Q1 Roundup of Crypto Performances
The frenzy that gripped the cryptocurrency market in the last quarter of 2017 ran out of steam by mid-January this year. After that, the rest of the first quarter of 2018 has been pretty rough for the majority of cryptocurrencies.
What Caused the Market to Slide?
What started off as healthy pull-backs soon turned into a bear market thanks to bad news coming in from multiple directions. China has gone seriously anti-cryptocurrencies while there has been a lot of uncertainty about what stance South Korean regulators plan to take on the crypto market.
The SEC investigating a large number of ICOs and the G20 summit not coming to any conclusion about the industry have hurt the crypto market. It also didn’t help that thanks to the biggest ever crypto heist in Japan has led the country’s Financial Services Agency (FSA) to tighten regulations on cryptocurrency exchanges.
Thanks to all these and more issues, the cryptocurrency market’s trading volume dropped dramatically, as did its market capitalization. Almost all cryptocurrencies – especially the top 10 – chalked up massive losses. There were only two cryptocurrencies that came out of the first quarter with gains – Binance Coin (BNB) and VeChain’s VET token.
Biggest Losers of Q1
The biggest loser of the first quarter of 2018 is Bitcoin Gold, which lost 83% of its value so far, dropping from its all-time high of $484.78 last year, to its current market price of $42.73.
The second biggest loser for the quarter was NEM, whose value has dropped by 78.74% in the last three months, from its all-time high of $2.09 to a current market price of $0.242703. NEM was the cryptocurrency that was the target of the biggest ever hack attack that took place in January this year, where $530 million worth of NEM token were stolen from the Japanese crypto-exchange Coincheck.
And the third highest loss was Cardano’s, which dropped by 78.31% in the last quarter, going from an all-time high of $2.09 to its current market price of $0.163078.
Biggest Gainers of Q1
The biggest gainer of the first quarter of the year is Binance Coin, which has gained by 28.15% in the last three months. The cryptocurrency has a current market price of $13.29 at the time of this writing.
VeChain’s token, VET, was the second biggest gainer of the quarter. The price of the token went up by 3.47% for the quarter and is currently trading at a price of $2.80. The cryptocurrency has jumped more than 21% in the last 24 hours.
Analysts are hoping that the new quarter will bring better results for the cryptocurrency market. The new season is now finally seeing an upturn in the performance of the cryptocurrency markets, but how long this trend lasts is still to be seen.