Analysis & Opinions

Top 10 Gainers by Crypto Market Cap in Q1 2020

On CoinMarketCap, the “Gainers & Losers” tool is one of the most popular among our millions of users. It ranks cryptoassets based on their price performance across a few intervals — by one hour, 24 hours or seven days.

So we thought, instead of price performance, why not try a different approach and do a round-up of the top gainers for Quarter 1 (Q1) 2020 based on crypto market cap performance ? (After all, CoinMarketCap was the first to apply the use of the “market capitalization” model to cryptoassets. If you’re one for technical details, read more about the methodology here!)

Top 10 Cryptoassets by Crypto Market Cap Growth
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%
Data source: CoinMarketCap

While we prefer to let data do the talking, we imagine that some of you would still like to hear some opinions, especially regarding the top five gainers by crypto market cap.

For that, we reached out to our data and ratings partners (Flipside Crypto, Simetri by Crypto Briefing, TokenInsight) and the projects themselves for commentaries on what could have explained the growth. Tell us what you think in each of the polls below!

OKB (+147.25% in Q1 Market Cap)

OKB (OKB) is a global utility token issued by OK Blockchain Foundation and adopted by OKEx. As of now, 52 application scenarios internally and externally have been developed by OKB, including making payment on OKEx Jumpstart, market data, wallet, lending and wealth management, which allow holders to purchase products or services with OKB.

What the project representative says:

“In Feb 2020, OKEx launched the testnet of its own commercial public chain, OKChain. At the same time, OKEx announced to burn 700M unissued OKB and promised not to issue any additional OKB in the future, which made OKB absolutely deflationary. In addition, with the OKChain became open-source on April, OKB is expected to play a more important role on OKChain, for example the node election and the 100% of the genesis block OKT mapping. With all the contribution from different aspects, we expect the growth will continue.”

TokenInsight has given this project a rating of BBB, saying:

“For OKB, its great performance in 2020 Q1 is mainly attributed to its “buy-back & burn” initiative of 700 million tokens, shrinking the total supply to just 300 million tokens. I believe based on its competitive position in the derivatives trading market, OKB will maintain a relatively good position among exchange tokens.”

BSV (+72.90% in Q1 Market Cap)

Bitcoin SV (BSV) represents a restoration of the original Satoshi protocol, with a mission to keep that protocol stable and enable infinite on-chain scaling. It is a hard fork of Bitcoin Cash (a community-activated update to the protocol or code) that is built to bring business to the blockchain, combining certainty and stability with unlimited scaling in order to provide a platform that is fast, cost-effective, regulation friendly and ready to power the future of global enterprise.

What the project representative says:

“While BSV’s 2020 price performance is nice, it’s more important to focus on the Bitcoin SV network’s technical growth. In February, BSV’s ‘Genesis’ hard fork returned the protocol almost completely to Satoshi Nakamoto’s original — removing the default block size limit to enable unbounded scaling.”

“We are also seeing unique business uses of BSV – including a big data health project to combat opioid addiction, eco-friendly supply chain applications, and a system to ensure fairness in eSports. BSV daily network transactions now consistently surpass BTC and sometimes even Ethereum. This drives a rise in transaction fees, meaning that miners are less reliant on the block reward subsidy as it halves again — especially for BTC in May 2020.”

What TokenInsight, namely Wayne Zhao, Head of Rating & Research, says:

“BSV is a strong competitor of BCH. BCH has a huge number of fans in China because of Bitmain and Wu Jihan. The way I see it, BSV is more of a global thing.”

CRO (+61.34% in Q1 Market Cap) coin (CRO) is utility token that enables cross-asset intermediary currency settlement for the native Chain. Among the benefits available, customers paying with CRO directly transact with minimal fees.

What the project representative says:

“We spent much of Q1 extending our ecosystem and seeking more ways for our users to find value in all of our products, including through CRO usage and staking.”

“In Q1 alone, we announced the successful integration of Pay with Ledger and launched Pay Invoices for Merchants. We also held a series of discounted token events on the Exchange that drove more utility for CRO stakers. Furthermore, we opened India, Kenya and Nigeria markets as well as launched our card product in the massive UK market.”

Flipside Crypto, which has given the project a rating of B says:

“ 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 7.42% and 5.22% respectively. This has brought from a C (Caution) to a B (Basic) on Flipside’s FCAS ranking.”

