Q1 of 2019 Closes on a Very Positive Note with 4 Altcoins Surging over 100%
After going through the bear market of 2018 that saw the price hitting the yearly lowest, the first quarter that ended on March 31st has finally come to a close and harbors good news with it.
Bitcoin gained 11 percent in the first quarter as it went from $3,742 on January 1st, 2019 to $4,110 on March 31st, 2019. However, if we take a look at the S&P 500 Index, during the same quarter, it posted a 13 percent return.
Crypto as an Asset class is Booming
However, in the first quarter, neither Bitcoin and nor the top 10-20 digital assets by market cap stole the show rather it has been the mid-cap cryptocurrencies
According to Messari, 24 altcoins doubled in value where major projects like Binance Coin (BNB), Tezos (XTZ), Basic Attention Token (BAT), and ontology (ONT) registered gains that exceeded 100 percent. The rally in the short cap altcoins allowed every small asset manager to take advantage of these moves.
Initial Exchange Offerings (IEO) Make an Entry
Initial Exchange offerings (IEO) have taken the place of Initial Coin Offerings (ICO) which were popular in 2017 and 2018 and have since then fizzle out.
2019 so far is seeing strength in centralized crypto exchanges and the rise of IEOs. By creating a new value for their native token holders, cryptocurrency exchanges have taken over the Q1 rally. Exchange tokens such as Binance Coin (BNB), KuCoin Shares (KCS), among others are up 200 percent YTD.
Unlike ICO where the projects did all the work themselves including money marketing, in an IEO, the exchanges are paid to do all the work for them with a bonus listing. Thus far, IEOs have performed incredibly well with both exchanges and investors being rewarded handsomely.
Prominent Market Shakers
Among the top cryptos, EOS has been the best performer this quarter which can be attributed to its founder Daniel Larimer who made an announcement of the announcement of a big event that is expected in June.
After Coinbase announced staking support for Tezos for their custody clients that would allow them to earn interest have it seeing massive gains. Additionally, Enigma rose over 50 percent after launching its “discovery mainnet.”
Meanwhile, Bitcoin ETF has been yet again postponed that is not expected to have the final approval or disapproval before last quarter that is in October 2019.
Another news came into the form of LVMH, the powerhouse behind designer brands like Louis Vuitton and Christian Dior announcing that it would be launching a permissioned blockchain to track and authenticate the luxury brand items.
The first quarter also marked the launch of the Apple card that is built on the principles of simplicity, transparency, and privacy. With tech giants entering crypto with the solutions that millions of people will use them and have their first experience with crypto, we can expect rising adoption of cryptos as well.