Nowadays, you’d be hard pressed to go a day without reading or hearing about cryptocurrencies, and for good reason!
2017 proved to be the year of cryptocurrencies, with many units reaching unprecedented growth, smashing record after record. With its understandable rise in popularity, a world once ruled by Bitcoin has seen a new band of cryptocurrencies emerge: Ethereum, Litecoin, Dashcoin and Bitcoin cash.
Bitcoin was first published in 2009 in a cryptography mailing list by Satoshi Nakamoto, and has since evolved into the most capitalized and traded cryptocurrency in the world. Bitcoin is a form of digital exchange, with each transaction digitally logged on Bitcoin’s public database (blockchain). As it stands, Bitcoin’s volume is estimated at $286,684,000, snatching over 50% of the overall market volume according to Bitfinex exchange.
Currently, Bitcoin is trading at $5,640.88, up a whopping 483% this year. If you’d have invested $10,000 at the beginning of this year your investment would be nearing the $50,000 mark. Not bad for a year’s work!
Despite Ethereum only being on the cryptocurrency stage since 2015, it controls the second largest market share of volume at $43,492.100, a little less than 8% (Bitfinex exchange). Ethereum is similar to Bitcoin, as it operates using the same principles, but has its own unique technology.
Although Bitcoin has seen exponential gains this year, it has been outperformed by ETH, which, at a current price of $294.71, is up over 3600%. We’ll let you do the math!
Released in 2011, Litecoin is often referred to as being the ‘silver’ to Bitcoin’s ‘gold’, because it’s technically identical, despite being far cheaper. As of current prices ($54.93), Bitcoin’s younger brother only controls 2.95% ($16,324,000) of the overall market volume (Bitfinex).
Although controlling only a small piece of the crypto cake, Litecoin is up 1162% this year! In the event that you invested only $1000 at the start of the year, your account would now stand at a cool $11,620. Not too shabby!
Dashcoin was originally released as XCoin. In February 2014, the name was changed to Darkcoin. And on March 25, 2015, Darkcoin was rebranded as Dash. Like Bitcoin, Dash is open-source and has its own blockchain, wallet infrastructure, and community. But unlike Bitcoin, its transaction fee is negligible. Dash is also built upon Bitcoin’s core code with the addition of new features: privacy and quick transactions.
Even though Dash only controls 0.50% ($2,508.940 – Bitfinex) of the overall market volume, the unit is currently up 590% at current prices (289.93) from March 2017!
Bitcoin cash is effectively a duplicate of the current Bitcoin blockchain, with one additional feature: extra block size capacity. Released only this year (August), the instrument almost immediately nose-dived to a low of $190,000, which was shortly followed by an aggressive advance to highs of $972,000 on August 19th – an incredible 411% rally in the space of only a few weeks. Since that time, however, BCH has been trending lower and is, as we write, trading at $313.79.
Specifications relating to the above instruments:
As you can see, due to crypto’s rapid price movements, there have been some mouth-watering returns on investment. Trading with IC markets in cryptocurrencies can offer some great benefits, such as:
Structured platform. As opposed to some cryptocurrency exchanges, IC Markets is regulated by the Australian Securities and Investments Commission (ASIC) and is among the leading Australian brokers.
Cryptocurrencies are undoubtedly attention-grabbing instruments, and we feel that this is an exciting time for us to be offering these products.
IC Markets is revolutionizing on-line forex trading; on-line traders are now able to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals.