This year has been favorable to the number one cryptocurrency, Bitcoin. It doubled in price when 2020 started, and many people predicted that it would continue to rise. The price of bitcoin recently reached its 2017 highs, but it seems that the expectations of reaching $20,000 are not going to happen.
Due to the recent rally in Bitcoin price, many cryptocurrencies came back to life. Right now, investors are eagerly waiting for the high rally of altcoins such as Chainlink, Ethereum, and Ripple.
Bitcoin Got unexpected support from investors
One of the reasons behind the highs of Bitcoin this year is that investors used it to hedge against inflation. They saw it forthcoming following the excessive minting by the USA federal reserves. This support increased Bitcoin’s reputation as digital gold.
The bitcoin price rose by 150%, but it seems that other cryptocurrencies are leaving it behind in price increase. Ethereum added a price increase of 300% in the last twelve months, a 2x increase in Bitcoin price. Ripple, which is the third crypto in the world, increased by 165% this year alone.
Another crypto that has overcome Bitcoin in price increase is Chainlink. This crypto is mainly what DeFi projects use to link their payment systems, data sources, and APIs, and it increased by 500% this year alone.
What about other minor cryptos
It seems that other cryptos that are not even popular are rallying higher than Bitcoin as well. Cardano increased by 300% this year, 2020. Another crypto stellar lumen also increased by 200% this 2020 as well.
Apart from these minor coins, a minor crypto Yearn.Finance which investors use to seek interest-like yield in DeFi increased by 2,600% in 2019. Another crypto powering the “New Economy Movement” blockchain also increased by 550%.
Theta, another crypto token that facilitates video-streaming, also increased by 800%. According to expert analysis, part of what increased the price of Ethereum is the upgrade of the network.
It also benefited from the crypt rally that swept across the market. According to Kosala Hemachandra, Ethereum rallied due to the excitement and fame associated with the latest upgrade. However, experts like James Butterfill mentioned that many reasons are behind the static price movement that the community sees with Bitcoin.