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This Graphic Explains Just How Crazy The Cryptocurrency Bubble Is


There's nothing really surprising in the data behind this animated chart spotted on r/DataIsBeautiful showing four years of cryptocurrency sales. Yet it's still pretty crazy to see the number of cryptocurrencies and their valuation bubbles animated, popping up into empty space with incredible speed.

As of November 2017, these cryptocurrencies have raised an incredible $6.4 billion dollars on the tail of bitcoin–the cryptocurrency that started it all. Bitcoin was the first digital currency system that proposed a decentralized structure that wasn't controlled by any country or organization. Since 2011, computers have spent incredible amounts of energy and processing power to run the complex algorithms that generate these coins out of nothing but bits–a process that, by design, became harder and harder as time went by. People started to use these currencies to buy goods or services, and, since they don't depend on anyone and they're untraceable, they became a favorite of the dark underbelly of the internet.

In the past few months, the value of some of these digital currencies has skyrocketed in a speculative bubble–to the point in which a single bitcoin now sells for $14,000 (for comparison, in December 2011 bitcoin went as low as $2).

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