Bitcoin’s Meteoric Ascent
In an astonishing 2020, Bitcoin emerged as the superstar of the cryptocurrency world. Starting the year at a mere $7,195, BTC skyrocketed to an astronomical $28,422. That’s a jaw-dropping 290% increase! Why, you ask? A mixture of institutional demand ignited by central bank liquidity, along with the weakening dollar, pushed Bitcoin into the spotlight. So much for those dinner party chats about stocks, right?
The Ethereum Evolution
Ethereum (ETH) also had its share of glory. Beginning 2020 at $128, it peaked at $748 thanks to the launch of Eth2, which promised to boost transaction speeds from a snail-like 20 to potentially thousands per second. Imagine how many cute cat memes could flourish in that digital landscape! Eth2 set the stage for ETH’s rally, creating a buzz throughout the crypto community.
Old School Altcoins: The Struggle is Real
Now, not all old-school altcoins from the golden 2017 era are enjoying the limelight. Whether it’s XRP, Cardano (ADA), or Stellar (XLM), many lagged behind Bitcoin’s meteoric rise. While XRP initially surged from $0.1923 to $0.9210, the excitement was short-lived as regulatory woes sent it spiraling back to $0.17. Talk about dramatic!
Smart Contracts Seek the Spotlight
On the other hand, specialized cryptocurrencies like Polkadot, Chainlink, EOS, and Tezos made considerable gains as they rode the wave of Bitcoin’s rise. Chainlink, in particular, capitalized on the DeFi boom, gathering steam as the total locked value in DeFi hit $16 billion. But let’s face it, they still couldn’t quite catch up to Bitcoin’s performance for the year.
Tokens Tamping Down the DeFi Frontier
Lastly, tokens like Wrapped Bitcoin, USDC, and Tether saw substantial upticks, driven by DeFi’s growing user activity. Tether even crossed the monumental threshold of $20 billion market cap! It’s essentially the rockstar of stablecoins – reliable, steady, and ready to power your DeFi adventures without the rollercoaster of volatility. Cheers to that!
+ There are no comments
Add yours