The first half of this year had been an impressive one for several cryptocurrencies that had managed to bank substantial gains, despite numerous downside risks. Although there may have been other tokens with better performance, we’ve focused on some of the names that have a significant market share and benefit from high liquidity conditions.
Bitcoin had been on top of the list once again, although its performance is not the best in the market. After starting the year around $7,100, the BTC price is currently $56,200, which means it managed to rise approximately 27% in value. This isn’t a bad performance for the largest cryptocurrency if we take into account that the entire market had to face a major selloff in March, as financial markets were spooked by the coronavirus pandemic.
Investors seem to continue to have trust in Bitcoin and that’s an encouraging sign for the near term. Also, with the new halving, the BTC supply will shrink now that the block reward had been cut into half. As long as there will be strong demand for Bitcoin, coupled with reduced supply, the price could continue on its way up in the long run.
The second-largest cryptocurrency, Ether, had outperformed Bitcoin since the start of 2020, up approximately 95%. On January 1st, the ETH token started trading at $128 and it’s currently been valued at $236. 4. A very impressive performance for a large-cap token wanting to implement major changes to its blockchain. Those who learn cryptocurrency trading had probably already heard about Ethereum 2.0, a series of updates that will make the transition towards a Proof-of-Stake mechanism, alongside other blockchain improvements.
This is a piece of positive news for the ETH price, considering miners will need to stake their tokens to receive new rewards, a move that will prevent major ETH dumping when markets start to sell-off. Cryptocurrency experts believe the transition to PoS will make Ether more stable and the blockchain more efficient.
Currently the 10th largest token by market capitalization, Crypto.com Coin is the token created by the exchange platform and wallet provider crypto.com. The token had an impressive H1 2020
The token fueling a decentralized oracle network designed to connect smart contracts with data in the real world – Chainlink, is another major performer of the year. It started in January at $1.79 and currently trades around $5.44, which is the equivalent of a 303% increase. It is currently the 12th largest cryptocurrency by market cap, after managing to climb rapidly due to the price increase. There seems to be great interest in Chainlink, considering the daily 24h volumes exceed $700 million on coinmarketcap.com.