Digital currency markets have climbed significantly in value all year long, despite the gloomy global economy and the aftermath of Covid-19 responses. Bitcoin prices have been hovering at values not seen since 2017, and the top crypto asset in terms of market cap has gained a whopping 159% since January 5, 2020. In fact, many crypto assets have seen spectacular 12-month returns, and the following editorial is a look at the top crypto gainers and the biggest losers in 2020.
This year has been a crazy one, to say the least, and while many global economies worldwide shudder, the crypto economy is thriving. Covid-19 and the nation-states’ responses to the virus, which entailed shutting down large sections of the global economy and locking down healthy citizens, wreaked financial havoc on the masses.
Moreover, stocks, bonds, equities, and a myriad of traditional commodities lost considerable value and on March 12, 2020, the bottom dropped out on everything including digital asset markets.
However, cryptocurrency markets have persevered, and numerous digital assets have outperformed nearly every traditional investment under the sun. According to data from coinmarketcap.com’s historical snapshots, bitcoin (BTC) was trading for $7,411 per coin on January 5 and it has since gained 159% to-date.
In fact, if one was to measure the crypto asset’s 2020 bottom on March 12, otherwise known as ‘Black Thursday’ at $3,600 per unit, bitcoin (BTC) at $19,200 per BTC has gained a colossal 433% since that date.
Even though BTC is the top blockchain in terms of market valuation, it was not the top-performing crypto-asset during the last 12 months. Many other top ten assets performed a whole lot better than BTC, even though these specific digital currencies…