Ethereum was once again the biggest winner in Q2

2022-06-23 区块链达人

The main cryptocurrencies, led by Bitcoin and Ethereum, have managed to reach performance levels similar to those they had before the market collapse, as shown in the chart below. According to CoinGecko, the 5 major cryptocurrencies (BTC, ETH, XRP, BSV, BCH) have shown an average gain of 22% in Q2 2020. According to the data from CoinGecko and Glassnode:

At the same time, the report determined that Bitcoin retained its market dominance during the second quarter of 2020 with 68.1%. Meanwhile, XRP, Litecoin, and Bitcoin’s fork, BSV and BCH, presented losses on this item. However, Ethereum managed to increase this figure by 1.6% to 10.2% in the same period, as shown in the graph below. The report says:

Ethereum was once again the biggest winner in Q2 2020. Its domain increased by +1.6%, outperforming Bitcoin’s gain of +0.3%.

As reported by CNF, the crash in March was attributed to the uncertainty caused by the Covid-19 pandemic in traditional markets. As the global economy came to a halt and the market collapsed, investors sold assets such as stocks and cryptocurrencies to safeguard their wealth in more liquid assets in cash.

Despite the recovery of the crypto market, CoinGecko recorded a 20% decline in Bitcoin’s trading volume from Q1 2020. Trading volume was at its highest levels during mid-February and mid-March, just before the market collapse.

The drop in trading volume coincides with an increase in the tendency of investors to hodl their BTCs. According to data analysis platform, Glassnode, only 27% of the total Bitcoin supply has moved during 2020. The rest of the supply, about 13.5 million BTCs, remains unchanged from late 2018. CoinGecko attributes this trend to the following:

Author : Reynaldo