The Year Crypto Became a New Asset Class
Crypto assets may have become an asset class in 2017.
While the broader markets' performance was impressive this year, this article lists the five best-performing currencies, as well as explores the impact of halving events and institutional adoption. Bitcoin's price of around $17,000 correct at the time of publication represents a jump of more than 1500%. Ripple was the best-performing cryptocurrency of 2017, beating bitcoin. But that growth is puny compared to the 13 cryptocurrencies that outperformed Bitcoin according to an article in "The Economist". So as we are bidding the final adieu to 2017 let us take a quick look at the top 10 cryptocurrencies of the year.
You can hardly but help have noticed how cryptocurrencies have come from seemingly nowhere to take the world by storm.
In the past year alone, the total market capitalization of all cryptocurrencies has grown from around $18 billion to over $800 billion. This has led to a frenzy of speculation and investment, as well as a growing number of businesses and institutions accepting cryptocurrencies as payment.
This growth has been driven by several factors, including the increasing popularity of blockchain technology, the growing demand for alternative investments, and the increasing awareness of cryptocurrencies among the general public.
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