Of all cryptocurrencies, Bitcoin SV has been the one with the best performance so far this year. Bitcoin has lost 1.28% of its capitalization this year, whilst altcoins are gaining nearly 20%.
Bitcoin (BTC) has lost around 1.28% of its value so far in 2020, compared to the price that it had at the beginning of the year since it went from USD 7,122 to USD 7,031. In contrast, the behavior of several main altcoins in the cryptocurrency market has been different from that shown by Bitcoin.
An analysis takes into account some of the top 10 altcoins by capitalization in the cryptocurrency market from January 1st to the present, according to data from CoinMarketCap. By looking at the capitalization market of altcoins, it is possible to observe that it went from USD 60,699 million to USD 72,355 million, reflecting a profit of 19.2% for altcoins until now this year.
Bitcoin SV (BSV) is one of the cryptocurrencies that have generated the biggest profits to its investors since the beginning of the year. At that time, BSV had a price of around USD 98.66 per unit, but it went through a highly volatile first fortnight of the year, reaching an all-time high of USD 410 on January 14th. Currently, the cryptocurrency has a price of USD 186.65, which represents an increase in the price of 89.18%.
Tezos (XTZ) could be the second-best cryptocurrency for performance so far in 2020. As the price of XTZ went from USD 1.37 in January to the current price of USD 1.93, its performance is 40.87 %. This cryptocurrency reached its all-time high in price on February 19th, when it hit USD 3.85.
The third best altcoin for performance in this analysis is Ethereum (ETH). At the beginning of the year, ETH had a price of USD 132.33 per unit, but it currently has a price of around USD 156.57, which represents an increase of 18.31%. It is important to remember that ETH reached its all-time high on January 14th, 2018, when the cryptocurrency achieved a price of USD 1,376.
Cryptocurrencies Remaining on the Sidelines
Among the top 10 cryptocurrencies in the market, Binance Coin (BNB) is one of the few that have recorded no losses in the period determined for the analysis. However, the performance of this cryptocurrency is quite modest. At the beginning of the year, BNB had a price of USD 13.66, whilst it is around USD 14.92 at the time of writing this article. This translates into an increase in the yearly price by 9.22%.
The last altcoin in this analysis is Bitcoin Cash (BCH), whose data have shown a performance of 6.74% so far this year. On January 1st, BCH had a price of USD 206.99, but its current price is around USD 220.96.
While Bitcoin has had negative performance and altcoins have shown returns between 89% and 6% this year, the trend was different in 2019 as Bitcoin exceeded the performance shown by altcoins.
By Willmen Blanco