CRYPTO MOVERS AND PRICES
CRYPTO STORY OF THE DAY
Over The Last Year The Top 10 Largest Cryptos By Market Cap Has Changed Notably - This Morning We're Recapping The Biggest Winners Of The Top Cryptos From A Market Cap Perspective In 2019
Crypto Takeaway: We've spoken at length about the expansion of BTC dominance generally being the single largest trading theme of the year. Leaving that out, the winners:
1) Tezos (XTZ) +300% - XTZ is the largest percent gainer currently in the Top 10 for the year. The coin went from a market cap of USD 300M in January of 2019, barely qualifying it for the Top 20 to an over 1B market cap making it the 10th largest crypto. Over a third of the move has taken place in the last month when Coinbase, Binance, and Kraken launched XTZ-staking services (more here).
2) Binance Coin (BNB) +160% - BNB was roughly the 15th largest crypto at the end of 2018 and now is the 8th largest. At the beginning of the year, it seemed as though Binance could not lose, solidifying itself as the most active crypto exchange in the world and launching a slew of new products. While the second half of the year has seen additional success in the exchange's derivative product launch, other headlines have been mixed with the company eliminating US-residents from accessing their core platform and being the victims of a yet-to-be-resolved hack. BNB remains a top gainer for the year despite having fallen a striking -60% from highs made in June.
3) Tether (USDt) +125% *market cap growth - Perhaps the biggest surprise of the winners is Tether, the world's largest stablecoin. It was a year of seemingly endless tough headlines for Bitfinex and Tether. The beginning of the year saw the firms have banking issues that limited withdrawals and saw Tether at times trade at discounts and others premiums. Then when things seemingly looked to be improving for the firms, the NYAG launched an investigation into frozen customer funds due to operating with the counterparty Crypto Capital. Other lawsuits, most frivolous, also made headlines. Nonetheless, the demand for Tether's particular brand of stabelcoin was insatiable last year, even in the face of a slew of new, similar coin launches such as USDC, GUSD, and others. While Tether's market cap grew from under 2B to 4B, those new stablecoins saw anywhere from lukewarm receptions to being outright failures.