While Eth2.0 is underway, the Ethereum community seems to be prepping the right way to welcome the upgrade. CoinGecko’s latest report reveals that the network outperformed Bitcoin in terms of gains this quarter.
HODL-ing All The Way
2020 will go down in the books as the worst year to date. The COVID-19 virus left the entire globe in fetters. While the second quarter of the year ended and the third quarter has just begun, people have been hoping for better days ahead. While several markets are undergoing immense loss, the cryptocurrency market seems to be faring better than the others. CoinGecko’s latest quarterly report sheds light on the movements of the cryptocurrency market during the Q2 of 2020.
Despite, the pandemic, the platforms in the market continued making upgrades, expanding their platforms via partnerships, and many more activities, that fueled the market cap of the cryptocurrencies. CoinGecko’s report further suggested that the total market cap of crypto assets witnessed a 44.5 percent increase. The market cap of the stablecoin, Tether had witnessed a significant rise this quarter and currently, the market cap of the stablecoin is so close to hitting $10 billion.
While market cap saw a rise, spot trading volume plummeted by a whopping 55 percent. CoinGecko suggested that this figure could be the reflection of extreme HODL-ing. Towards the end of last month, Rafael Schultze-Kraft the CTO of an online analytics platform, Glassnode, shared a tweet revealing that 73 percent of Bitcoin had been sitting still. His tweet read,
Speaking of HODLing…
Only 27% of the circulating #Bitcoin supply has moved in 2020.
That’s right, 73% of all bitcoins in existence (~13.5M $BTC) have been dormant since 2019 and before.https://t.co/redga0JINT pic.twitter.com/F5y1Y6QfP0
— Rafael Schultze-Kraft (@n3ocortex) June 30, 2020
Additionally, this also reveals that the community has a bullish sentiment as they have been awaiting a possible rise in the price of Bitcoin.
Ethereum And Bitcoin Top Gainers
The report further highlighted that Ethereum was the largest gainer of the quarter as the altcoin recorded 69.3 percent gains. Bitcoin was not far behind as the king coin saw a 42.5 percent profits.
Other prominent cryptocurrencies including XRP, BSV as well as BCH witnessed dainty gains.
Furthermore, Etheruem also increased its market dominance by 1.6 percent. Ethereum seems to be prepping the right way to welcome Ethereum 2.0 aka Serenity. The network has evidently taken over the crypto market.
Bitcoin’s Road To Recovery
The infamous Black Thursday had everyone in the crypto industry questioning Bitcoin’s ability to be a safe haven asset. However, the CoinGecko report reveals that the king coin witnessed a 78 percent rise since the dip. While the coin took a total of 48 days to fully recover from Black Thursday’s blow, it is still hovering around $9,000.
Despite the promising price movement of Bitcoin, the asset’s trading volume was reportedly 20 percent lower than the first quarter of 2020.
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she’s not a HODLER yet, she has eyes on Bitcoin.
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