When it comes to investing and trading in the crypto market, there are many slang terms bandied around to denote their token value on the exchange market.
Perhaps the most notable phrase in cryptocurrency is 'going to the moon' or 'mooning'. This essentially means the crypto price has risen sharply in a short period of time, giving you excellent return on investment. Check out this blog for more on how to spot an ICO with legs.
The most commonly known and mainstream crypto coin is Bitcoin, which had an enormous 'mooning' in 2017, jumping from $936 in January to $13,105 on December 31 – a market increase of 1300 percent.
One of bitcoin's most recent rivals is Ethereum, another popular crypto coin that mooned in 2017 as well. Opening with a share price of $8.26 on January 1, it finished the year at $723 – an increase of 8653 percent.
But what about the other cryptocurrencies that went to the moon in 2017?
Most digital coins can be created by users mining crypto on their computers, but Ripple differs from the pack, as mining is not possible.
This currency was created by Jed McCaleb and Chris Larsen in 2012 and uses a 'Proof-of-Work' consensus algorithm that locks out mining. Instead, you have to mine other cryptocurrency and trade them for Ripple (XRP). This has not dulled the popularity or success of this crypto coin, though. XRP opened trading on January 1, 2017 at the meagre price of 0.006, but finished the year at $2.18 – a 36,233 percent increase.
The cryptocurrency now sits behind only bitcoin and ethereum on market cap rankings.
This cryptocurrency draws plenty of comparisons with bitcoin, effectively because they are almost identical.
The key difference is that Litecoin has cheaper transactions and is viewed in some quarters as more stable.
Those differences obviously make it an attractive proposition and it surged from $4.37 in January last year to $219.42 on December 31, a rise of 4921 percent.
For those who value their privacy, Monero has emerged as a cryptocurrency of choice because of its claims of being a secure, private and untraceable currency.
Transactions are unlinkable and untraceable and five of its seven developers have remained anonymous to this day. Your identity remains private and no one can see what you are spending your money on as the transactions are not on the public record. The privacy qualities have made this currency attractive, but there are other benefits as well. With other currencies that have open ledgers, like bitcoin, coins that have been used for illegal activities are forever stamped with that transaction and can become tainted.
That does not happen with Monero.
It opened trading on January 1, 2017 at the price of $13.58 and closed on December 31 at $335.83, a rise of 2372 percent.
Previously known as Darkcoin and XCoin, this currency’s foundation is built on the bitcoin platform, with several key differences. Firstly, Dash has been designed to remain an internet only cryptocurrency with no plans to launch cash ATMs or to bring its use into the physical world. The transaction fees are a lot cheaper than bitcoin as well, and it adds additional features that make it faster and more private.
Dash opened trading on January 1, 2017 at $11.26 and closed on December 31 at $1001 – a huge moon of 8789 percent.
Ever since bitcoin hit the scene in 2009, no cryptocurrency has come close to the immediate success of Neo in 2017.
It is an extremely powerful and efficient crypto coin that uses a purpose-built algorithm that allows the currency to resist instability should computers on the chain fail. It is also able to create smart contracts, provide decentralised storage (like DropBox, Google Docs etc) and has security capabilities that cannot be cracked by quantum computers.
Neo opened at the modest price of $0.14 a token on January 1, 2017 but went all the way to the moon with a price of $72.20 on December 31, which equates to a 51,471 percent increase.
These were the big movers in cryptocurrency in 2017, but with over 1500 different digital currencies on the market – a number that rises every year – there will always be new currencies going to the moon. You can track their progress at the crypto market cap website.
There are plenty of other cryptocurrencies launching in 2018 that may go to the moon. We'd be remise if we didn't tell you about LivenPay. Learn more about LivenCoin in our LivenPay blog or read the Community Whitepaper.