The first quarter of 2017 saw dramatic price gains for the top cryptocurrencies, as the total market added nearly $7bn in value.
The so-called ‘blue chip’ cryptocurrencies – those with a market cap greater than $30m – saw aggressive growth in the first quarter, as bitcoin’s waning dominance set the stage for new players to assert themselves.
Of the top 14 most valuable cryptocurrencies based on market cap, all but one had a positive performance during Q1 2017. (Litecoin, the only loser, decreased 6.9% over the course of the three months, though its price skyrocketed soon after.)
The other 13 cryptocurrencies posted a median price increase (in USD terms) of 111.66% over the course of the quarter.
This quarter’s superstars were ethereum (ETH) and dash (DASH), which gained 600% and 846%, respectively, during Q1 2017.
The best day for ethereum was 17th March. That day, the second largest cryptocurrency by market cap reached both an all time price high of $55.11 and a record 24-hour volume of $554m, according to CoinMarketCap.com. The two events were the climax of a trend that has seen ethereum volume increasing substantially as the currency gains more exchange integrations.
As for what was driving the