The cryptocurrency industry is no stranger to a bumpy ride, but it’s safe to say 2019 turned out to be a year with remarkable revelations. The usual mainstay bear market of 2018 overwhelmed the market analyst to make it a year with the general vox populi calling for a significant overhaul in regulations policies, leaving authorities bewildered about what’s the way forward with cryptocurrencies. There was no shortage of crypto gainers and losers in 2019.
It wasn’t just limited to that, 2019, also was a year coated with colossal comebacks, as massive market players like facebook went ahead and accepted crypto after previously putting a categorical ban on it.
The grueling trade war between the United States and China have twerked people’s minds, and they are finally acknowledging the utility of cryptocurrencies. On the downside though, the U.S. Securities and Exchange Commission continues to push back the bitcoin ETF proposal.
While a few companies elevated their game in 2019, a few failed. Here’s a look at the top crypto gainers and losers of the previous year.
Top Crypto Gainers
Bitcoin’s double growth
Bitcoin probably came out as one of the top crypto gainers in 2019. It was hallmark year, as bitcoin and the entire cryptocurrency celebrated its tenth anniversary, it also celebrated Satoshi Nakamoto’s bravado and gusto to come up with a game-changer ten years ago. However, the beginning was a topsy-turvy ride as the industry was still coming to grips with the so-called crypto depression of 2018.
Luckily enough, Bitcoin was off to a flyer, which resulted in a decent price increase of 11% by the end of the first quarter. Anthony Pompliano, the co-founder of Morgan Creek Digital asset management firm, put forth his view and informed us that bitcoin is on a high in 2019, as the number of buyers triumphs the sellers on a net basis this year.
However, it was not all hunky-dory for bitcoin, due to the emergence of a bearish outlook, the bitcoin price hit a slump, and it led to a hundred billion loss of market capitalisation.
Coinbase continued expansion
Previously, Coinbase was famous for using a rather selective strategy when it came to adding coins to its exchange. Being a reputed name in the crypto market, it is accustomed and acknowledged for having fewer big-scale hacks. A year that was loaded with breaches on a significant level, for example, Binance, Coinbase carried itself with pride as a safe and secure platform.
Top Crypto losers
Facebook Libra
Facebook announced its libra currency in 2019, but it received a bunch of backlashes. The U.S. lawmakers didn’t really buy the idea and were cynical towards it. Mark Zuckerburg was interrogated regarding it, but his statements lacked conviction.
Wrong-way to get off the mark, Mark!
Libra is fundamentally a coin that allows people to buy, sell or send money across borders while charging zero fees for it. The whitepaper implies that its penultimate aim is to form a financial way to empower millions of people by launching a primary currency.
It is facing a predicament as not only there’s the outrage from the masses, but internally also it has unresolved issues. Also, many countries have said a big No to it, and it’s premium partners like visa,eBay and PayPal have brought the project to a standstill. Facebook, being relatively new, probably became one of the top crypto losers in 2019.
A shaky start for Circle
In October 2018, Circle, a cryptocurrency firm with its center at Boston paired up with Coinbase to kickstart the Centre Consortium. Being one of the elites, the two companies combined to accelerate the acceptance of cryptocurrencies by introducing the USD coin.
Although the USD coin was met with instant appreciation and Circle claims that the stable coin helped in clearing up on chain transfers worth 11 million, it is worth noting that it’s not all sunshine and rainbows in Circle. The company recently shut down its app, cut down the fundraising goal by 40% and let go of 10% of its staff within a couple of months this year.
Conclusion
While many tasted glory, a few flattered to deceive. It was one hell of a ride for the cryptocurrency industry, which presented many crypto gainers and losers and now let’s see how it unfolds further and what 2020 has in store for us.
