CoinGecko report: BTC, ETH, XRP, BSV, BCH have shown an average gain of 22% in Q2 2020
According to the CoinGecko report for the second quarter of 2020, the start of the second quarter was volatile but nevertheless ended on a positive note with a market cap of 44.5%. In the top 30 coins, there are three market dominance winners for Q2 with Ethereum gaining the highest (+ 1.6%), followed by Bitcoin (+ 0.3%), and Tether (+ 0.2%). The rest lost its share, with XRP losing the most ground (-1.3%).
CoinGecko report: Ethereum surpassed Bitcoin in performance
According to CoinGecko, the top 5 cryptocurrencies (BTC, ETH, XRP, BSV, BCH) have shown an average increase of 22% in the second quarter of 2020.
The report states:
“The second quarter was a fantastic quarter for ETH and BTC. The Ethereum was the most massive winner (+ 69.3%), closely followed by Bitcoin (+ 42.5%). XRP, BCH, and BSV failed to rally and ended the quarter with minor gains or losses.”
At the same time, the report determined that Bitcoin retains its market dominance in the second quarter of 2020, with 68.1%. Meanwhile, XRP, Litecoin and Bitcoin Cash, BSV presented losses for this item. However, Ethereum managed to increase this number to 1.6% to 10.2% in the same period.
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%.”
In regards to the market’s recovery, CoinGecko stated Bitcoin was able to recover from the March incident in just 48 days. Unlike other assets, Bitcoin increased by 78% in the second quarter of 2020 from the lowest annual price of about $ 3,800.
Despite the recovery of the cryptocurrency market, CoinGecko has recorded a 20% reduction in Bitcoin’s trading volume since the first quarter of 2020. Transaction volume reached its highest level between February and mid-March, just before the market crashed, as shown below. The decline in trading volume coincided with an increase in investors’ trend to change their BTC.
Furthermore, according to Glassnode, only 27% of the total Bitcoin supply has moved in 2020. The rest of the supply, about 13.5 million BTC, remains unchanged from the end of 2018, as shown below.
“There could be few plausible reasons for such a shift (reduced trading volume): HODLING users, declining market confidence after Black Thursday in March, and market interest shifting towards Decentralized Finance (DeFi) and Derivatives trading.”
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