Crypto 2018 in Review: A Year of Wake-up
The new year is around the corner. It’s time to look back and see what the year had in the offering and how far have we come.
This year has been full of ups and downs for cryptocurrencies. Bitcoin has fallen more than 70% from $13,850 at the start of the year to around $3,500 at the end of the year. In contrast, the largest cryptocurrency was at its record highs hovering around $20,000 this time last year.
As the prices of popular digital coins plunge, over $470 billion has been wiped off the entire cryptocurrency market since the very start of the year.
Stablecoin not so stable
On October 15, the dominant stablecoin USDT tumbled over 10% merely in hours down to $0.9 from the one-dollar peg. Controversies abound about its issuing company Tether’s promised U.S. dollar reserve in banks and financial situation. The rollout of auditable and regulated stablecoins – GUSD, PAX and USDC – also pose threat to USDT.
Though the price of USDT has bounced after Tether confirmed $1.8 billion deposit in a Bahamian bank Deltec, while the latter later accused of money laundering intensified the situation again. As investors’ trust in it was gradually undermined by rumors, any news related to this contentious stablecoin can still easily trigger market sentiment.
“Big three” IPOs in death spiral
The world’s top three bitcoin mining equipment makers – Bitmain, Canaan and Ebang have all submitted their initial public offerings to Hong Kong exchange after reaping billions amid the digital gold rush.
While according to the HKEX website, at present, the second largest bitcoin miner maker Canaan (Avalon maker) has let its IPO lapse, Ebang (Ebit maker) and Bitmain’s application are still in question, with many negative voices seeing dim prospects for this industry.
EOS Supernode election
The beginning of this year has witnessed the public craziness in the EOS supernode election. Briefly, 21 supernodes would be elected to act as block producers from 100 standby nodes via voting.
Chinese entities seem especially interested in securing EOS supernodes with a majority of block producer candidates from China. While with its slow progress and later plunge of EOS price, its fans enthusiasm seems slacked off.
BCH hard fork
The Bitcoin Cash (BCH) hashwar has grasped the headlines of crypto news in the past November. The BCH community was split in half as two development teams squabbled over fundamentals.
The tit-for-tat conflict has roiled the crypto community and created a rift within the cryptocurrency community. The fallout of this led the market to a massive slump.
The midyear saw the trade-to-mine mode rise overnight in China. Traders will get rewards or tokens when they complete trading on exchanges adopting this mode, represented by FCoin which soon replaced Binance as the world’s largest crypto exchange by trading volume in weeks after its rise.
The mode which counted on continuous trading soon collapsed with allegations of disguised ICO and illegal fund-raising, leaving many investors nursing heavy losses.
DApp games boom
According to the statistics from dapp.review, as of Dec. 17, there were a total of 1,997 DApp applications based on platforms like Ethereum and EOS, among which 870 were game DApps, accounting for 43.6% of the total number.
Fomo3D was one of the most popular among these crypto games in Chinese community. It is so popular in China that it quickly amassed 3,750 ETH in 10 days after it went online in early July. However, it finally turned out to be the game of hackers with the jackpot going to the pocket of hackers.
Too many have happened this year. Witnessing the price swings, investors began to realize crypto is not a pain-free thrill ride, and regulators started to take crypto regulations seriously.
U.S. SEC rejected 9 bitcoin ETF proposals; South Korea got tougher with authorities raiding 6 exchanges for various breacher; Japan is still amicable towards cryptos, receiving 190 crypto exchange license applications; Venezuela launched oil-backed cryptocurrency to tackle with hyperinflation; China escalated its ban on crypto activity and didn’t want mining operations in the country…
Anyway, the year will soon be behind us and crypto has our attention this year. No matter you’re captivated, or stuck by these digital coins, happy 2019!