Development of the Digital Currency Market Over the Past Five Years

Oct 15, 2018 at 13:40 // News
Author
Coin Idol
Virtual coins that were on top of the list five years ago went away to be replaced by new ones.

Since 2013, the crypto market has changed completely. Virtual coins that were on top of the list five years ago went away to be replaced by new ones. Investing in crypto assets is a very risky business, everything can change in a moment.

Looking Back in 2013   

   

It is no surprise that Bitcoin was ahead of the top 10 cryptos by market capitalization in 2013 and has kept its position to this day. Similar to BTC, Litecoin and Ripple have also managed to stay within the list of the largest crypto coins due to a range of regular innovations.   

Namecoin was the first altcoin that appeared on the crypto market in 2011 as a means of data storage and provided secure decentralized DNS. The cryptocurrency has remained its operation at number 181 on Brave New Coin’s market cap and is traded at $2.17. Another altcoin Peercoin was created as a more scalable and energy efficient alternative to existing cryptos. It didn’t manage to attract investors and is currently placed number 125 with a price of $1.33. Feathercoin, a Litecoin fork, was claimed to be 10 times faster than bitcoin. Despite this advanced technology, it has collected zero support and fallen to number 240 and is worth $0.058, even less than five years ago.   

The next cryptocurrency is Novacoin, which uses both PoS and PoW to be more energy efficient. The project has also failed and is ranked number 335 at a price of $2.17. The digital currency that took eighth place in 2013 was Primecoin. Now it is ranked at 163 and is worth $0.99. The ninth largest crypto coin was Terracoin. Focused on speed, anonymity, and user governance, it also couldn’t catch attention from the crypto community. Terracoin is currently at 392 with a price of $0.11. The last out of the top 10 cryptos was Infinitecoin. It was launched in 2013 as a slightly modernized bitcoin. Today, it is placed at number 296 and is worth $0.000078.   

Current Picture of the Market   

   

It is obvious that five years ago the market was full of bitcoin clones that could offer no more than slightly faster speeds or lower fees. However, cryptocurrencies have much more to offer us now, starting from smart contracts to appliances for the Internet of Things (IoT) and anonymity.   

Having analyzed the top 10 cryptos of the present and past, it is clear that crypto trends are fast-changing, but those coins which have remained over time are more likely to maintain their activity. Although there were a number of altcoins that didn’t manage to keep pace with the time and became forgotten soon.