Analysis – Crypto Market – April 2018
The first quarter of 2018 has been brutal on the cryptocurrency market with the majority of prices of popular cryptos dropping to even lower prices. Experts and investors remain optimistic about the market with some even claiming that the market is seeing a plateauing of some sort whereby major ICOs have ended and most investors are just hoarding cryptos at the moment. The recent regulation of new ICOs by the SEC could have contributed to the recent price drop as new altcoins are unable to launch. However, in the past, major cryptocurrencies have experienced an upward price trend in the face of global uncertainties and seeming crisis events such as the election of President Trump, Brexit, and the North Korean missile test, and most investors expect the prices to resume to their normal trend further down the year.
However, in reality, the situation seems much worse due to circulating bad news and increased regulation efforts by major governments, governmental bodies, and private corporations on cryptocurrency ICOs and trading. The recent move by Twitter, Google, and Facebook to ban all cryptocurrency related adverts on their platforms has negatively affected the crypto-market even more. On the flip side though, there has been an increase of interest in blockchain technology by major institutions which has seen a significant amount of capital and wall-street talent enter the crypto space recently. Increased global acceptance and adoption of cryptocurrencies as solid payment systems shines an optimistic light on the future of crypto.
April Market Analysis of the Top Ten Cryptocurrencies in the Crypto-Market
We conducted an April analysis of the top ten cryptocurrencies ranked by market capitalizations according to data acquired from CoinMarketCap.com. The cryptocurrencies are listed as follows:
- Bitcoin Cash
It is worth noting that the total crypto-market capitalization had reached an all-time high of over $800 billion at the beginning of the year. Presently, the total market capitalization stands at $415 billion. This represents a huge and drastic reduction by almost 50% in a span of only four months.
Let’s take a look at each cryptocurrency listed above.
On the 1st of April, 2018, the price of Bitcoin on the market opened at $7,003.06. During the day, it hit its highest at $7,060.95 and its lowest at $6,526.87 and finally closed at a price of $6,844.23. That same day, April 1st, 2018, the 24-hour trading volume of Bitcoin was $4,532,100,000 with a market cap of $118,705,000,000. As of May 1st, 2018, the price of Bitcoin was $9,039.08 with a market cap of $153,745,485,743 with a 24-hour trading volume of $8,460,820,000.
The recent price surge of Bitcoin in the month of April has led to a number of experts’ predicting that the price of Bitcoin will surge even higher to levels as high as $25,000 by the end of 2018. Such a prediction is supported by crypto guru Tom Lee who predicts that it is possible for Bitcoin to hit $25,000 by the end of 2018. Experts explain that the recent inflow of capital into the Bitcoin market and increased demand by institutional investors may have led to the sudden price increase.
On the 1st of April, 2018, Ethereum opened the market at a price of $397.25 with the highest value at $400.53 and the lowest value at $363.81. The price eventually closed at $379.61 with a 24 hour trading volume of $1,256,930,000 and a market cap of $39,144,700,000. As of today, May 1st, 2018, the price of Ethereum was $664.35, with a market cap of $65,877,450,254 and a 24-hour trading volume of $2,805,070,000.
The above changes represent an upward value increase of about 50%. Ethereum prices have soared over the month of April, and experts believe that the cryptocurrency has the potential to hit $2,500 at the end of 2018, a prediction supported by the deVere Group, an independent financial consulting group. Some experts claim that the recent surge in the price of Ethereum may have been partly influenced by the use of Ethereum’s platform to support the #MeToo activist movement that took place in China regarding a rape case that happened in Peking University.
On the 1st of April, 2018, Ripple opened the market at a price of $0.513854, with a high of $0.515437 and a low of $0.46623, eventually closing out at a price of $0.485081. The 24-hour trading volume as of the same date was $297,869,000 with a market cap of $20,088,900,000. As of the 1st of May, 2018, the price of Ripple was at $0.826476 with a 24-hour trading volume of $620,365,000 and a market cap of $32,353,397,600. This also represents an increase in its value of over 50%.
It was only in January 2018 that Ripple had seen its highest price of over $3 with hopes of it crossing the $4 mark. However, the market struggled and the price significantly dropped and oscillated around $0.5 for weeks. As for now, the recent price of $0.826476 has warmed up the hearts of investors as there is potential that the coin will cross the $1 mark pretty soon.
- Bitcoin Cash
As of April 1st, 2018, Bitcoin Cash opened the market at a price of $688.01 reaching a high of $699.05, a low of $629.93 and eventually closing out at $643.03. On that same day, the 24-hour trading volume of Bitcoin Cash was $318,440,000 with a market cap of $11,729,600,000. As of the 1st of May, 2018, the price of Bitcoin Cash was at $1,307.33 with a 24-hour trading volume of $796,160,000 and a market cap of $22,360,114,755. This was an impressive improvement in its price compared to other cryptocurrencies in the market.
