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Who's the winner of 2020: How did the Year start for BTC, ETH, XRP and altcoins end?
2020 has been both a pretty good year and a mixed year for cryptocurrencies.
2020 has been a great year for Bitcoin (BTC),and BTC looks to close the year at good levels. So, how did 2020 go for other cryptocurrencies on the market, How did Bitcoin start and end 2020?
How Did 2020 Go For Bitcoin?
The price of bitcoin stood at $ 7,195 on January 1, 2020. For Bitcoin, which broke a record with $ 29,315 on December 31, 2020, we can say that 2020 is a pretty good year. A person who invested in Bitcoin in March, which has nearly quadrupled its price, has seen his investment increase nearly sevenfold.
Bitcoin's rise in this year has been driven by increased corporate demand, central banks starting to print money due to coronavirus, and the value of the dollar falling. The combination of these 3 macro factors enabled Bitcoin to gain momentum in October. Eventually, Bitcoin's rally accelerated as major enterprise-focused platforms, including CME and Grayscale, saw huge increases in volume and inflows.
Ethereum, legacy altcoins and 2020
Although the price of Ethereum (ETH) has remained stagnant against Bitcoin recently, it has performed strongly throughout 2020. Starting 2020 at the $ 128 band, Ethereum reached its 2020 peak of $ 748 on December 30. The main driver of ETH's rally in November was the release of ETH 2.0. After reaching a threshold of over 400,000 ETH in deposits, ETH 2.0 began.
Since the beginning of 2020, most of the older altcoins on the market, including XRP, Cardano (ADA) and Stellar (XLM),seem to be lagging behind Bitcoin. Among these cryptocurrencies, XRP was the best performer in November. But after the SEC case, Ripple crashed and fell into the position of the worst-performing cryptocurrency.
Smart Contract Protocols
Polkadot (DOT),Chainlink (LINK),EOS and Tezos (xtz) are also among the cryptocurrencies that have performed well since the beginning of the year. Each of the four smart contract-related cryptocurrencies saw significant catalysts for short-term rallies as BTC rose to $ 20,000.
Chainlink, for example, has benefited from eye-catching growth in decentralized finance (DeFi) and set an all-time record. It is also worth noting that many Defi-linked tokens also set a record in 2020. For more detailed information about DeFi, see “what is DeFi?"you can get it from our article.
Despite various catalysts, however, Polkadot, EOS, Tezos and Chainlink have lagged behind Bitcoin given the gains since Christmas. The main reason behind the muted price move was Bitcoin's meteoric rise of $ 20,000 and altcoins ' retreat in the process.
In addition, it is worth noting that Tether (USDT) in particular saw a rapid increase in its market value in the fourth quarter of 2020.Tether, the most widely used stabilcoin in the cryptocurrency market, has exceeded $ 20 billion in valuation.