Since the beginning of 2017, cryptocurrency has seen its investments reach massive amounts. With profits being in the hundreds to even thousands of percents, many have decided to enter this growing market.
One of the largest cryptocurrencies, Ethereum has gone up a staggering 4,737% year to date with the most popular cryptocurrency, Bitcoin, only going up 400% in the same time period.
The aggregate market cap of the cryptocurrency industry has gone up an incredible 810% this year alone.
The popularity has been increasing steadily and quickly over the past few months with cryptocurrencies such as Ethereum growing at incredible rates. The market cap of all existing cryptocurrencies at this time climbed from a solid $17.7 billion to an incredible amount of $161 billion. Since the sudden drop of around 20% during the first few days of September, the industry has seen its market cap reach as high as $180 billion.
Bitcoin is still at the top of the charts with a few spinoffs such as bitcoin cash growing exponentially as well.
Many investors are drawn to the cryptocurrency market because of the idea that they are not controlled by any single entity. The main premise behind digital currency is that it will not be controlled by a bank or have middle man to control any one part of it. This has made some investors weary as they cannot figure out whether or not to trust the sometimes confusing system.
The cryptocurrency market has boomed in the recent times and has shot up to immense almost unimaginable numbers. With new initial coin offerings or ICOs popping up on the daily, investors are finding new ways to grow their profits into the hundreds and thousands of percents. Although cryptocurrencies can often be highly volatile, the potential for return remains sky high.