To The Moon Or A Tank-a-Thon? Crypto’s 2020 So Far…
Time for your weekly dose of all things financial. Today, we’re going to look at the top 5 cryptos by market cap, analysing their year-to-date performance and how they’ve ridden the global pandemic. Once we’re through, we’ll give you a quick rundown before dishing up all of the events that you need to look out for this week.
Crypto and Coronavirus — What’s the rub?
Crypto has never truly regained the ground it lost from the incredible highs of December 2017, which saw Bitcoin’s value reach its all-time high of $20,089.00 USD. But are there signs that the Crypto Winter may finally be thawing? Could Coronavirus actually hold the key to certain cryptos becoming known as safe-haven assets? To get a little context, let’s look at the performances of the top 5 cryptos so far this year.
N.B. Technically, Tether (USDT) is the third biggest crypto by market cap. However, as it’s a Stablecoin and, by its nature, not prone to volatility, we’ve excluded it from this list.
Bitcoin (BTC)
Price on 01.01: $7,203.94 USD
Price on 07.06: $9,497.84 USD
YTD high: $10,361.76 USD
YTD low: $4,474.44 USD
YTD percentage change: +31.84%
BTC (YTD)
Source: CoinMarketCap
Ethereum (ETH)
Price on 01.01: $130.47 USD
Price on 07.06: $238.14 USD
YTD high: $282.78 USD
YTD low: $106.12 USD
YTD percentage change: +82.52%
ETH (YTD)
Source: CoinMarketCap
XRP
Price on 01.01: $0.19 USD
Price on 07.06: $0.20 USD
YTD high: $0.34 USD
YTD low: $0.13 USD
YTD percentage change: +5.26%
XRP (YTD)
Source: CoinMarketCap
Bitcoin Cash (BCH)
Price on 01.01: $205.73 USD
Price on 07.06: $247.39 USD
YTD high: $491.54 USD
YTD low: $141.88 USD
YTD percentage change: +20.25%
BCH (YTD)
Source: CoinMarketCap
Bitcoin SV (BSV)
Price on 01.01: $97.95 USD
Price on 07.06: $189.65 USD
YTD high: $422.74 USD
YTD low: $97.95 USD
YTD percentage change: +93.62%
BSV (YTD)
Source: CoinMarketCap
Summary
A global pandemic that would start in China and quickly spread to South Korea? Such a headline would have floored crypto enthusiasts this time last year, all of whom will know that 70% of all crypto-mining comes from these two countries alone. That’s not to mention that a vast proportion of the world’s most popular crypto investment hubs are present here, also.
The charts above paint a far different picture, however. On that evidence alone, crypto is booming. But how? Well, there is a school of thought that says that Bitcoin and co may actually benefit from the pandemic.
Short term, it’s clear to see that the impact has been far from harsh. Long-term, there’s a chance that the decentralised nature of these assets may win favour with Millennials and their Generation Z successors. This audience may be disaffected by the centralised traditional markets, currencies and national economies, who are so clearly reeling from the impact of yet another global economic decline.
We’d like to point out that crypto-assets are extremely volatile, more so that any other. There’s a great possibility that everything we’ve said about the future of these assets does a complete 180° flip within a matter of hours. Then again, it might not! That’s what makes this market a fascinating one to watch. So we recommend that you do!
This week’s market events
Make sure you keep a look-out for the following events, they may cause some volatility in the financial markets.
● Our week starts off on Monday with Japan’s annualised GDP Growth figures (JPY).
● Tuesday will feature the EU’s GDP Growth Rate QoQ and YoY figures (EUR).
● A slightly busier Wednesday kicks off with the Chinese Inflation Rate YoY (CNY); followed by the US’ very own Inflation Rate YoY and later Fed Interest Rate Decision (both USD).
● The main business of the week concludes on Friday with the UK’s latest GDP figures (GBP).
That’s it for this week’s trading preview. Do you think your traders might enjoy reading this kind of update? Speak to our team now for financial analysis, outlooks, education and blogging.
Speak soon,
The Contentworks Team
