There are a lot of cryptocurrencies. However, Bitcoin retains the status of a market leader when it comes to market capitalization.
Nevertheless, from the beginning of the year, other major cryptocurrencies except Stablecoin Tether achieved better results than Bitcoin.
The price of Ethereum, which is a second-biggest cryptocurrency on the market, increased by 60% while Ripple’s XRP rose by 47%.
As a reminder, last year, XRP lost 46% of its value.
Litecoin is known as the silver to Bitcoin’s gold; its price increased by 78%. The price of Ethereum-rival EOS gained 77% so far in 2020.
Binance coin added 43% while Cardano gained 87%, and Tezos rose 62%.
This week, Bitcoin’s price approached $10,000. Thus, the price reached the highest point since October 2019. Nevertheless, it failed to surpass the key threshold.
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.
Bitcoin SV vs. major cryptocurrencies
Bitcoin strengthened its position despite this fact, almost every major 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.
It is worth mentioning that 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.
Nevertheless, the cryptocurrency community does not support his position as he was unable to support his claims.