The year 2020 will go down in history for many reasons, and the world of cryptocurrencies is no exception. Despite the global turmoil caused by the COVID-19 pandemic, cryptocurrencies experienced a rollercoaster ride, with some coins skyrocketing in value while others struggled to maintain their footing. In this blog post, we’ll take a closer look at the top 10 cryptocurrencies of 2020, highlighting their performance and key developments.
- Bitcoin (BTC)
Bitcoin, the pioneer of cryptocurrencies, continued to dominate the market in 2020. Despite initial uncertainties, Bitcoin witnessed remarkable growth. Its price surged from around $7,200 at the beginning of the year to nearly $29,000 by the end of December. This spectacular rise was driven by increased institutional interest and growing recognition as a store of value. - Ethereum (ETH)
Ethereum, the second-largest cryptocurrency by market capitalization, had a breakthrough year in 2020. The launch of Ethereum 2.0 and the DeFi (Decentralized Finance) boom pushed its price from around $130 in January to over $730 by the end of the year. - Ripple (XRP)
Ripple faced a challenging year due to a lawsuit from the U.S. Securities and Exchange Commission (SEC). The legal battle led to a significant decline in XRP’s price, making it one of the underperformers in the top 10 cryptocurrencies of 2020. - Litecoin (LTC)
Litecoin, often referred to as “digital silver” to Bitcoin’s “digital gold,” had a relatively stable year. Its price increased from $41 to around $130 by the end of 2020. - Bitcoin Cash (BCH)
Bitcoin Cash, a Bitcoin fork, experienced modest growth throughout 2020. It went from approximately $205 to around $346 by December, thanks to increased adoption and development efforts. - Chainlink (LINK)
Chainlink emerged as one of the year’s biggest success stories. Its decentralized oracle network gained traction in the DeFi space, pushing LINK’s price from $1.76 in January to a staggering $11.60 by December. - Cardano (ADA)
Cardano’s commitment to scientific research and peer-reviewed development brought it to the forefront in 2020. Its price surged from $0.033 to $0.170, making it one of the top-performing cryptocurrencies of the year. - Binance Coin (BNB)
Binance Coin, the native cryptocurrency of the Binance exchange, experienced substantial growth in 2020, driven by the exchange’s popularity and utility. BNB’s price went from $13.43 in January to approximately $37.30 by December. - Polkadot (DOT)
Polkadot, a promising project focusing on interoperability and scalability, entered the market in 2020. DOT’s price surged from $2.89 to around $4.94, making it a standout performer in its debut year. - Stellar (XLM)
Stellar, a blockchain platform designed for cross-border payments, maintained its position in the top 10 cryptocurrencies. Its price increased from $0.045 to around $0.13 in 2020.
2020 was a remarkable year for cryptocurrencies, filled with unexpected twists and turns. While Bitcoin continued to lead the market, several altcoins, such as Ethereum, Chainlink, and Cardano, showcased impressive gains and advancements. On the other hand, coins like Ripple faced regulatory challenges that affected their performance. As we move into 2021, the cryptocurrency market remains as exciting and unpredictable as ever, with new developments and innovations on the horizon. It will be interesting to see which cryptocurrencies will make the top 10 list for 2021. You can look back in time to see top 10 cryptocurrencies of 2019.