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Up and down: what top cryptocurrencies had the biggest rise?

07 August 2017 00:00, UTC
Up and down: what top cryptocurrencies had the biggest rise?
By Margareth Nail
Cryptocurrencies are going through a boom of volatility. Their price charts resemble echocardiograms. Bitnewstoday.com offers you our analytic report on the dynamics of cryptocurrency exchange rates. Six largest cryptocurrencies by market cap are considered. We tried to calculate how much it would be possible to profit from buying these coins.

The following cryptocurrencies were taken for analysis of their price dynamics against USD (the dynamics was analyzed from the moment when they began to be traded on exchange): Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, NEM.

Name cryptocurrencies Market cap Initial price, $ Current price, $ Change over the whole period
Bitcoin 45,4 79,99 2756,94 21,4x growth
Ethereum 20,8 2,83 222,14 73,6x growth
Bitcoin Cash 10,6 555,89 641,3 15,4% decline
Ripple 6,7 0,003357 0,176525 30x growth
Litecoin 2,2 4,3 42,93 10x growth
NEM 1,9 0,0004 0,216478 748x growth
Market cap and current price are indicated as of August 2, 2017 (at the time of writing).
Initial price is the closing price on the first day of trading on exchange.

Chart – Summary table of the exchange rate dynamics

From the moment when bitcoin became available on exchanges to the present day its value has increased 21 fold. The all-time high was registered on July 6, 2017 when it hit $2,999.91. Its all-time low of $65.53 was registered on July 5, 2013.

Those who purchased this cryptocurrency at its lowest, and sold when it reached its record high could increase their revenues by 46 times.

Dynamics of bitcoin value

Pic. 1 Dynamics of bitcoin value
Source: information based on coinmarketcap.com

Ethereum

Ethereum over the whole period of trading increased its value by 73.6 times. It's worth noting that during two years, its cost was relatively stable and it wasn't until this year when it had a dizzying growth (as well as the cost of most of other cryptocurrencies). So for the period from March to mid June its value increased from $17.35 to over $350. Ethereum reached its all-time high on June 12, 2017 – $414.76, the lowest rate was registered on October 21, 2015 – $0.42.

After having broken the $400 mark in June, its exchange rate headed to a rough decline. At the moment one coin of Ethereum can be exchanged for $222.14.

Dynamics of ethereum value

Pic. 2 Dynamics of ethereum value
Source: information based on coinmarketcap.com

Bitcoin Cash

The capitalization of Bitcoin Cash amounts to $11 billion, that is 2 times less than the one of ethereum and 4 times less than bitcoin's capitalization.

Exchange rate of Bitcoin Cash could be tracked on coinmarketcap.com from July 23, 2017. When this new cryptocurrency was listed on exchanges it started trading at $555.89, but at the moment it fell to $380.

Ripple

Ripple has been trading on the exchanges since August 2013. Over this period XRP has increased its value from $0.005874 to $0.177053.

Like the above-mentioned cryptocurrencies, Ripple achieved its all-time high in 2017. On May 17 this year Ripple could be exchanged for $0.43517. Ripple dropped to its lowest point on July 7, 2017 when it was traded at $0.002802.

Dynamics of Ripple value

Pic. 3 Dynamics of Ripple value
Source: information based on coinmarketcap.com

Litecoin

At the time of writing, Litecoin ranks fifth in terms of capitalization, which is more than $2.2 billion. It is traded at $42.93. Its value has increased 10 fold.

The chart of Litecoin's exchange rate dynamics looks more interesting than the charts of the other cryptocurrencies and resembles canines (see Picture 4). The first time Litecoin price has a significant growth was in late 2013. On November 29, 2013 it almost reached the $48 mark. It was followed by a rapid drop began. Litecoin's lowest exchange rate was registered on January 2015, when it was traded for less than a dollar.

Since March of this year, the cost of Litecoin has again started to gain momentum and hit its ceiling by reaching more than $56 on exchange in early July.

Dynamics of Litecoin value

Pic. 4 Dynamics of Litecoin value
Source: information based on coinmarketcap.com

NEM

It was possible to increase one's profit 748-fold by purchasing NEM on its first day of trading and selling it today. The most far-sighted traders (who bought this cryptocurrency at its lowest, and sold at all-time high mark) could increase their income by 3710 times.

NEM price dynamics

Pic. 5 NEM price dynamics
Source: information based on coinmarketcap.com

As can be seen from the information presented above, it is possible to earn money on cryptocurrency's changing value. It could be done by exchanging fiat dollars for cryptocurrencies even at the end of 2016 – early 2017 and selling them in June-July 2017. Experts believe that such a rise in price of bitcoin and altcoins was caused by rush demand. As the dust settles, their volatility will slow down, and as a result there will be less chances of making money on trading.



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