2018 was a tough year for crypto assets as the market fell significantly hurting the market cap of many coins. The advent of 2019 was met with a lot of expectation and the year did not disappoint. While the BTC rose by 11% in Q1 FY19, it was the altcoins like Litecoin and EOS that rose quicker bringing down the dominance of Bitcoin, Ethereum and XRP together by 5%.
Most Top 10 coins apart from Litecoin and EOS saw a drop-in dominance
2019 was the year that was expected to bring back the glory days of crypto assets after the terrible and forgetful 2018. While the starting quarter of the year did not disappoint, it was the altcoins that outshined the top 3 coins, the BTC, ETH, and XRP. As other altcoins rise in price in Q1 2019, Bitcoin’s overall market dominance fell by 1.5%. BTC, XRP and ETH combined have lost nearly 5% in market dominance Not just this, With the exception of EOS and Litecoin, most of the other top-10 coins have seen a drop in their market capitalization dominance
Even with the dominance decreasing the market cap of Top 10 coins continued to rule the roast. By 31st March 2019, the top-10 coins comprised about 91% of the overall market capitalization. While there was a steady rise the stability of the overall market was worth noting. Q1 2019 has been a relatively stable quarter with not much price volatility and the total market capitalization increased at a steady rate and ended the quarter up 16%.
While the growth was steady across markets, Q1 2019 saw the top 5 coins performing well except XRP. Among the top 5 coins, most saw a positive increase in price with Litecoin and EOS seeing the best returns of 103% and 66% respectively. Bitcoin and Ethereum saw modest growth of 11% and 8% while XRP saw its price declined by 11%. LTC was a complete outperformer which in all possibility was in anticipation of the Litecoin Halving expected to happen on 7 August 2019.
The market dynamics of top 30 coins also saw some interesting changes as it was the OKB Coin, Binance Coin (BNB) and Litecoin (LTC) which moved up 6, 5 and 3 places up respectively in the top 30. Even Cardano (ADA) moved up 3 places. As these were the big shifts in ranking because of the gains, the top 30 coins also saw three new entrants which included Basic Attention Token (BAT), Cosmos (ATOM) and Crypto.com Chain(CRO).
The start of 2019 has been interesting and the dropping dominance among the top three is a good sign in a way as it shows the overall market is growing. Will this start of rising prices convert to a bull run like 2017 is something that everyone is eagerly waiting.
Will we see a repeat of 2017 bull run in cryptos? Do let us know your views on the same.
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