The overall negative sentiments about the crypto-market by the media and the fears of regulation had seen the price of Bitcoin Cash take a dip. However, its price is well on its way to recovery from the bearish trend witnessed in the first quarter of 2018. Crypto-trader and expert Brian Kelly, CEO and founder of BKCM, advocates for buying Bitcoin Cash now that the price is low. He claims the increased trading volume and price as indicators of a looming break-out.
On the 1st of April, 2018, EOS opened the market at a price of $6.00 hitting a high of $6.04 and a low of $5.25 and closing the day at a price of $5.66. The 24-hour trading volume as of the same day was at $401,303,000 with a market cap of $4,580,380,000. As of May 1st, 2018, the price of EOS was at $17.69 with a 24-hour trading volume of $3,597,530,000 and a market cap of $14,656,044,787.
The recent price surge may have been contributed by EOS’ $200 million partnership with Michael Cao and Winnie Liu to accelerate EOS’ presence in Asia. Also, its $100 million joint venture with Finlab AG may have contributed to its significant growth in the crypto-market.
At the beginning of the month, April 1st, 2018, Cardano had opened in the market with a price of $0.156597. As the day went by, the price of Cardano, hit a high of $0.160825 and a low of $0.141343 and eventually closed at $0.150768. Its 24-hour trading volume was $100,833,000 with a market cap of $4,060,110,000. As of the 1st of May, 2018, the price of Cardano was at $0.346010 with a 24-hour trading volume of $338,465,000 and a market cap of $8,971,025,667.
Although the numbers are not too impressive compared to other cryptocurrencies, there has been a sure significant rise in its price, market cap, and trading volume. Its significant price increase may have been due to the announcement by Huobi, which is China’s largest exchange, that Cardano would be listed on the exchange. A recent announcement by Charles Hoskinson that the Cardano team has managed to solve the proof-of-stake algorithm may also have partly enhanced the price growth.
On April 1st, 2018, the opening price of Litecoin in the crypto-market was $116.91. During the day, the crypto hit a high of $117.83 and a low of $110.52 before eventually closing at $115.22. The 24-hour trading volume of the day was $274,182,000 and the market cap was $6,532,610,000. As of the 1st of April, 2018), the price of Litecoin is currently at $145.64 with a 24-hour trading volume of $346,100,000 and a market cap of $8,204,212,733.
Several partnerships and deals that are taking place are bound to push Litecoin prices even further once they are put in place.
The opening price of Stellar as of the 1st of April, 2018 on the crypto-market was $0.207723. During the same day, the coin saw a high of $0.213390, a low of $0.190688 and eventually closed at $0.206582. It had a 24-hour trading volume of $43,075,500 and a market cap of $3,853,390,000. Stellar is among those cryptos that had seen a steady rise in 2017 hitting all-time high prices but came tumbling down in the first quarter of 2018.
Stellar is however on the path to recovery, as of the 1st of May, 2018, it had a price of $0.438368 along with a market cap of $8,141,248,508 and a 24-hour trading volume of $138,368,000. The announcement that Stellar planned to associate with the Mobile Coin ICO to launch a token that allows integration with mobile messaging applications, may have played a part in its surging price. Experts predict that the market will continue being bullish with expectations of higher price rises.
At the beginning of April (April 1st, 2018), the opening price of Tron was $0.033955. During the same day, the price hit a high of $0.034842 and a low of $0.028607 and eventually closed at $0.032152 with a 24-hour trading volume of $219,373,000 and a market cap of $2,232,460,000. Recently, as of the 1st of May, 2018, the price of Tron stood at $0.90591 with a market cap of $5,956,160,883 and a 24-hour trading volume of $1,527,300,000.
Currently, the founder of Tron, Justin Sun, has announced that Tron will no longer be an ERC20 token as it will launch its own Tron blockchain that will in the future perhaps compete against the Ethereum platform. Having over 100 million users on its DApps platform, Tron may end up being the largest DApps platform if everything goes right. Experts say that Tron is gearing up for the bull-run that is expected to start soon.
NEO opened the market at the beginning of the year at a price of $50.34. During the day, it hit a high of $50.59 and a low of $45.30 and managed to close at $47.30 with a 24-hour trading volume of $73,349,000 and a market cap of $3,272,060,000. As of May 1st, 2018, the price of NEO was $81.31 with a 24-hour trading volume of $210,602,000 and a market capitalization of $5,285,228,000.
Experts are urging investors of NEO to start preparing for a bull-run, as the price of NEO is bound to rise even more as the year goes by. NEO has been named as a good HODL for 2018.
Despite the slow and sluggish beginning of the first quarter of 2018, it seems like the cryptocurrency market is now adjusting to its proper footing as more cryptocurrencies are experiencing a price surge. Experts are banking on the “history repeats itself” claim that 2018 will see a repeat of what happened in 2017 with prices rising even higher than they had.
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