Cryptocurrencies have grown exponentially from nowhere, spawned many applications, countless controversies, and even jokes. In 2013, cryptocurrency was only spreading in a small area. Fast forward to 2018, the total market value of digital currencies has exceeded $200 billion, and countless investors and enthusiasts have rushed into the market madly. There’s been a lot of research focused on the future of Bitcoin, Ethereum, XRP, etc., but if history is any guide, comparing the rise and fall of the top 10 digital currencies in the cryptocurrency market over the past five years may be more illuminating.
Bitcoin has dominated the cryptocurrency market since its birth in 2009. Over the years, the market has been flooded with cryptocurrencies, whose value and price have been influenced by Bitcoin.
At the end of May 2013, Coinmarketcap listed just 15 cryptocurrencies with a total marketcap of $15,48,982,054, or just $1.5 billion.
2013 was named “The Year of Bitcoin” by Forbes. In a year when bitcoin became the religion of many new investors, the price of a single bitcoin rose to $1,242 while gold hit a low of $1,240 an ounce, a stark contrast that made headlines of the year. As the price of bitcoin has soared, it has been discussed in high spirits at parties, forums and seminars. However, this fast pace of development has also led to highly contradictory views between those who see cryptocurrencies as scams and those who see them as the most attractive and transformative thing, and the arguments for both positions are compelling. Due to the high volatility of the cryptocurrency market, both sides’ positions have changed in different ways in subsequent years as the market has fluctuated.
As of September 2018, coinMarketCap has recorded 1,960 cryptocurrencies with a combined market capitalization of more than $200 billion. Here’s a look at the differences between the top 10 cryptocurrencies of 2013 and the top 10 of 2018.
01, Bitcoin
The origins of Bitcoin can be traced back to January 3, 2009, when the anonymous founder Satoshi Nakamoto mined the Genesis block of Bitcoin and was awarded 50 bitcoins. Bitcoin has become more widely known after years of ups and downs, its unusually volatile, high-risk nature, and a long period of resistance from governments and financial regulators. Bitcoin is the mother of all cryptocurrencies, with a market cap of $1.4 billion in 2013 and a market cap of $110 billion in 2018.
02, Litecoin
Litecoin is an open source peer-to-peer cryptocurrency that technically closely parallels Bitcoin and was founded on October 7, 2011 by Google employee Charlie Lee as a means to support micropayments. By the end of November 2013, litecoin had multiplied in price in a matter of days, going from tens of millions of dollars to a peak market value of $1 billion. In 2018, litecoin was replaced by ethereum, which is growing even faster. Litecoin currently has a market cap of $3.2 billion, making it the seventh largest company on this year’s list.
03, Namecoin domain Namecoin
Namecoin is the first fork of bitcoin. It has a similar concept to bitcoin and is also based on the code of bitcoin. However, Namecoin has added the function of storing domain name information in the block on the basis of bitcoin, so it is also called domain Namecoin. Bitcoin miners can mine together in the form of bitcoin mining, mining domain coins at the same time.
In May 2013, it was valued at $5,306,810, or more than $5 million. By 2018, domaincoin ranked 155th on the cryptocurrency list, and its market value only grew to more than $27 million. At that point, XRP took its place in the top three, with a market cap of more than $11 billion. XRP is the world’s first open payment network, giving you an easy, cheap, and secure way to transfer money to anyone on the Internet.
04, Peercoin
Peercoin’s biggest innovation is that its mining method combines PoW proof of work and PoS proof of interest. It was officially launched on August 19, 2012. According to the founder, its goal is to surpass Bitcoin, and it became the fourth cryptocurrency in 2013 in less than a year. There is no supply cap, inflation is fixed at 1 per cent and the mining process is more energy efficient.
By 2018, PeerCoin had fallen to 178th place. The fourth most popular cryptocurrency is Bitcoin Cash (BCH), which was launched in August 2017 based on bitcoin’s original chain to solve bitcoin congestion, and has a market cap of more than $7 billion.
05, Novacoin new star coin
Novacoin combined the advantages of some electronic currencies that appeared before it, adopted the algorithm of Litecoin and the structure system of Peercoin, and was recognized by users and the market when it was released, once challenging to surpass litecoin, the king of copycat coins known as silver currency. It was released in Russia on February 11, 2013, and entered the top five in the same year, with a market value of more than 1.1 million DOLLARS.
