Cryptocurrency is a digital currency that is created and managed through the use of cryptography, which is an advanced type of encryption technique. Bitcoin was one of the earliest forms of cryptocurrency and since then, many other types of cryptocurrencies have been created. I first heard about Bitcoin back in 2013, when I was a financially struggling college student, and I thought 80 Dollars per coin was a bit too much. Currently the price of Bitcoin the cost of a single bitcoin it was around $80 and my thought was, it’s a little expensive. Today a single price of a bitcoin is about 100 times that amount.
Below is the index for November 19th 2017 from https://www.coindesk.com
Today’s Open: $8,033.94 Today’s High: $8,049.12 Today’s Low: $8,021.33 Today’s Closed $8,034.42
Even though Bitcoin seems like a great investment, many investors remain skeptical. The main reason being that bitcoin and other crypto currencies are not regulated. Another concern investors have is its chance of it being a bubble. As many new investors, attracted by its potential, are entering the market, it’s increases the value. Still, it’s acceptance is increasing every day, mostly due to the the public not trusting the banks or government.
The popularity of Cryptocurrencies has lead to many sources for data. I found several API’s and other data sources for historical data on cryptocurrencies, including:
https://spreadstreet.io/data-feeds/bitcoin-charts-tick-data/#
https://www.kaggle.com/sudalairajkumar/cryptocurrencypricehistory/data
https://www.quandl.com/data/BCHARTS-Bitcoin-Charts-Exchange-Rate-Data?keyword=cyr
For my project, I want to find patterns to what is driving the cryptocurrency market and explore other, less expensive, currencies that may be worth investing. I believe the current price of Bitcoin is overvalued, so I want to find cryptocurrencies that may be undervalued.
The coins I’m most interested in are Dash, Tether, Ethereum, Ripple, and Litecoin.
Prices on November 19th 2017:
Dash: $440.45 Tether: $0.998399 Ethereum: $358.77 Ripple: $0.235066 Litecoin: $71.53