Ethereum Ranks Top As 2020’s Best-Performing Asset Class

www.cryptovibes.com 2020-07-30 09:11
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Most of the digital assets issued on Ethereum seem to consist of the strongest asset class of 2020 recording an average YTD gain of 130%. Notably, the average performance across ETH-based assets has been surging this year according to data acquired from Messari.

That data offers a highlight of the 178 assets that today exist on Ethereum totaling to a cumulative market cap of over $63.5 billion. That amount is just below 20% of the whole cryptocurrency capitalization currently.

124 of these assets including stablecoins have posted a year-to-date gain. Thus, 70% of the Ethereum-backed tokens have surged in value despite the many shocks felt across the global economy due to the current health crisis.

10 ETH-based tokens have so far posted YTD gains surpassing 500% and they include major decentralized finance protocols Kyber Network (KNC) and Bancor (BNT).

Around a third of the Ethereum-based markets have at least doubled in value since January this year. Ether ranks as the 41st-strongest performing asset with YTD gains of about 140%.

15 tokens have so far suffered single-digit losses. Another nine assets have shed more than half of their value so far this year.

Stablecoins Dominate

Apart from Tether, only Crypto.com Coin (CRO) and Ether sit in the top 10 crypto assets by market capitalization. They are closely followed by the currently volatile Chainlink (LINK) which is ranked 12th for now.

The USD Coin (USDC) stablecoin and Bitfinex’s Unus Sed Leo (LEO) token also feature among the top-20 biggest cryptocurrencies. These rankings show Ethereum’s popularity among stablecoin issuers with seven of the 25-biggest ETH-based assets consisting of stable tokens.