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Bitcoin (BTC)
Bitcoin has had its fair share of dramatic swings. The first rise of the pioneering cryptocurrency was in 2010, when it went from $0.0008 to $0.08. Since then, the currency has continued its trend of giant leaps and sharp corrections.
Bitcoin’s first notable jump was in 2017, when it went from $974 to $20,000, an increase of 1,950%. This was probably when the currency captured the public’s imagination like never before and began its march towards mainstream recognition.
By the end of 2013, BTC was rapidly reaching $1,200 – which was a big deal at the time. This increase was significantly fueled by the US Senate’s discussion of the “potential to promote more efficient global trade” in reference to cryptocurrencies. China’s central bank also weighed cautiously in approval. But later in December, approvals were withdrawn and China began restricting banks from trading Bitcoin. On December 18, Bitcoin prices halved in a single day.
Cryptocurrency fans have not forgotten Bitcoin’s meteoric rise from $20,000 in December to nearly $65,000 in April 2021. Cryptocurrency has increased by more than 200% since September. But by the end of May, it had plummeted to about $35,000. As usual, however, it has since recovered much of the loss. Where will it go next?
Ethereum (ETH)
Like most of the cryptocurrency market, the second largest cryptocurrency emulated Bitcoin in market behavior. Even so, Ethereum’s usefulness in smart contracts, NFTs, and DeFi has allowed the currency to curve its own – but not so independent – bump and decline curve patterns.
On January 10, 2018, ETH was trading hands at nearly $1,400 in one of its biggest price rallies: a 60% increase in a week. This was a tight rally behind Bitcoin and can be attributed to Bitcoin’s success at the time.
But Ethereum’s biggest jump was in 2021, when the currency hit $4,000. In a rare display of defiance, ETH went on to reach and exceed the psychological level of $4,000 even as BTC – which was leading the bull run – began to retreat from $50,000. Traditionally, Ethereum would rise or fall as Bitcoin does, but this time it has shown determination to impress its authority as a trendsetter.
As for price crashes, ETH investors recall how the cryptocurrency fell from $319 to $0.10 in seconds in June 2017. Although the collapse only affected the GDAX exchange and lasted no more than a few seconds, many traders suffered huge losses.
Dogecoin (DOGE)
Dogecoin has performed poorly since its launch in December 2013. But in 2021, “the world’s most expensive joke” increased by more than 20,000%, in one of the most dramatic climbs in cryptocurrency history.
It’s an open secret on which the currency has risen due to the publicity of Tesla boss Elon Musk. After Musk declared himself the “Dogefather”, prices rose by 32% in a matter of hours.
In May, the meme coin lost a third of its value after Musk called it a “hustle and bustle” in SNL live. However, the biggest slump is the 45% drop in cryptocurrency after China announced a new ban on cryptocurrencies in May. DOGE fell from $0.48 to $0.21 in a single day.
Ripple (XRP)
Industry observers recall XRP’s 366% gain in December 2017. Around the 22nd of the same month, the cryptocurrency gained another 160%, for a total of more than 500% gain in a month.
XRP then made another huge jump of 188% during the week of December 23-29, pushing its prices up to $2.24 from $1.19. The currency made the final jump in January 2018, moving from $1.93, where it had briefly fallen, to an all-time high of $3.86. News about the adoption of Ripple by businesses and how the foundation had already signed dozens of banks helped drive up prices.
However, XRP fell as fast as it did. In the week leading up to January 16, the coin plummeted from the glory of $3 to a paltry $0.89. Within 12 days, Ripple had fallen from its highest prices ever and from the enviable position of the second-largest cryptocurrency to a 430% drop. Today, XRP is doing relatively well, still sitting in the top ten cryptocurrencies by market capitalization.
Cardano (ADA)
Cardano remained a little-known blockchain until 2020, when DeFi started hitting the headlines as the next big thing. However, the recent cryptocurrency rally has cemented its place in the crypto room of dramatic increases.
In July, ADA undertook a price increase, culminating in $3 in September. According to Forbes, the cryptocurrency rose 85% after founder Charles Hoskinson promised a network upgrade that will allow the network to support such contracts.
Cardano is now the third largest cryptocurrency in the world, rivaled only by Ethereum and Bitcoin.
Bitconnect (BCC)
Bitconnect is a cryptocurrency project that was an exit scam. The project allowed investors to use their trading bot to get up to 40% interest per month by sending them Bitcoins. Although a cryptocurrency riding the attacks of another cryptocurrency should be a red flag, investors have pumped their Bitcoins to the project.
On January 17, 2018, the project’s founders shut down, citing negative press, denial of service attacks, and regulatory crackdowns on why. After the announcement, BCC plummeted to less than $1 from $500. The year before, BCC had risen from $0.17 to a high of $463 in December.
Final Thoughts
The nature of cryptocurrencies is that they are highly unpredictable. A cryptocurrency being talked about today may be irrelevant tomorrow. Similarly, a cryptocurrency can go from darkness to the hottest thing of tomorrow. It’s a rollercoaster ride, and cryptocurrency enthusiasts live for it.