This year, however, the program has been on the verge of death; it now hovers at 348, and there are signs it may be running away. Now, the fifth most popular cryptocurrency is EOS, which launched its mainnet in June 2018 after a 12-month sales period and has a market cap of more than $4 billion.
06. Terracoin
Terracoin uses the same SHA256 algorithm as BTC and also relies on graphics cards for mining. Unlike Bitcoin, Terracoin has faster transaction confirmation. As of May 2013, its market capitalization was $919,126 (over $900,000). In July of that year, the coin was hacked, and the attackers managed to make the network’s computing power soar and take full control of it, before falling into disrepute.
Far from its former glory, dadi is now ranked 793 on CointMarketCap. The sixth cryptocurrency is Stellar, a decentralized gateway between digital and fiat currencies started by the founders of Ripple, with a market cap of $4 billion.
07, Devcoin development coin
Devcoin is a cryptocurrency released only after BTC. It was launched on August 5, 2011. Devcoin uses the method of mining jointly with Bitcoin. It was created to fund open source project programmers, hardware developers, authors, musicians, painters, filmmakers, etc. It gained a lot of popularity in 2013 with a market cap of $900,369 (more than $900,000), but has since faded from view, with zero trading in 24 hours.
As of October 2018, Litecoin, which ranked second in 2013, remains in the top 10 despite intense competition, displacing OpenEcoin in seventh place with a market cap of $3 billion.
08. Freicoin Transport currency
Freicoin’s innovative design concept is the introduction of a hoarding tax: when you hold your money for a year, the next time you make a transaction, you will be deducted a 4.89% hoarding tax, which will go to the miners. Freicoin a promotion fund, hoping to solve the workers, and the rich economic benefit associated with the stability of the economy as a whole, dig and 80% in the first three years of earnings will be automatically entered into the fund, to extend business applications, and if you have any good proposal, but in the BBS posts, after approval, the foundation for the proposal.
Freicoin had a market value of $669,208 (more than $600,000) in 2013, but in 2018 there were no signs of life, ranking 1,333rd. It was replaced by Tether, the largest and most controversial stablecoin, with a market cap of $2.7 billion.
09, Feathercoin
Feathercoin is a secondary cryptocurrency based on Litecoin, whose mining methods and system functions are similar to bitcoin, and is considered the closest digital currency to bitcoin. Four months after its launch in 2013, Feathercoin was valued at $658,825 (more than $600,000). Now the project is not doing as well as before, it ranks 397th on CoinMarketCap with a market cap of $10,771,187 (over $10 million). As of October 2018, the new number nine cryptocurrency is Cardano (ADA), which hopes to address the scalability, sustainability and interoperability issues of the blockchain industry and currently has a total market cap of $1.9 billion.
10, CHNCoin Chinese currency
Like Feathercoin, CHNcoin is a litecoin based cryptocurrency. It entered the top 10 cryptocurrencies list in May 2013 with a market cap of $367,573 (over $300,000). There is a rumor that it dug 1 million coins in advance, and bought off the trading platform by sending coins, so that a platform quickly supported the trading of CNC. Later, the developer united trading platform quickly sold the set of money in the coins, and never appeared again.
Today, the 10th largest cryptocurrency is Menlo Coin, which was created in April 2014 and has a high degree of anonymity that ensures all transactions remain 100% unconnected and untraceable, with a market cap of $1.7 billion.
At the end
Although most of the 2013 top ten encryption currency are a lot of attention, on the basis of the currency, innovation and improvement, but start early does not necessarily have first-mover advantage, in addition to the currency and Wright coin, other COINS are no longer appear in the list of 10 2018 years ago, also has not made the top 100, and even some run directly.
Today, the number of cryptocurrencies is only increasing, and the market is changing rapidly. Not only in 2013, but in recent years, the top 10 list has undergone many reshuffles, just like the rise and fall of Yahoo in 2000, and finally the rise of Google and Amazon. COINS frightened by the rise of the global government and Banks, are also affected by different countries government regulations of supervision and restraint, investors have been encrypted monetary FUD (fear, uncertainty and doubt) and FOMO (the fear of missing out on) hovering between emotions, but there is no denying the fact that the encryption currency trend is a foregone conclusion, the future world will be more power package of consensus.
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A brief introduction of the top 100 currencies in the list of digital currency market capitalization