The Phenomenal Year For Cryptocurrencies/ICO in 2017
2017 was an exceptional year for ICOs and cryptocurrencies!
Just think about it – the same day last year Bitcoin’s price was under $900, while Ethereum’s price was $8, and the whole cryptocurrency market cap was worth 17 billion dollars (today it is worth 540 billion dollars). So let’s take a look at what happened during the past 12 months:
In the beginning of the last year, most people haven’t even heard about ICOs and cryptocurrencies. We, here at Monetha, had decided to raise our funding through an ICO. We went to marketing agencies, spoke with a few potential partners and found out that even they had never heard about the concept of initial coin offering. Knowledge about blockchain was limited to just Bitcoin and only when Bitcoin price hit $1,000 the media started paying more attention to the cryptocurrencies in general.
Spring and early summer was the explosive time for Ethereum. From March to June, Ethereum really started getting a lot of attention. That is when several big ICOs had been conducted (Bancor ($153 million), Status ($95 million), TenX ($83 million)). This was the time when people started noticing the pattern – situation in blockchain field started to resemble the beginning of internet back in the early nineties.
Blockchain startups began receiving more and more attention not only from the crypto world but also from the traditional startup and tech media, like TechCrunch and Venture Beat. Once early stage startups started raising more money through ICOs than from venture capital, it was all over the news.
Late summer and early fall – this is when more and more state regulators began stating their positions regarding ICOs and cryptocurrencies. Even though, regulations differ depending on the country, most regulators kept their conservative position regarding cryptocurrencies and ICOs.
November – December – cryptocurrency market grew by 200 billion dollars and today it is 540 billion dollars. Even though, it is partially backed by many irrational decisions, we believe, that it is an evolutionary phase for crypto-world, and that 2018 will be the year when new regulations will be introduced, the blockchain and crypto market will become more mature.
2018 will also be the year for many interesting decentralized products to be launched and this is something we’re really looking forward to!