As compared to the previous years, the year 2020 was comparatively a good one for the cryptocurrency market as most of the digital currencies were able to put a good performance on the board. Especially, the performance of cryptocurrencies was notable in the last quarter of the previous year. CoinGecko, the famous monitoring source, has analyzed the performance of digital currencies in the year 2020 and has shared its analysis in its latest yearly report.
According to the report of CoinGecko, the top 30 digital currencies in the world by market capitalization recorded impressive year-to-date (YTD) growth in the previous year. These digital currencies saw their market caps growing by more than 300 percent during the previous year. On average, the market capitalization of these cryptocurrencies gained more than $550 billion last year. This represents a year-to-date growth of around 308 percent.
As compared to the year 2019, this growth in market cap of the top thirty cryptocurrencies is highly remarkable as in 2019, these digital assets, accumulatively, gained $68 billion in market caps during the entire year.
Out of these top 30 digital currencies, the world’s largest cryptocurrency in terms of market cap Bitcoin (BTC) remained more significant as it posted its all-time high of $40k later in the month of December. On a YTD basis, the first-ranked digital currency was up by over 300 percent. While on the other hand, the second-largest cryptocurrency by market value Ethereum (ETH) was the top-performing altcoin in the year 2020. It even left behind the leading digital currency in terms of yearly price gains. As per the report, Ether witnessed a yearly price gain of 472 percent during the previous year.
The rest of the cryptocurrency market also turned bullish in the last month of December except the current fifth-ranked digital currency which was blasted by the lawsuit filed by the Securities and Exchange Commission. The lawsuit was filed on the 22nd of December, and since that day, the native digital currency of Ripple is in its worst days as it is trading in the bearish zone. Along with price value, it also faced severe price crash in market cap as well, which forced XRP to move down to the fifth spot.