Recent events that could have helped growth included the launch of “ Private,” a package of premium rewards for paid MCO Visa cards; the joining of in the USDC ecosystem, offering up to 12% p.a. for holding USDC; and the addition of CRO/USDT trading pair to Bittrex Global, with rewards of up to $60,000 for trading and staking CRO.

DASH (+58.47% in Q1 Market Cap)

Dash (DASH) describes itself as digital cash that aims to offer financial freedom to everyone by providing a fully-decentralized payments solution. Since its creation in 2014, Dash has introduced features such as two-tier network with incentivized nodes and decentralized project governance (Masternodes), instantly settled payments (InstantSend) and a platform that will allow developers to build on top of the Dash network.

What the project representative says:

“We believe the most important factor contributing to the growth in Q1 was the software delivery. On Dec. 30, 2019, Dash Platform was released to a custom testing environment, allowing developers to use their network and consensus protocol for data storage and integrity while leveraging another server to handle computation. This solves the performance and scalability problems that most DApp platforms suffer.”

“In parallel to software delivery, we saw remarkable adoption growth. Key metrics had very positive behavior, usually better than comparable networks, like Bitcoin, Litecoin or Bitcoin Cash. For example, 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.”

What Flipside Crypto that has given the project a rating of A says:

“Dash fundamentals have increased 4.17% since the beginning of Q1, driven by a 7.65% climb in Developer Behavior. Market Maturity also went up 7.87%, while User Activity remained stable in the same timeframe.”

Simetri by Crypto Briefing has given the project a rating of B, saying:

“A major factor driving up the price of DASH in the first month of 2020 can be attributed to adoption in Venezuela. The project announced that there has been a 562% increase in active android devices using Dash’s wallet application in Venezuela. Furthermore, Burger King announced plans to accept Bitcoin as well as other altcoins (including Dash) in Venezuela following a pilot in Sambil Caracas.”

“Latin America, and Venezuela in particular, have turned to cryptocurrency as a refuge against hyperinflation in recent years. This has helped DASH achieve traction and forge a path of organic expansion for its cryptocurrency.”

ZEC (+27.94% in Q1 Market Cap)

Zcash (ZEC) is a decentralized and open-source privacy-focused cryptocurrency that enables selective transparency of transactions. Zcash transactions can either be transparent or shielded through a zero-knowledge proof. This allows the network to maintain a secure ledger of balances without disclosing the parties or amounts involved. Instead of publishing spend-authority and transaction values, the transaction metadata is encrypted and zk-SNARKs are used to prove that nobody is being dishonest.

What the project representative says:

“With a new development funding model set to take effect in the fall, Electric Coin Co. has been preparing for further-decentralized Zcash governance. This means providing more resources to the community, collaborating with third-party development teams, and making updates to Zcash that are geared toward scaling and interoperability. In November 2020 (and for the next four years), 80 percent of Zcash issuance will continue to be distributed to miners, while 20 percent will be devoted to Zcash development funding. This is the plan that was proposed, vetted and approved by the Zcash community in late 2019 and early this year. Importantly, 8 percent of the total block reward (or about 35 percent of the new dev fund) will go into a grant program that will exclusively fund independent, third-party developers. ECC will receive 7 percent of the total rewards, and the remaining 5 percent of rewards will go to support the work of the Zcash Foundation.”

What Simetri by Crypto Briefing says:

A major event contributing to Zcash’s growth in Q1 2020 was the approval of Zcash Improvement Proposal (ZIP) 1014. The Zcash community has agreed to continue funding the development of the project and split block mining reward between miners and a “Dev Fund.” 

The previous funding effort was only meant to last until November 2020, and the project’s development efforts could have been significantly impacted without a new funding proposal in place. In fact, during 2019, ZEC price was largely depressed due to the uncertainty surrounding developer funding. The approval of ZIP 1014 has been positively perceived by the crypto community and has helped Zcash to appreciate in value.”

TokenInsight has given the project a rating of BB for these reasons:

Zcash is one of the best privacy cryptocurrencies out there. With the regulation to cryptocurrency across the world tightening up, there will be less currencies/tokens that could be used for certain purposes. For this reason, there are some great privacy cryptocurrencies could also benefit from it. The demand for privacy and exchange of value are always there.

What do you think of the top performing cryptocurrencies in Quarter 1, 2020? Let us know your thoughts in the comments below.

Note: This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. 

About Guen CMC

Guen was Marketing & Growth Manager at CoinMarketCap and is deeply interested in emerging industry opportunities and product innovation.

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