Best Performing Cryptos
The first half of 2020 saw the explosion of DeFi as users saw the potential of decentralized platforms for performing traditional financial transactions such as lending and borrowing, trading and holding assets in several forms while generating returns either through yield, trading fees, staking, interest or dividends. Let us take a look at the best performing cryptos of 1H 2020.
Despite the market crash in March, several altcoins have rallied on the strength of the DeFi promise. While Bitcoin also rallied, the show clearly belonged to DeFi tokens. Some coins broke key resistance levels or flipped resistance into support in the process. However, for most top performers, innovation in decentralized protocols and key differentiators from the competition drove the price.
Here’s The List Of Coins
Cardano broke a long time resistance level at $1.07 in the recent spurt to grow 181.8% in the first half of 2020. Its partnership with Coinbase Custody allows cold storage wallets for Cardano’s governance token ADA. The announcement of its launch of Shelley mainnet, the decentralized proof-of-stake network, has also jacked up the price. Cardano has also been developing its network to help developers create their own tokens. This will make it a multi-asset network, like Ethereum. Cardano is also trying to make migrations from ETH to ADA possible. Interoperability of ERC-20 tokens is a central strength on the Ethereum blockchain. Cardano is working on similar features. Cardano trades on 84 exchanges including Binance, HBTC and Bidesk. Trading pairs with the highest volume are ADA/USDT, ADA/USD and ADA/BTC.
Chainlink’s LINK saw a 155.2% surge primarily due to the stability in Bitcoin’s price and the rally in Ethereum. The announcement that China’s national blockchain services network will use Chainlink for its off-chain data made LINK soar further in June. Total value locked in the Ethereum has broken $10.6 billion and Chainlink’s oracle suite allows continued secure and decentralized functions and enhances interoperability of tokens on Ethereum. Other recent adopters of Chainlink include Google, Matic Network, and Intel. Chainlink trades on 155 exchanges including Binance, OKex and Huobi Global. High volume trading pairs are LINK/USDT, LINK/BTC and LINK/USD. Look out for Chainlink’s in the 2nd half as we would not be surprised to see it in Best Performing Cryptos for the year of 2020.
Another proof-of-stake protocol, Tezo’s XTZ rallied 77.7% in the first half of 2020. Tezos takes the Ethereum vision a step forward through self-adjusting protocols and on-chain governance. Its liquid proof-of-stake consensus works to circumvent hard forks within the network since upgrades can be adopted through voting. Also, staking gives yield to bakers and this has been another reason why XTZ like other yield generating tokens have been the rage recently. XTZ trades on 75 exchanges including Binance, HBTC and Bidesk, with top volume trading pairs XTZ/BTC, XTZ/USDT and XTZ/USD.
Ethereum’s native token ETH which began DeFi rallied 72.8% in 1H 2020. The explosion in DeFi with protocols like Compound, Curve Finance and Aave that enable traditional financial operations on DeFi pushed Ethereum up to all time highs. The anticipation of Ethereum 2.0 which would transition the smart contracts platform to the cheaper and more decentralized proof-of-stake protocol has also been a driver. Eth trades on 341 exchanges including Huobi Global, OKex and Binance. Top trading pairs by volume are ETH/USD, ETH, USDT and ETH/BTC.
Stellar Stellar Lumen’s XLM broke key resistance on strong social volume for a 50% upsurge in 1H 2020. Stellar is an open peer to peer payments system on blockchain. Its token, lumen is not mined rather the total lumens were created when the network launched. As a competitor to Ripple’s XRP, it ranks 6th in market capitalization against XRP’s 3rd place. Stellar’s key differentiator may be its target market of developing co.untries while XRP focuses on easy cross-border payments and big institutions including banks. XLM trades on 138 exchanges including Sistemkoin, Binance and OKex. Top trading pairs by volume are XLM/USDT, XLM/BTC and XLM/TRY. Read on to find out why Privacy coins become one of the Best Performing Cryptos.
Best Performing Cryptos With Privacy
Privacy cryptocurrency Monero’s XMR has rallied 40.9%. Monero broke key resistance during the larger post-March rally. Its key use case, that of protecting the identity of the people involved in a transaction, is its differentiator. While attracting much controversy, including the recent project led by Chainalytics and Integra to break the Monero code for the Internal Revenue Service, it remains an option for those who would much rather not have all their dealings open to the public. Monero has several privacy enhancing features such as obfuscated wallets that can conceal the identity of the receiver, the sender and the amount of the transaction. Monero trades on 109 exchanges, including Citex, HBTC and Bidesk with top trading pairs being XRM/ETH, XRM/USDT and X.RM/BTC
Bitcoin surged 27.9% in 1H 2020. The king crypto is increasingly perceived as a store of value in the context of the trillions of dollars being pumped into the US economy that is currently generating inflationary pressure. In spite of the halving in May when miners’ reward got halved from 12.5 BTC to 6.25 BTC, the currency has outperformed several altcoins. As institutional clients and banks adopted BTC, the currency has gained and recovered from its March lows. BTC trades on 334 exchanges including Binance, OKex and Huobi Global. Top trading pairs by volume are BTC/USD, BTC/USDT and BTC/JPY.
Tron’s token TRX’s 21.7% surge was led by the wider rise in DeFi. Like Cardona, Tron is a smart contracts platform on blockchain with a delegated proof of stake system. The delegated proof of stake compromises consensus for speed and efficiency of transactions to some extent. Tron has released a series of dApps that compete directly with some of those on offer on Ethereum. As transaction costs on the Ethereum network has increased, Tron has come across as a cheaper alternative. TRX trades on 159 exchanges including EXX, Huobi Global and Binance. Its top trading pairs by volume are TRX/USDT, TRX/USD and TRX/BTC.
Binance coin rose 12.8% in 1H2020. An ERC-20 token originally launched on Ethereum, it posted below key support of $19.4 in March but has surged since. As the native token of the Binance exchange, BNB also likely benefited from some of the trading volume on the exchange. BNB also is limited to 100 million coins and the quarterly burning of excess coins also puts upward pressure on the price. BNB trades on 98 exchanges including Binance, VCC Exchange and BitAsset. Top trading pairs by volume are BNB/USDT, BNB/BTC , and BNB/CNYT.
Bitcoin Cash or BCH is the most successful fork out of Bitcoin and addresses the scalability problem of Bitcoin through larger blocks of 8MB, compared with Bitcoin’s 1 MB, and faster and cheaper transactions. With a total of 7.8% rise, BCH continues to be an altcoin that attracts users. BCH trades on 239 exchanges including BitonBay, Huobi Global and Okex. Its top trading pairs by volume are BCH/USDT, BCH/USD and BCH/BTC.