Bloomberg Selects A Ranking Of Top Cryptocurrencies, Which Were The Winners?
Bloomberg’s Selected Virtual Currencies
Bloomberg has recently released an article in which they have chosen the best virtual currencies in the market during the last few months. They have also selected losers for this contest. As the value of digital currencies moves up once again, it is time to take into account which are the “best” virtual currencies.
Bloomberg has released a ranking of the best cryptocurrencies in the market, including Bitcoin (BTC). The article compares the virtual currency market with internet stocks since both of them soared and lost 95% of their price, similar to what happened to cryptocurrencies.
Ether, LTC, TRX, XLM Among Top Cryptos
The report shows that Ethereum (ETH), Litecoin (LTC), Tron (TRX), Cardano (ADA) and Dash were not able to sustain their prices. Ultimately, they lost support from the community when they bottomed in December 2018. Although price action was not something they could be proud of, they are technically strong.
There is another group of coins, 534 virtual currencies that represented 13% of the crypto market in November 2017. Some of the big names in this group included XRP, Stellar Lumens (XLM), Monero (XMR), IOTA (MIOTA), and NEO. Ripple and Stellar work as financial platforms to settle transactions between parties. Meanwhile, Monero works as a privacy coin that protects users’ data. Furthermore, IOTA wants to revolutionize the Internet of Things (IoT) and NEO is a smart contract platform.
As Bloomberg explains, these coins have been affected by the regulatory environment around the world. Monero might not be able to be accepted by governments. Other coins such as XLM and XRP are being affected by tough competition from other companies such as JP Morgan or Facebook.
Other Stable Projects: Tezos, Ontology, MakerDAO
Meanwhile, Bitcoin Cash (BCH), Bitcoin Gold (BTG), Metaverse ETP, HyperCash and Gold Bits Coin are part of a big group of 123 coins that also represented 13% of the total crypto market in November 2017. These digital assets are down 77% from their all-time high.
The final place seems to be for a group of 111 digital currencies that were worth $25 million when they peaked. Now they are just worth $1 million and there is no important name to mention.
There are some digital assets that were introduced after the peak, including Bitcoin SV, Tezos, Ontology, MakerDAO, and many others. However, there are more than 1,000 to take into account.
Clearly, the virtual currency market is very volatile and it is always recommended to invest what users are can afford to lose.