Revealed: the best performing cryptocurrencies in H1 2020

The best performing cryptocurrencies of Janurary to June 2020 – Bitcoin doesn’t make it into the top five

best performing cryptocurrencies                                 

When it came to the best performing cryptocurrencies in the first half of 2020, it was a mixed bag. Among the 15 biggest assets by market cap (excluding stablecoins), the strongest coin clocked growth of 181.8 per cent over this six-month period, while the weakest actually lost 62.9 per cent. And although Bitcoin has mounted an impressive recovery since March’s flash crash, it didn’t feature among the five top performing cryptocurrencies from January to June.

Here, we’re going to look at the best performing crypto in 2020 so far, explore the headlines that had an influence on their performance, and reveal the top cryptocurrencies to watch between now and December.

What are the best performing cryptocurrencies?

 Without further ado, here’s our rundown of the best performing cryptocurrencies from 1 January to 30 June, based on figures from CoinMarketCap:

Based on this list, it seems like the best crypto to watch is Cardano after its impressive 181.8 per cent surge. ADA’s robust performance has showed little sign of slowing, with the rally continuing well into July. At the start of this month, a new upgrade was implemented on the mainnet that is expected to make Cardano “50-100 times more decentralised than other blockchain networks”. According to Charles Hoskinson, the blockchain’s founder, the project has bold plans to become a more prominent force in the DeFi industry – not least because the network has the infrastructure required to support larger applications.

The next best performing crypto over this six-month period was Chainlink. This is another coin that’s continued to experience momentum beyond H1 2020. After managing to hit all-time highs, LINK embarked on a period of price discovery – with some analysts suggesting the altcoin was in a bubble driven by investors who had a fear of missing out. On July 1, LINK was priced at $4.57 – at the time of writing, it’s up 62.6 per cent to hit $7.43. That’s not bad at all for just three weeks’ work.

ADA and LINK were the only two altcoins in the top 15 to secure triple-digit gains, but there’s still plenty to be excited about with the other best performing cryptocurrencies in 2020. Tezos was third in our list with a healthy return of 77.7 per cent – and according to figures from eToro, this altcoin was the only cryptocurrency that didn’t experience declining investor interest in the second quarter.

Champagne corks will undoubtedly be flying at Ethereum thanks to its 72.8 per cent boost since the start of the year – not least because all of this upbeat price activity has come before the long-awaited shift to a Proof-of-Stake mechanism as part of the Ethereum 2.0 upgrade. This upcoming overhaul is one of the main reasons why ETH is one of the top cryptocurrencies to watch – as well as the fact that DeFi applications tend to be built on this network.

Ethereum to US Dollar
Daily change
Low: 1260.3
High: 1292.45

Rounding off the top five isn’t Bitcoin, but one of its many hard forks: Bitcoin SV. Despite the controversy surrounding its founder Craig Wright, which means it isn’t listed on a number of exchanges, this altcoin leapt up 61.6 per cent in H1 2020. If you want to discover some of the main differences between Bitcoin, Bitcoin Cash and Bitcoin SV, make sure you check out our handy guide here.

Why have some cryptos performed so badly?

 As we’ve seen, there’s a big difference between the best performing cryptocurrencies and those who’ve ended up in negative territory. A total of four coins made some form of a loss between January and June – and while Litecoin’s dip into the red was a relatively minor 0.43 per cent, Coin has suffered a rather nasty slide of 62.9 per cent. One of the reasons for this sizeable drop has been linked to how Wirecard, which provided the company’s crypto debit cards, recently collapsed in the wake of a $2bn scandal.

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XRP (down 8.8 per cent in H1 2020) hasn’t fallen into the category of being one of the best cryptocurrencies to watch for quite a long time. Indeed, it secured the rather unflattering prize of being the worst-performing crypto asset of 2019.

Ripple to US Dollar
Daily change
Low: 0.38583
High: 0.39443

What will be the best performing crypto in H2 2020?

All eyes now are on what lies ahead for the rest of the year. Will Cardano, Chainlink and Tezos be able to maintain their momentum?

As July drew to an end, Bitcoin and Ethereum began a sizeable surge that has triggered optimism that a bull run may be just around the corner – ending a prolonged period of unusual stability.

To illustrate our point, let’s take a quick look at how these top 15 coins performed in the week from 20 to 27 July.

The winner, by a county mile, was ETH – up by 36 per cent to soar beyond $320. Bitcoin Cash, Cardano, Bitcoin SV and Litecoin have also posted impressive gains of approximately 15 per cent.

The first half of 2020 certainly was nail biting, with coronavirus often causing the crypto markets to move in lockstep with the stock markets. What remains to be seen is whether we’ll have an uncoupling in the second half of the year – an event that’ll have us all on the edge of our seats. Bitcoin believers have long maintained that $20,000 is achievable this year – a feat that hasn’t been seen since all-time highs in 2017. Nearing these levels could be crucial if enthusiasts are to prove this wasn’t a one off.

FURTHER READING: The boldest Bitcoin price predictions made for 2020 and beyond

FURTHER READING: Long-term investments: the dos and don’ts when the market gets tough

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