It’s been the year of the bitcoin bloodbath, as crypto-carnage reached new highs with bitcoins and the other well-known names in digital-currency markets extending a freefall. Likewise, Ethereum, Litecoin, Bitcoin Cash and Ripple followed a similar pattern in February of this year.
2017 was a banner year for cryptocurrencies. Bitcoin—the flagbearer of the cryptocurrency market—reached heights of 3,000-percent growth, turning droves of investors into overnight millionaires.
Investors are hopping on to the cryptocurrency bandwagon, with reports of cryptocurrency mining and the bitcoin fork coming out. Will the cryptocurrency prove its mettle, or is it just a designer currency that is a passing fad?
If cryptocurrencies were to be branded as the most recent addition to the existing financial instruments, they would effortlessly take over the podium as the best-performing asset class in 2017.
Say what you will about Venezuelan President Nicolás Maduro, but the man seemingly won’t go down without a fight. He recently announced plans for the country to develop its very own cryptocurrency—dubbed the “petro”—to circumvent the economic sanctions placed on the country by the United States.