The 2017 bull market in the cryptocurrency space was nothing short of historical, as it showcased the immense potential and growth of digital assets. The combined market capitalization of cryptocurrencies skyrocketed from a modest $17.7 billion at the end of 2016 to a staggering $605 billion at its peak. This unprecedented growth represents a 3,300% increase and sets a new benchmark for asset class performance.
While #bitcoin , the pioneer and largest cryptocurrency by market cap, often steals the spotlight, it's crucial to acknowledge that numerous other digital assets outperformed Bitcoin during this bull market. Investors searching for the "next Bitcoin" turned their attention to alternative cryptocurrencies that brought forth innovative solutions and unique use-cases. In this article, we'll explore three cryptocurrencies that experienced astronomical gains in the 2017 bull market, surpassing the 100,000% mark.
Verge (XVG): The Privacy Coin Behemoth
Background and Features
#Verge , a privacy-focused cryptocurrency, emerged as the true standout during the 2017 bull market. It began the year with a valuation of $0.000019 per coin and reached an incredible peak of $0.261874 per coin by the end of the bull market. This astounding increase amounts to a 1,581,942% gain, turning a mere $64 investment into a million-dollar fortune if sold at the peak.
Verge aims to address the growing concerns regarding privacy and anonymity in cryptocurrency transactions. By leveraging the Tor and I2P networks, Verge obscures IP addresses and offers a high level of anonymity for its users. Its Tor Android Wallet delivers mobile anonymity, while its blockchain processes transactions in just five seconds, significantly faster than Bitcoin. Furthermore, the addition of the Wraith protocol allows users to switch between public and private ledgers, ensuring optimal privacy protection.
Factors That Contributed to Verge's Success
The sudden interest in privacy coins can be attributed to the Internal Revenue Service's (IRS) court victory against cryptocurrency exchange Coinbase, which required the platform to disclose user information for tax purposes. This revelation demonstrated that cryptocurrency transactions were not as anonymous as initially believed, prompting users to seek privacy-enhancing alternatives like Verge.
Einsteinium (EMC2): A Philanthropic Force
Background and Features
Einsteinium, represented by the EMC2 coin, also experienced a jaw-dropping performance during the 2017 bull market. Its value surged from $0.001098 per coin in late 2016 to $2.88 per coin in December 2017, marking a 262,195% increase.
What sets Einsteinium apart from other cryptocurrencies is its charitable mission. The Einsteinium Foundation focuses on supporting scientific, technological, educational, and blockchain-based projects through funding. Each time a block reward is paid out, the Foundation receives 2.5% of the reward, with 80% allocated to scientific projects and the remaining 20% used for marketing and donations.
In 2017, the Foundation announced a hard fork to reduce its maximum EMC2 coin supply by 55 million, making the remaining coins scarcer and potentially more valuable. Additionally, they revealed plans to change their mining algorithm to make it more accessible and profitable for individual miners.
Factors That Contributed to Einsteinium's Success
Einsteinium's unique mission and philanthropic approach played a significant role in attracting investor interest. By dedicating a portion of its block rewards to charitable causes, the Einsteinium Foundation demonstrated its commitment to giving back to the community and driving innovation in various fields.
Reddcoin (RDD): The Social Networking Sensation
Background and Features
Reddcoin, another lesser-known cryptocurrency, witnessed a tremendous increase in value from $0.000017 per coin in early 2016 to $0.022578 per coin by Christmas 2017, a 132,712% gain. This growth propelled Reddcoin's market cap from just over $500,000 to nearly $650 million.
Reddcoin focuses on social networking and microtransactions, offering a decentralized tipping platform that allows users to send and receive digital currency on social media and support content creators through small donations. Its unique proof-of-stake velocity (PoSV) algorithm encourages both ownership and activity by rewarding users who own Reddcoins and keep their wallets connected to the internet.
Factors That Contributed to Reddcoin's Success
The rising popularity of social media and microtransactions contributed to Reddcoin's stellar performance. With its innovative tipping platform and PoSV algorithm, Reddcoin managed to carve a niche for itself in the ever-growing social networking landscape. Furthermore, the endorsement of Reddcoin by John McAfee, a renowned cryptocurrency enthusiast and CEO of MGT Investments, garnered additional attention and credibility for the digital asset.
Conclusion
The 2017 bull market in cryptocurrencies will undoubtedly go down in history as one of the most remarkable events in the financial world. While Bitcoin played a pivotal role in the overall growth of the market, it's essential to recognize the stellar performance of alternative cryptocurrencies like Verge, Einsteinium, and Reddcoin. These digital assets not only achieved astronomical gains but also showcased their unique features and use-cases.
I saw the need for this Article because of some comments on my previous post predicting the future prizes of some coins and tokens by 2024. Next Article will be about the 2020-2021 Bull Market.
