Last year, cryptocurrency proponents either complained about the low prices or celebrated the fact they could obtain cheaper coins. 2019 has been an entirely different story, however, as digital assets have started to gain significant value in comparison to traditional assets like stocks, oil, and precious metals.
Digital currencies have had a great year based on the five months up to June 1st. So far cryptocurrencies have outshined traditional investments like oil, gold, and popular stocks. The market valuation of all 2,000+ digital currencies is now close to a quarter of a trillion dollars. There’s also been a steady $40-100 billion dollars in trade volume every 24 hours over the last few weeks. In comparison, the top performing traditional asset is oil, which is up over 29% since the beginning of the year.
This is followed by stocks like Nasdaq (+15%), S&P (+13%), Dow Jones (+10%), and Nikkei (+6%). One troy ounce .999 Gold (Au) prices have remained around the same value over the last five months but gained 0.46% since Jan. 1. On the first of the year, the price of one ounce of silver was $15.49 but the value has lost 7.48% with current prices at $14.33 per troy ounce of .999 silver (Ag).
A great majority of cryptos gained much more value than most of these traditional assets combined. The top runner of 2019 is binance coin (BNB) which has gained 450% this year. BNB has climbed from $6.19 per coin on Jan. 1 to $34.06 at today’s opening prices. Litecoin (LTC) is the second largest 2019 market leader with 265.85% gained when the price was $30.46 on the first of the year and $111.44 per LTC today.
Another coin tezos (XTZ) started the year off at $0.46 per XTZ and on May 28, the price per XTZ is $1.66, an increase of over 260%. Historical data also shows that bitcoin cash (BCH) opened the day at $432 per BCH on May 28, which is 186% higher than the $150 BCH spot prices on the first day of January. The cryptocurrency eos (EOS) has gained 168.48% this year, starting at $2.57 per token and today’s opening at $6.90.
Global charts show the entire cryptoconomy hovered around $125 billion on Jan. 1 and at today’s valuation sits at $273 billion, which is an increase of over 118%. The spike in trade volume shows that on Jan. 1 there was only $12.6 billion swapped during the year’s first 24-hour period and on May 28, global crypto volumes are around $83 billion.
This means that massive trading is taking place compared to the first of the year as volume has jumped by a whopping 558%. Bitcoin core (BTC) was the sixth biggest gainer in 2019, capturing 132% in gains. BTC started the year at $3,746 and today’s prices touching $8,724 per coin. Other notable leaders in 2019 over the last five months include DASH (105%), ETH (101%) and ADA (100%).
We can see that cryptocurrency assets have done incredible numbers this year in comparison to traditional investment assets like gold. This year still shows correlated price action between BTC and other cryptos, but there have been a few decoupled movements taking place as well. The recent crypto winter made the community pessimistic in regard to whether things would change for the better, but the recent crypto spring has created some newfound optimism. 100%-450% gains is a phenomenal increase. Every year, cryptocurrency markets never cease to amaze, taking many people off guard.
Author: Jamie Redman