After its parabolic growth during the tail end of 2017, the cryptocurrency market was bound to correct itself. This resulted in a dramatic Q1 to the new year, in which cryptocurrencies lost up to 95% of their value. The industry itself, however, kept moving full steam ahead with ubiquitous new projects and ideas.
CoinGecko published an informative report on the state of the crypto world in Q1 2018. We take a closer look at some key data from the report to see what we can learn. After all, a better understanding of history makes us better at predicting the future.
The Cryptocurrency Market
The shape of the graph above is a painful reminder of the severe bear market we endured during Q1. What’s interesting is that this graph only includes the top 30 largest cryptocurrencies by total market value, yet it looks similar to the graph for the market capitalization as a whole.
This once more underlines the market’s strong dependency on Bitcoin’s price. Generally speaking, when Bitcoin…