Thousands of cryptocurrency enthusiasts representing exchanges, traders, investors and developers swarmed to New York for the Consensus 2018 conference.
The hope of many was the crypto-fest focused on the blockchain would trigger a resurgence in prices – but to no avail.
Despite the increase in activity and resultant publicity surrounding the blockchain $52 billion was wiped off the aggregate market capitalisation of cryptocurrencies during the week.
Despite publicity generated from a small fleet of rented Lamborghinis, a yacht party for more than 1,000 people and a performance from rapper Snoop Dogg, nothing happened to halt the downward slide.
The message from the conference – based more in hope than reality – was a spike was expected rather than a fall in value, but by cryptocurrency standards, the shift was not huge.
Quality not as good as expected
More importantly traders believe that the market has soaked up most potential investors after the terrific surge in prices last year.
The demand everyone hopes to crack is from professional fund managers and institutional investors.
But these influential traders are standing back and carefully watching the scene to see how regulation will progress – and many do not have many complimentary remarks to make.
The wrap-up by Sunny Lu, chief executive of VeChain Tech matched the mood of many conference goers and the thinking of many investors about cryptocurrency.
“The quality of projects and speakers were not really as good as expected,” he said. “I guess people just got disappointed.”
Here are the latest trading prices from cryptocurrency tracker cryptocompare.com.
|A week ago||$8,388.41||$661.43||$137.80||$0.66||$394.36|
|One month ago||$8,019.98||$509.90||$135.70||$0.67||$390.58|
|Three months ago||$11,097.21||$974.77||$229.41||$1.18||$739.43|
|A year ago||$1,880.99||$95.88||$27.88||$0.35||$87.19|
|High in year||$19,345.49||$1,385.02||$357.51||$2.78||$1,433.41|
|Low in year||$1,880.99||$95.88||$24.79||$0.20||$87.19|
|Market cap this week (billions)||$138.43||$67.83||$7.52||$25.70||$3.09|
|Market cap last week (billions)||$142.89||$65.83||$7.79||$25.45||$3.18|
|Market cap change in week (billions)||-$4.46||$2.00||-$0.47||$0.25||-$0.09|