2019 was an exciting year for the cryptocurrency space, with lots of ups and downs, along with new developments. So, how can we sum up the year? Well, CoinGecko, a world-leading cryptocurrency data aggregator has just released its 2019 Year-End Cryptocurrency report.
Cryptocurrency Market Overview
According to CoinGecko, 2019 was rather mixed for the top-5 cryptocurrencies which consist of Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. Bitcoin had the best performance with a 95% gain by the end of the year, while XRP lost 45% of its value by years end. Meanwhile Bitcoin Cash and Litecoin gained 40%, and Ethereum made a lost of 2%.
Throughout 2019, only Bitcoin and Tether in the top 30 managed to strengthen their positions in terms of market capitalization dominance. Bitcoin’s dominance increased from 56.3% to 71.5% while Tether increased from 1.85% to 2.35%. CoinGecko goes on to state that the majority of cryptocurrencies actually saw a reduction in their market capitalization dominance last year.
Large Increase In Cryptocurrency Exchanges
In 2019, CoinGecko went from tracking 270 cryptocurrency spot exchanges to 400, and increase of 150%. Meanwhile, Binance remained the leader throughout the year and averaged a whopping $1 billion in normalized 24 hours trading volume. That’s a 100% increase compared to January 2019. Binance is by far the biggest cryptocurrency exchange, and its nearest competitor, Coinbase, only managed an average of $110 million in daily volume.
The cryptocurrency derivatives market also heated up in 2019, with many prominent cryptocurrency exchanges starting to offer such products. CoinGecko tracked 25 new derivative exchanges in the year. Leading the pack is BitMEX, and remains prominent for offering perpetual swap contracts. The exchange saw an increase of its open interest to approximately $1 billion, a 233% increase from January 2019.
Predictions for 2020
CoinGecko went ahead and gathered predictions for the cryptocurrency space from 20 notable leaders in the industry. This includes Taylor Monahan CEO of MyCrypto, Samson Mow, Chief Strategy Officer of Blockstream, Justin Sun, CEO of Tron and Bittorrent, and Sandeep Nailwal, COO of Matic Network. The majority of predictions seem to point that 2020 will be an exciting year for DeFi (Decentralized Finance).
It’s amazing to see what has become of the cryptocurrency space since the creation of Bitcoin. Did you know, Bitcoin has amassed over 34,100 mentions in Google Scholar, and has turned $1 into $90,000. On top of that, it has managed to inspire the creation of over 6,000 different cryptocurrencies, with 19,000 trading pairs spread across 400 exchanges. With over 18 million Bitcoins mined, with 3 million left to be mined, it is exciting to see what 2020 has in store for the space, especially with the approach of the Bitcoin halving.
Where to find the report?
The 10th Edition of CoinGecko’s Quarterly Cryptocurrency Report contains much more information than this article can cover. If you would like to read it, feel free to download the full report from here.