A new series of charts has been compiled that illustrates just how much of a toll the 2018 bear market has taken on cryptocurrencies, and it makes for grim reading. The best performing coin is Ravencoin, which is still 81% down from it’s all time high, illustrating just how far the markets have fallen since the bull run ended. Here we look at a few select coins to see how they have fared in 2018 and see how their fundamentals stack up in relation to a potential comeback.
The godfather of cryptocurrency is the third-best performing coin of the year at 83.18% down from its high of $20,089 in December 2017, a lifetime ago for those who witnessed it. The fundamentals of Bitcoin have never been stronger however, with billion-dollar funds known to be buying in and more waiting to do so, the lightning network still under development and adoption on the rise. No one knows how long it will take for Bitcoin to recover its price, but it has taken worse beatings in its ten years and come back stronger.
Currently the second biggest cryptocurrency by market cap, XRP still continues to divide the crypto community. XRP hit its high of $3.84 on January 4, when, it’s worth reminding ourselves, CNBC were showing viewers how to buy it. Those who followed CNBC’s advice will now be 91.93% down on their investment, and presumably pretty angry about it. Parent company Ripple Labs’ xRapid service is used by a number of banks including Santander, but the usefulness of the XRP token is still very unclear, with several lawsuits pending regarding it potentially being a security and the xRapid system not needing to use the XRP token to utilize it.
Wanchain was probably the most hyped ICO of the 2017/18 bubble, with influential investors promoting it for all they were worth. Those lucky enough to buy at ICO were feverishly trying to work out the likely launch price and buying strategies were being discussed in trading groups, using previous exchange launches as a guide. It finally listed in March at $4.37, representing a 1,185% gain for ICO investors, before rocketing up to its all-time high of $9.92. Nine months later it is back under ICO price, representing a 96.71% drop from that all-time high, and questions are being raised about its fundamentals. Supporters argue that a lot of work is being done behind the scenes and, like many crypto projects, the public face is not yet ready, but so far Wanchain has certainly failed to match the hype of its ICO.
Bitcoin Diamond (BCD)
The biggest loser in the entire market, down 99.03% from its all-time high of $76.45. This ‘gem’ forked from Bitcoin in December 2017, launching right into the bull run. Currently valued at $0.70 and used by almost no one, the merits of Bitcoin Diamond have been called into question by several in the space on more than one occasion. When the very people you want to be selling your coin to are asking “Is Bitcoin Diamond even a real thing?” you know your project isn’t doing very well. Don’t expect to see it around in 2019.
What Will 2019 Bring?
It’s hard to see how these numbers can get much worse, but anything under 100% means there’s still room to go. There’s a good chance more projects will go the way of the hundreds that have died in 2018, and by the time the next market cycle has come and gone, you will probably be able to count on one hand the number that ended up returning to their all-time highs.