Top 4 Cryptocurrencies and their price changes between July 2015 and July 2017
There has been substantial rises in prices for the top cryptocurrencies in the past 2 years attributable to multiple factors including increased awareness about the blockchain, adoption of currencies across multiple industries and even overall excitement and enthusiasm about this new technology.
Below are some graphical representations about the top cryptocurrencies price changes across 2 years and a brief explanation – in our humble opinion, of the reasoning behind on the changes in each.
** NB ** During the time writing this article, prices have changed even more! Prices for many of the top virtual currencies have dipped, which – as they say, is a great time to buy ‘buy in a dip’ and get more coins for your money, ready for the price to increase in August.
Welcome to the rollercoaster world of Cryptocurrency price changes!
Bitcoin Price Changes July 2015 – July 2017
As seen above, the Bitcoin price rose from £200.64 on 1st July 2015 to £1858.2 1st July 2017 representing a 826% rise in those 2 years.
Notably, the Bitcoin price hit an all-time high of £2304.54 in 12 June 2017 and is currently trading at around £1537.
The rise in Bitcoin price over the 2 years is attributable to the increased prominence of the coin as the gold standard of the cryptocurrencies.
Also, its increased adoption as a means of payment both on online and offline platforms has boosted its rise in price. Moreover, the increased recognition and adoption of Bitcoin in countries such as India and China further continue to drive the coin’s value upwards.
Ethereum Price Changes July 2015 – July 2017
The Ether cryptocurrency based on the Ethereum blockchain has risen sharply since it first went live on 30th July 2015 trading at just £2.15 to £214.99 in 1st July 2017 representing a 9899% rise in 2 years.
Notably, Ether hit an all-time high of £305.44 in early June and is currently trading at around £129.
Ether’s rise in value over the 2 years is attributable to the Ethereum blockchain functionality featuring smart contracts, Dapps, and DAO among others that enable developers to build multiple applications on the underlying blockchain protocol.
Specifically the growing number of Dapps on the Ethereum blockchain is expected to continue boosting Ether prices in the future as use grows.
Ripple XRP Price Changes July 2015 – July 2017
As seen in the figure 3 above, Ripple’s price has risen from £0.0084 to £0.023 from 1st July 2015 to the same date in 2017 representing a 263% rise in 2 years
. Notably, Ripple hit an all-time high of £0.30 in early June 2017 and is currently trading at around £0.12.
The surge in Ripple’s price over the two years is largely attributable to the adoption of the Ripple blockchain by Japanese banks and increased interest by other global finance institutions as it provides suitable settlements platform that is far more reliable than the current solutions such as SWIFT.
Moreover, it is considered to be much faster in completing international and cross-institutions transactions and a probable future solution in handling large transactions and volumes in very short duration.
Litecoin Price Changes July 2015 – July 2017
As seen from the figure 4 above, LTC price has surged from just £2.99 in July 2015 to £31.67 to the same date 2 years later representing a 959% rise.
Notably, LTC hit an all-time high price of £42.76 in early June 2017 and is currently trading at around £32.
Litecoin price surge is attributable to the cryptocurrency adoption of Segregated Witness technology that has boosted the coin’s scalability and speed of completing transactions. This has made Litecoin a better option for faster payment processing as compared to Bitcoin and Ethereum thus making it a more solid investment as compared to the top 2 cryptocurrencies.
These developments coupled with increased demand in Asian countries are expected to continue boosting Litecoin’s price in the near future.
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