Monday, June 17, 2019

2018 Happened To Be The Worst Year For Cryptocurrencies

A media outlet’s analysis reveals that 2018 was the worst performing year for the top 10 cryptocurrencies. Some of these virtual currencies are Bitcoin, Ethereum, Stellar, and Litecoin and their previous year’s performance was judged by the number of monthly green and red candles. The report finalizes that Bitcoin had the roughest time in 2018.

2018, Bitcoin’s Worst Year Performance After 2014

In 2018, investors losses in Bitcoin amounted to 73% because this digital asset was trading around $19,000 in January 2018, but closed at $3,700. The number of monthly red candles Bitcoin exhibited were 9, and the green candles were 3. Deductions were made that this is the highest number of red candles. Bitcoin has ever displayed.

Another year that closely resembles 2018’s performance is 2014, the report notes. The digital currency’s performance in that year was eight monthly red candles and four green candles. This is a cryptocurrency that traded around $730 at the beginning of 2014 but closed at about $320 thereby leading to a 56% fall in price.

Stellar, Best Performing Crypto Based on Monthly Green Candles

Stellar (XLM), the seventh cryptocurrency with the largest trading volume based on coinmarketcap’s data is reportedly the asset with the best performance judging from the number of its monthly green candles. The digital asset opened at a price of $0.35 and fell around $0.12 to give a 65.71% loss.

During the year, Stellar had seen a 53%, 103%, 44%, and 17% gain in January, April, July, and September respectively. As at press time, Stellar is trading at about $0.123 and has seen a 0.27% gain over the past 24 hours.

Ethereum’s Poor Performance in 2018

Ethereum (ETH), the second largest cryptocurrency based on trading volume also had its worst run in 2018. This virtual currency had an opening price of $735 in January 2018 and as at press time, is trading at around $150. Its percentage loss since the start of 2018 to this time is 79.59%. Regarding the number of its monthly candles, there were three green and nine red in 2018.

Ripple (XRP) which gained massive adoption in 2018 also exhibited a poor performance during the year. From trading at $1.97 at the beginning, it closed at $0.36 at the year’s end to give an 82% annual loss. This digital asset also showcased two green candles which were in April and September and ten red candles.

Litecoin’s Second Bearish Year

Litecoin (LTC) is also reportedly among the digital assets to have been negatively impacted upon. This loss accounts for its second bearish year where the first was in 2014. Litecoin opened at about $23.80 and closed at $2.75 to give a loss of 88%. There were also two green monthly candles in 2018 for this cryptocurrency.

Despite these price trends, crypto experts have made predictions that 2019 will be a better year for virtual currencies. In Weiss rating opinion, Bitcoin will see a new all-time high, and many altcoins’ price will spike 20 times.

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