2017 was the year of turbulence for the cryptocurrency market due to a lot of reasons. The year experienced a number of hacking instances which left the Crypto enthusiast to lose hope in it. Tons of initial coin offering were put forth to choose from, also the unexpected Bitcoin price variations.
Some of the notable cryptocurrencies have been observed to gain a lot of attention in the year of 2017. At the beginning of 2017 Ripple had a market price of about $0.0060 but eventually as the last quarter of the Year came nearer the prize started hovering around $1.00. This itself shows the unexpectedness and the uncertainty in the cryptocurrency world, therefore, it is not possible for almost anyone to predict the market situations in the future. As the cryptocurrency market is mostly driven by the people itself, the mindset of the people plays a major role in deciding the future of the market. Ripple shot up in the charts by almost 1000 % which was probably due to the rumor in the news. The rumor was that one of the largest cryptocurrency exchange Coinbase was about to incorporate it into itself, in order to facilitate the seamless exchange between the Fiat currency and Ripple. Following which the reaction of the people was as expected. Most of the uneducated investors in the field came forward to buy the cryptocurrency and hence increasing the market price.
Ripple can be considered as a centralized form of cryptocurrency with ripple labs being at the center. However, it has never been proved that the company targets selected people in order to manipulate them in buying the cryptocurrency. Ripple is like the bank of the cryptocurrency world, which helps large companies and Enterprises for huge transactions in a simple and faster way. However, it can’t be denied that the Ripple technology is completely out of the track of Satoshi Nakamoto’s vision of decentralized cryptocurrency.
One of the key persons from the ripple labs came out of it and initiated the stellar network. The unseen reason behind this was the doubtful attitude towards Ripple Network, as the network was never tested for such large-scale usage. Hence the Stellar network has completely Re-architected the consensus protocol of Ripple and introduced a byzantine fault-tolerant blockchain.
Tron was also one of the major players of the 2017 and is further speculated to gain much popularity in the year 2018. The network has no actual working product but still, it is a $14 billion ICO. This is a clear indication that how the ideas and beliefs of the people can affect the Crypto market. The network managed to increase by 3650% in a duration of one month just buy its white paper and its token. The coin managed to enter the list of top 10 cryptocurrencies due to some brilliant marketing moves were taken by the founder of the network, Justin Sun. John McAfee also played a major role in advertising it through his Twitter handle. His 500,000 followers were greatly influenced by his statement and the currency managed to rise from $0.04 to nearly $0.29 instantly.
Following such amazing experiences, the network had to experience a downfall due to a lot of negative news in the media regarding it.
Let us have a very positive speculation for 2018 and hope that the market price is not just fluctuated due to the news in the media but owing to its real potential in solving some problems.