Top cryptocurrencies have been a hot trendy topic since 2017 when the market reached a new all time high, which brought on with it the hype and growth that have been a never dying one since the start.
Although cryptocurrencies and the Bitcoin market only came around in 2009 when it was birthed by a person or a group of persons by the pseudonym ‘Satoshi Nakomoto’ when the world was experiencing a global financial crisis. Since 2017 the cryptocurrency market has grown 5 times and has reached a market capitalization of $368 billion taking today’s valuation into study.
But what market have been the biggest gainers this season? Which cryptocurrency can boast the largest market capitalization as at today? Who are the leaders of the cryptocurrency market? Let’s find out about the top cryptocurrencies of 2020.
Bitcoin remains its position as the market leader
To date Bitcoin remains its lead as the industry’s most successful cryptocurrency. Being the very first cryptocurrency since its creation, has accumulated a market capitalization of $215 billion, giving early adopters a return of more than 11000%. The most popular crypto disrupted the payment gateway system and became the very first cryptocurrency that have gained wide acceptance in the vast majority of the world and can be used anywhere in places where restrictions aren’t applied. The Bitcoin network opened the door for other possibilities within the blockchain when in 2015 Ethereum the software on the blockchain was launched by the team of Vitalik Buterin. Today, Ethereum Network is the most popular network upon which projects build their businesses because of the ease of deployment of codes. The blockchain made possible decentralized finance popularity of which many projects are doing very well in terms of valuation.
In the list of no particular order, after a series of extensive research and studies, presented below are the list of the top 2020 cryptocurrencies today.
1. Cardano (Ada):
Based on the data obtained so far, Cardano seems to be the best crypto to watch out for after its impressive 181.8% surge. At the start of July a new upgrade was implemented in the network that will make Cardano 50-100% more decentralized than any blockchain, making the network more attractive for DeFi projects to build upon as it makes bold plans to support larger applications.
2. Chainlink (Link):
The list will not be complete without the mention of the oracle blockchain at the center of DeFi movement. Link gained an impressive 345% this year as the blockchain quickly became popular and widely accepted for its application in decentralized finance. They achieved new all time highs several times this year as their solutions are also being implemented by other networks.
3. Tezos (XTZ):
Tezos is one of top 20 cryptocurrencies that didn’t experience an investor decline during the sharp fall of the market early this year. It maintains for itself an healthy amount of investor community and has gained a whooping 165% this year. Because of its involvement in DeFi growth, it’s one of the top 20 coins to watch out for as they built their own DEX for XTZ holders called Dexter bringing DeFi to the Tezos community.
4. Aaeve (Lend):
With the start of decentralized finance, projects like Lend took the highest market share of the whole DeFi space, accounting for above 50% of the market share several times. The project which started around 2017 gave a whopping 9455% this year, currently sitting at #35 on the coingecko market rank. It started to gain prominence recently when the market discovered the potentials that exists within the project, similar to other money market Aeve lend is an Ethereum based, open source and non custodial DeFi protocol that allows its users to earn interests on deposits and to borrow assets.
Following closely on Aeve lend protocol success and a capture of a large market share of the DeFi market, Synthetix a DeFi protocol also built on Ethereum blockchain have returned 832.9% to holders this year. Synthetix network token is a protocol for trading and issuing synthetic assets on Ethereum blockchain.
Other projects worthy of mention includes;
6. Binance Coin (BNB):
BNB is the native coin of the top cryptocurrency exchange platform Binance. Binance keeps retaining its relevance by continuously building with the current rave of any predominant market available. It’s one of the most flexible exchange projects that have gone way beyond being just an exchange but an ecosystem with many applications, softwares added. They’ve returned well over 80% since the start of the year to its coin holders.
Compound took the crypto space and DeFi in particular by surprise when in June 16 it launched its governance token and moved from $220+ to $800 within this year, giving investors more than 400% in return. It only took COMP a day of trading to become the leader of the DeFi market toppling MAKER from its dominance as DeFi market leader at the time. Compound revolutionized the lending market, building on the Ethereum, it’s distinguished element from other DeFi coins is its governance structure which so far has continuously placed it among market leaders.
The crypto market is still considered by many to still be in its early phase after several years since the first creation of the Bitcoin blockchain, there is a lot of room for development, growth and innovations yet to come in as several projects make the attempt of bringing real value to the world.