymity methods, and smart contracts. And there will always be those who believe that the current top ten altcoins are just as worthless as they were in 2013.
What do you think about the top ten cryptocurrencies of the past compared to the top ten of today? Let us know in the comments below.
Images courtesy of Shutterstock, and Coinmarketcap.com
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