With the 4th month of 2019 drawing close to an end, the cryptocurrency market has seen some gains with coins like Binance coin leading the 4 top performing cryptocurrencies so far in 2019.
Below, we will take a look at the 4 top performing cryptocurrencies of 2019 in terms of gains acquired from the start of 2019 and we will look at possible reasons for these gains.
4 top performing cryptocurrencies
Binance coin has been experiencing a surge in price since 2018, a trend which it also carried into 2019. Since the start of 2019, the coin has surged by over 300%.
With a current market cap of about $3.5 billion, a $1000 investment at the start of 2019 will fetch over $4000 at the moment (less than 4 months after). The coin started the year at about $6 and currently trades at a little under $24.
Possible reasons for growth
Binance coin is the official coin used on the Binance exchange. This very reason increases the demand for the coin as traders get extra discounts when they use the coin for trades.
With Binance exchange being one of the largest cryptocurrency exchanges in terms of trade volume, BNB gets to gain from that.
Also, the exchange has been continuously developing with the recent launch of the Binance chain, a development which both the Binance exchange and Binance coin stand to gain from.
Litecoin is the next coin on our 4 top performing cryptocurrencies of 2019 list. The coin has gained over 150% since the start of 2019. At the start of the year, the coin was trading at around $31 but as of writing time, the coin stands at around $80 per coin.
Litecoin is currently the 6th largest cryptocurrency with a market capitalization of over $4.5 billion and a $1000 investment in Litecoin at the start of the year will now be worth over $2,500, a $1,500 gain.
Possible reasons for growth
Recent reports of the coin may have influenced more people to invest in and hold the coin.
Tom Lee, the CEO of Fundstrat also thinks Litecoin will increase by over 640% by the end of the year. Given his accurate predictions in the past, with the most popular being his prediction of Bitcoin’s price before it hit its all-time high, Lee is highly respected within the cryptocurrency space.
Also, experts recently compared Litecoin to Bitcoin and noted that Litecoin’s network has a better scalability. Also, it is faster and cost less when carrying our transactions.
A $1000 investment in the coin at the start of 2019 will fetch over $2000 as of writing time.
Possible reasons for its gains
Being among the 3 most popular DAPP platforms, EOS has been gaining very much transaction alongside Tron as these two platforms have been stealing market share from Ethereum.
The network has also been developing rapidly. Recently, the network saw 700,000 accounts transferred from a freelance online marketplace to the EOS blockchain.
With an 81% increase in value since the start of 2019, Bitcoin Cash is one of our 5 top performing cryptocurrencies of 2019.
Bitcoin Cash started the year at $165 but now trades across different exchanges at $300. A $1000 investment in BCH at the start of the year will yield a gain of over $800.
Possible reason for growth
BCH saw its price drop drastically during and after it’s most recent fork given the battle between two different versions BitcoinABC and BitcoinSV to become the official BCH. However, the BitcoinABC won and officially became BCH.
Recently, Binance exchange and others decided to delist and cease with supporting BitcoinSV due to recent actions carried out by Craig Wright, an advocate of the coin.
This saw many holders of Bitcoin Cash SV sell their coins for BCH (Bitcoin SV) a few hours following these announcements. BCH’s value definitely gained the most from this sell-off.
You may also be interested in:
- Introduction to BNB coin, the official coin of Binance exchange
- What is Ethereum Classic? ETC guide and why it forked from Ethereum