Messari’s Ryan Selkis Shares Insightful Bitcoin Market Data on Top 25 Cryptocurrencies
A few days back, Ryan Selkis, Head of crypto analytics firm Messari, released a list of the top 25 cryptocurrencies that his firm believes have made the most significant gains over the past 14 months or so.
In relation to the matter, Selkis added:
“I made a dashboard of 25 token teams that ship code relentlessly. A good alternative tracker to scrolling mindlessly through CMC,”
— Ryan Selkis (@twobitidiot) February 13, 2019
To further elaborate on the subject, we can see that most of the assets outlined in the list have performed quite well against the USD (despite the market exhibiting bearish signals all through 2018).
More on the Matter
Looking at a study released by Professor JP Vergne in January 2017, he explained that crypto assets rely on a host of indicators such as public buzz, utility and demand to garner market traction.
In addition to this, continuous updates and improvements are also required to help a blockchain ecosystem grow (especially in many areas such as scalability, privacy, fungibility).
The report reads:
“By using, for the first time, a unique measure of innovation potential, we find that the latter [developer activity] is in fact the most important factor associated with increases in cryptocurrency returns.”
In the same vein, when talking about the rankings released by Messari, Binance Coin and Maker were found to be the 4th and 6th most active blockchain projects as far as regular developments were concerned.
Other Key Details Worth Noting
- Binance Coin and Maker displayed the best market performance over the course of the past 14 months— with both of these assets recording “losses of below 70 percent against the USD”.
- Bitcoin displayed a massive 83 percent drop from its all-time high value of $20K over the last year or so.
- Additionally, projects such as Decred, Augur, and Chainlink were able to minimize their losses — in regards to their ATHs— in the 70-89% range.
- Binance Coin (BNB) has been able to witness a 47 percent increase in its intrinsic value over the past 30 days.
Last but not least, it is worth remembering that every quarter, Binance “burns a portion of its BNB supply” via its generated profits. This helps in increasing the value of the asset as the BNB supply pool keeps drying up.
Talking with a respected mainstream media outlet recently, Barry Silbert of Digital Currency Group (DCG) went on record to state that he was as “bullish as he had ever been” on Bitcoin and its future monetary prospects.
On the subject, he added:
“I’m not a believer in the vast majority of digital tokens and believe most will go to zero. Almost every ICO was just an attempt to raise money but there was no use for the underlying token. The vast majority of what’s out there will be eliminated,” Silbert said.
However he then went on to add that the decline in the valuation of the crypto sector as a whole had created a ”challenging environment” for blockchain projects to thrive.