Regulation Woe Sets Crypto Market Up For Big Gains

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Q1’s Top Performing Cryptocurrencies Saw Big Gains

Garrett Keirns

Q1’s Top Performing Cryptocurrencies Saw Big Gains

The first quarter of 2020 saw dramatic price gains for the top cryptocurrencies, as the total market added nearly $7bn in value.

The so-called ‘blue chip’ cryptocurrencies – those with a market cap greater than $30m – saw aggressive growth in the first quarter, as bitcoin’s waning dominance set the stage for new players to assert themselves. Others, too, saw impressive gains that occurred relatively quickly in recent weeks.

All told, the cryptocurrencies posted a median price increase (in USD terms) of 180.56% over the course of the quarter.

Top performers

The two top performers from Q1 2020 were Decred (DCR) and Golem (GNT), which gained 2,410.6% and 835.5%, respectively.

Decred is a cryptocurrency that uses a hybridized consensus system instead of relying on either solely proof-of-work (POS) or proof-of-stake (POW). Similar to bitcoin, the DCR protocol sets a 21 million cap to the number of coins generated on the network.

Currently, the largest trading pair for DCR is DCR/BTC. Poloniex serves as the largest marketplace for DCR trading. The majority of DCR’s gains came toward the end of the quarter, and the highest daily volume was achieved on 27 March with $14.03m.

As for Golem, most of its gains came during the latter half of Q1. Cryptocurrency exchange announced markets for the token on 17th February, and following the announcement, the price rose approximately 100% with 48 hours, from $.02 to $.04 on 19th February, with a volume of $6.67m.

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Prior to the Poloniex announcement, average daily volume was between $20k and $100k per day.

A second spike in price occurred on 21st March, following the release of news that GNT would be integrated into Shapeshift.io, an altcoin exchange platform. That particular day, the price increased approximately 22% from $0.045 to $0.055 on $5.28m in 24-hour volume.

The final day of Q1, Golem developer Grzegorz Borowik published a blog post announcing Golem for macOS. The news buoyed the market, which boosted GNT to an all-time-high of $0.094 on volume of $11.4m.

Bitcoin struggles

Bitcoin’s performance in the first quarter was more muted.

The CoinMarketCap’s Bitcoin Dominance Index – which measures bitcoin’s market share relative to other cryptocurrencies – shed nearly 20%, ending the quarter at 68%. A weakening Bitcoin Dominance Index points to investor preference for alternative cryptocurrencies.

Bitcoin (BTC) gained just 7.8% over the course of the quarter. This was a noticeable decrease from its 35.4% gain in Q4 2020.

General fear, uncertainty and doubt has permeated the bitcoin community and can arguably be blamed for the anemic performance of the cryptocurrency in comparison to alternatives.

Furthermore, bitcoin’s volatility has tapered off as a result of its maturation, coupled with the evolving narrative that the cryptocurrency is a safe-haven asset.

Chart image via Shutterstock

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Update #2: This article has been amended to account for the digital currency decred.

Update: This article has been updated to account for market data on the dates between 26th March and 31st March.

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Crypto Market Wrap: Marginal Gains On a Flat Friday

Market Wrap

Crypto markets are flat on Friday, Tron, Iota and Binance Coin shifting gear a little.

Crypto markets are ending the week still flat with very little movement over the past few days. The odd one or two cryptocurrencies are moving a little but generally not much has gone on over the past 24 hours which has left total market capitalization still just above $120 billion.

Bitcoin has moved up a little, but less than a percent gains has only taken it as far as $3,670. Daily volume has not changed from $5.3 billion and the consolidation continues. Bitcoin is at the same place it was last Friday after dropping to a weekly low of $3,550 before recovering to current levels.

Ethereum has shown no movement since recovering from its Monday dump and is currently trading at $123, up half a percent on the day. Delays to Constantinople are doing no favours for ETH as it struggles to catch up to XRP in second place which is still over $600 million in market cap ahead.

The entire top ten is showing green at the moment but gains for the majority are tiny. Tron is leading the way with 3% as the San Francisco niTROn summit concludes today. EOS and Stellar are also up over 2% but the rest are flat this Friday.

More green can be found in the top twenty during the day’s Asian trading session, aside from Cardano and Monero which are dropping back a little. Biggest gains can be seen with Iota and Binance Coin jumping 5-6 percent on the day. Ethereum Classic has made 3% but the rest are less than 2% higher.

Only two altcoins have made ten percent on the day and they are Dentacoin, which has been dumping all week, and Zcoin. Following its huge 50% pump yesterday Augur has dropped back 10% with Buggyra Coin and REPO not far behind.

Total crypto market capitalization has only managed to inch up $1 billion on the day which is less than a percent. It currently stands at $122 billion with an unchanged daily volume of $16 billion. On the week markets have been flat, aside from a dump and pump on Monday. There is nothing to indicate that this is likely to change at any time in the near future.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

Regulation Woe Sets Crypto Market Up For Big Gains

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