Alts Marketcap Grew 63 Times In 2017 - Total Crypto Marketcap Grew 15 Times
There's nothing more enlightening on a cloudy November Saturday than a few crypto charts. Especially if that Saturday happens to be in 2017, the year which seemed to cement the blockchain technology irreversibly in our daily life.
First of all, today, November 24th, with more than 30 days until the end of the year, the total crypto market cap is $263 billions. Breathe for a second. Ok. Now, read it again: $263 billions. Which is a quarter of a trillion dollars.
And just a year ago, the total market was just $17.6 billions.
Now, let's talk about what truly maters. About alternative currencies. Because I truly think that this where the magic will happen. Bitcoin is riding the speculative wave right now, this is very true, and I think this wave will still continue upwards. But innovation happens way faster in other projects. I wrote before about my personal bet on appcoins (like Steem, FileCoin, Gridcoin, etc) and I keep that bet.
I just want you to give some numbers to back that.
What you see below is the total market cap of altcoins on December 31st 2016. Last day of the last year. It's $2.2 billions.
Now look at the same metric yesterday. A staggering $126 billions.
That's 63 times.
I dare to think that this growth in wealth is comparable only with major historical breakthroughs of humanity, like the discovery of new continents or the agricultural revolution. It's amazing how important and life changing this is, and yet, because we're involved day in and day out in this whirlwind, we seem to take it for granted.
A 10x yearly growth in a single economy is seen only after catastrophic events like natural disasters or wars.
A 60x yearly growth, measured in billions, not in millions, haven't been yet observed in any known economy of the world.
I don't know why, and I certainly can't explain it, but I feel this is just the beginning. The ripples of what's happening now with money will soon reach the political, administrative and social layers. Structures will blur and there will probably be quite a bit of chaos until new structures will be formed.
And just as someone born in 1890 will probably have a hard time understanding what's happening in our world, we may have a hard time to understand these new structures.
Unless we choose to already be a part of them.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
https://steemit.com/~witnesses
If you're new to Steemit, you may find these articles relevant (that's also part of my witness activity to support new members of the platform):
It's amazing to think how far crypto has come just this year. It's also amazing to think that this is just the beginning as most of the worlds investments are still not in crypto. When people learn that there are better alternatives to the traditional banking system, crypto will become a $10 trillion industry
does this help?
technology creates wealth.
Technology always created wealth, but, until now, it created more advanced products or processes which then generated money, not the money itself. That's why I think this absolutely disruptive.
it's reached a tipping point.
ya think?
If the question is "did the crypto technology reached a tipping point?" my answer is "nope, I don't think so".
We just have a bunch of MVPs, like Steemit, for instance, but we didn't see yet mass adoption of any of these MVPs.
Imagine what will happen when 1 billion people will do what we, the 30k folks that are right now here, are doing. Imagine FB and Instagram being replaced by Steemit-like services and try to realize how money will be produced in those ecosystems, how wealth will be created and distributed and so on.
Then multiply this by 20 or 30 (the number of other markets that will be disrupted to a similar degree by crypto).
More growth is anticipated in 2018, though it may not be as huge as 2017. Like you wrote in one of your post, cryptomarket will correct itself, just like dotcom.
I've heard a lot about bitcoin dominance of the total crypto marketcap.
Do we know which alts are included in that? Is it just the top 100?
I've noticed it now takes 50 mill just to make the top 100, so there's a lot of wealth locked up in hundreds of other alts, too.
May not have been a relevant issue a year ago, but it is now.
All cryptos are included, charts are from coinmarketcap.com. Bitcoin has 52% dominance, but it grew only 14 times. Alts grew 63 times.
I believe it is that what Dracos is saying, i have got difficulty's understanding terms about pc talk and also terms of all the crypto. But With Dracos explanation i have the most chance understanding. And i think he said, When we exclude the for sure quick growing Bitcoin, we still have a market that boomed on other crypto currencies. I did not invest in any, because not understanding enough makes me so unsure . But as far as i understand it now. Best would be to gamble half devided under other strong cryptos, and half on bitcoin. Where i see bitcoin as the strongest and safest, with a possible boom but for sure a slow growing market, and the other crypto as quick money makers as you understand what you are doing, and have the time to play with the coins in your wallet. Do i think right ? @dragosroua
I think you got it right in what cryptos are growing faster than Bitcoin. But I didn't squeeze in any trading advice and I honestly don't want you to invest based on my posts. Make your own due diligence and never invest what you cannot lose.
And I think by "Dracos" you were referring to me, right? Name is "Dragos" :)
ever so sorry Dragos :-( And yes i do not say you said buy this now or now :-) I read in your texts how you think, and based on that i feel like I CAN do this or that. Witch i still dont :-) i need someone to hold my hand when i do that. But i do have some money to play with. I also read my self in on the cannabismarket in Canda now. But that is a other story.
no worries, I am accustomed with people not knowing how to pronounce or write my name, just wanted to make sure it's about me. There's another witness, with the nickname @drakos :)
I pronounce it the greek way. And that is wrong already :-)
Informative post
Thank you for sharing
Thanks for the information sir.
wow great post sir...thanks...