Coingecko released its quarterly report on the cryptocurrency sphere giving a lowdown on the field over the past three months or so. The 55-page report indulges in top sections across the field including Bitcoin (BTC) and other cryptos spot prices, the derivatives market, exchanges performance, open finance (DeFi) performance, stablecoin report and top stories in crypto journalism so far in 2020.
Bitcoin (BTC) the worst top 5 cryptocurrency performance
In its 55-page document titled, “Coingecko Quarterly Report for Q1 2020”, the researchers start off with the sport market dynamics in Q1 whereby most of the top altcoins witnessed losses over the period. Over the past quarter, the cryptocurrency market capitalization shrunk by 5.03% from highs of $300 billion in mid-February as the global market responded to the COVID-19 pandemic currently rocking the world.
Spot prices in Q1
According to the report, the top five cryptocurrencies – BTC, ETH, XRP, BCH, and BSV – had an average return of 11.9% in Q1. However, this gain is largely contributed to by Bitcoin Cash (7.1%) and Bitcoin SV (70%), both of which experienced their first halving at the start of April. BTC is the worst performing coin amongst the top 5 with a total loss of 11% from the start of January as the bite of “Black Thursday” hit the market setting the coin 52% back in a day.
Ethereum and XRP have had mixed results over the past three months, the latter recording 9% losses and the former 3% gain as users await the ETH 2.0 platform launch.
Despite the gains in the first 50 days of 2020, BTC saw the biggest loss in market cap dominance too, losing 3.5% as investors look into more stable assets as Tether (USDT) grew 1.1% in dominance over Q1 2020.
Across the top 30 coins, OKCoin (OKB), which completed a successful burn of over 700 million tokens during their OKChain Testnet, is the second-best performing coin gaining 60%. Dash, Crypto.com, and Chainlink complete the top five list gaining 59%, 45%, and 28% respectively over Q1 2020.
Trading Volumes (Spot)
Binance dominates in trading volumes representing over 50% of the real volumes on crypto exchanges. As the prices of crypto fell to the lowest levels in 2020 on Mar. 12, the volumes sot up to record one of the best days in crypto ever in this respect. Coingecko report states,
“Trading volumes for Bitwise 10 real volume exchanges have grown ~3x since the start of the year from a cumulative $600 million to $1.7 billion.
Trading volumes peaked at a total of ~$10 billion on 12th March, the day Bitcoin fell over 40%.”
Binance Dethrones BitMEX in BTC derivatives
In the derivatives field, Binance took over the throne from BitMEX in volumes traded on Bitcoin's perpetual futures. The top crypto exchange gained a mammoth 15.5% over the quarter gaining over a third of the dominance in the market –currently stands at 38.8%.
The rise of Binance comes at the cost of BitMEX, which lost 7.5% of its volume on BTC perp. futures to control 33.1% of the market as of Mar. 31. This is possibly linked to the failure of the exchange on “Black Thursday” that led to millions of user’s funds being liquidated improperly hence the exodus.
Bybit, OKEx, and FTX complete the top five exchanges in volume controlling 15.6%, 8.9%, and 5.3% respectively.
Despite losing its kingship to Binance, BitMEX retains its crown in open interest of perp. BTC futures. Well, over the past quarter OI on BitMEX has plummeted by 10.2% but still retains top position with 47% dominance. Binance is second to this respect gaining 8.4% in the past three months to stand at 18.4% dominance in OI.
FTX is also gaining ground on the two top derivatives exchanges gaining 7.4% in OI over the past quarter standing in the fourth position with 9.4%. ByBit (11.6%) is third, having gained 0.3% over the past quarter.
DeFi and Stablecoin growth on a spike
Open Finance (DeFi) is one of the fastest-growing areas in the crypto-sphere over the past quarter. Despite the recent challenges facing bZx exchange and Maker, the field has grown in adoption and volume as well. On Feb 5th the total volume locked in DeFi platforms reached an all-time high of $1.2 billion but has since retraced to $700 million.
The industry is also gaining accolades across the crypto world. According to a survey carried out by Coingecko, over 92% of crypto investors have heard of DeFi products with Kyber Network, Maker and Metamask some of the most popular DApps.
Stablecoins in Q1 2020
Finally, the stablecoin market also experienced obscene growth in Q1 2020 – Tether dominating the market with 84% total market share, a 1.6% increase since January 1st.
Maker’s savior during the hack, USD Coin (USDC) also gained dominance narrowly over the quarter gaining 0.05% to 9.21% market share – placing it second on the logs with over $700 million in market cap.
*All images from Coingecko Report