Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Newest Additions to the Top 100 Coins by Market Cap in Q2 2020
The Innovation Uprise
Since the start of 2020, some major moves in the cryptocurrency space have highlighted its stride to maturity. Bitcoin seems to be stabilizing. Ethereum seems to be improving by the day. Several countries have initiated cryptocurrency regulation, increasing interest due to people staying at home during the pandemic.
The race to the top is on-going 24/7 because the crypto market never sleeps. The competition is cut-throat, and new alternatives keep popping up every other day. That’s why it’s almost a miracle if a project survives the first year, let alone reach the top. There are currently about 7648 coins registered on CoinGecko.com, up by almost 80% since last year. Out of the 7648, rarely do we find a token that gets attention above the Top 100 coins list. 100 is a benchmark, a rule of thumb for the market to border themselves.
That’s why it is considered prestigious for a project to be listed in the Top 100 column, thereby giving it the advantage of increased interest, increased volume, and much more.
For that reason, here is our list of the Top 4 Coins that have made the long and hard stride to the Top since January 2020.
Most Notable Entries to the Top 100 Elite Club
Synthetix Network Token – SNX
- Current Standing: 36
- Token Price: $2.80
- Circulating Supply: 109,894,782
- Market Cap: $307,376,314
The Synthetix Network, an addition to the DeFi Innovation Wave, is hoping to do just this. Synthetix was created as a DeFi project that will create synthetic virtual assets backed by a blockchain. These synthetic assets could track any other asset’s price, be it currencies, equities, bonds, commodities, or even other cryptocurrencies. If it’s something with real-world value, then the Synthetix platform will allow a synthetic asset to be created to track that asset’s price.
Synthetix offers derivatives and other synthetic assets to DeFi users, effectively providing access to a range of specialized trading strategies. Given that traditional financial markets aggregate hundreds of trillions in value, Synthetix has an expansive addressable market for tokenizing those assets on Ethereum.
The Synthetix Network features two main assets: SNX (the native token) and Synths (the synthetic assets), of which SNX token is the window for analyzing growth. Over the past year or so, Synthetix has really taken advantage of the growing interest in the Blockchain community by periodically rolling out upgrades, adding new features, and quite simply increasing the way of use. Synthetix offers derivatives and other synthetic assets to DeFi users, effectively providing access to a range of specialized trading strategies.
Theta Network – THETA
- Current Standing: 43
- Token Price: $0.2346
- Circulating Supply:1,000,000,000
- Market Cap: $247,865,440
The Theta blockchain is the only end-to-end infrastructure for decentralized video streaming and delivery that provides technical and economical solutions. Theta is a decentralized video delivery and Streaming Network built as a competitor to YouTube, Vimeo, etc. The Theta team’s vision is to improve the video streaming industry by introducing its own blockchain and custom-built features.
The network functions by caching nodes to earn tokens, thus relaying video streams to other viewers. Viewers optionally earn tokens from advertisers as engagement rewards and can, in turn, gift them to favorite influencers and content creators. Advertisers fund advertising campaigns with tokens to support influencers, streaming sites, and viewers. Streaming sites can add new revenues through sales of premium goods.
It seems Theta has picked up the pace for the past year and a half. The network, owing to its dedicated developers, who have successfully boasted gains of over 180% in the span of a year.
Aave – LEND
- Current Standing: 44
- Token Price: $0.1812
- Circulating Supply: 1,256,361,931
- Market Cap: $241,410,000
Aave is a DeFi lending protocol that enables users to lend and borrow a diverse range of cryptocurrencies using stable and variable interest rates. Aave has seen significant growth in 2020, most of which can be tracked using Aave Watch – a tool to monitor key metrics like borrows and fees collected. In addition to the typical features seen on Compound protocols, Aave includes notable distinguishing features such as uncollateralized loans, “rate switching,” Flash Loan, and unique collateral types.
Aave offers the most diverse range of DeFi collateral of any lending protocol on the market. Backed by strong liquidity and the opportunity to protect against smart contract risk using Nexus Mutual, we’ve seen Aave carve out a significant market share in the DeFi lending market in 2020. Since the start of 2020, Aave has been in and out of the Top 100 a couple of times before finally settling on the current spot. Aave had a pretty good year so far, to say the least, rising more than 400%.
Elrond – ERD
- Current Standing: 54
- Token Price: $0.01205
- Circulating Supply: 13,508,333,333
- Market Cap: $161,848,950
Elrond is, without a doubt, the biggest gainer this year. The project has seen it all – increased community interest, the developer, commits, exchange listing, volume, and obviously, price. In essence, the Elrond Network is a public blockchain created to provide high-level scalability, interoperability, and high throughput. Over the past few months, the team has repeatedly stepped up its game by contributing to the project’s development non-stop.
The goal is to create a decentralized network that can provide the same or better performance than centralized networks while also providing users with greater privacy. Yes, it sounds just like every other cryptocurrency, but Elrond’s difference is the founders’ approach. Owing to the dedication and increasing interest it followed, Elrond has spearheaded the market.