CoinMarketCap released the list for the top 10 gainers based on crypto market cap performance. This round-up covers the top altcoin performers in the first quarter of 2020.
Best known for its popular “Gainers & Losers” tool, CoinMarketCap is known for ranking cryptoassets based on their price performance. Also, the altcoin ranking is usually across several intervals, it could be by an hour, 24 hours, or a week.
The approach is quite different this time, as they have chosen to carry out the ranking based on market cap performance.
Top 10 gainers in Q1 2020
According to CoinMarketCap, the top 10 altcoins by crypto marketcap growth are as follows:
- OKB – +147.25%
- BSV – +72.90%
- CRO – +61.34%
- DASH +58.47%
- ZEC – +27.94%
- LEO – +27.38%
- LINK – +25.67%
- XTZ – +19.71%
- XEM – +11.85%
- INO – +11.06%
In order to get other opinions concerning the top five gainers, CoinMarketCap decided to reach out to their ratings and data partners. They include Flipside Crypto, Simetri by Crypto Briefing, and TokenInsight.
They also reached out to the altcoin projects themselves to share comments on their cap growth.
Report from the top five altcoin projects:
According to Token Insights, the growth can be attributed to OKEX’s “buy-back & burn initiative of 700 million tokens, shrinking the total supply to just 300 million tokens”. They also believe that based on “its competitive position in the derivatives trading market, OKB will maintain a relatively good position among exchange tokens.”
According to the project representative, more focus should be on the technical growth of the BSV network, even as its cap performance is celebrated.
Besides, the cap performance can be attributed to the rise in transaction fees, which comes through the daily network transactions on Bitcoin SV. These transactions also continuously exceed BTC and even Ethereum sometimes.
According to ratings by Flipside crypto, “Crypto.com fundamentals have increased 19.1% since the beginning of Q1, driven by a 68.1% spike in User Activity. Developer behavior and market maturity also climbed by 7.42% and 5.22% respectively.”
The project representative states that: “the median daily transaction count more than doubled from Q1 2019 to 17k, and mobile wallet installs more than tripled for the same period to 101k.”
Simetri by Crypto Briefing states that: “A major event contributing to Zcash’s growth in Q1 2020 was the approval of Zcash Improvement Proposal (ZIP) 1014. The Zcash community has also agreed to continue funding the development of the project and split block mining reward between miners and a Dev Fund.”
For further information on the top gainers, click here.
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