Bitcoin is the biggest crypto money when it comes to market capitalization. This week, Bitcoin’s price approached $10,000. As a result, the price reached the highest point since October 2019. However, it failed to surpass the key threshold.
It is important to mention that the price of cryptocurrency number one rose by almost 40% from the beginning of the year. On February 5, Bitcoin’s price reached $9,780 on the Luxemburg-based exchange Bitstamp. One of the major factors that helped to strengthen Bitcoin’s price is the upcoming halving event that will take place in 2020.
Nevertheless, almost every cryptocurrency outpaced Bitcoin so far this year. Some of them even enjoyed three-digit gains during the first few weeks of 2020.
The best result when it comes to the top ten cryptocurrencies belongs to Bitcoin SV, an offshoot of bitcoin cash. Furthermore, bitcoin cash is itself an offshoot of the original Bitcoin. Bitcoin SV’s price increased by 209% in 2020.
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Interestingly, Bitcoin SV separated from Bitcoin cash in 2018. It is under the control of controversial scientist Craig Wright. Last month, Wright reportedly acquired documents that might help him to prove that he played a role in Bitcoin’s creation more than ten years ago.
Cryptocurrencies in 2020
In 2020, all top ten cryptocurrencies excluding stablecoin tether achieved better results than Bitcoin.
For example, the price of Ethereum, which is a second-biggest cryptocurrency on the market, rose by 60%. Meanwhile, Ripple’s XRP increased by 47%.
In 2019, XRP lost 46% of its value. Other major cryptocurrencies, such as Litecoin, also rose in 2020.
Litecoin is known as the silver to Bitcoin’s gold; its price increased by 78%. The price of Ethereum-rival EOS added 77% so far in 2020.
Binance coin added 43% while Cardano gained 87%, and Tezos rose 62%.
Bitcoin remains the market leader, but other cryptocurrencies achieved even better results from the beginning of 2020.