Two Top Cryptocurrencies with the Worst Serial Market Performance
After the crypto winter of 2018, digital assets started recovering last year and continued the behavior into 2020.
Although still far from their all-time highs, the top cryptocurrencies have made a major recovery from their lows.
However, there are a few top cryptos that are still struggling and experiencing the worst performance. XRP and EOS are the top two cryptocurrencies that aren’t doing well. Both XRP and EOS have lost the most against BTC in 2020 so far.
The third-largest cryptocurrency dropped to a new low last month which has the digital asset to lose its position to Tether (USDT) at times. XRP/USD is currently trading at $0.20, up only 5% YTD but down almost 20% against BTC.
In the past seven days, it recorded 7.32% losses, the biggest loser among the top 65 cryptos. In the past year as well, XRP didn’t fare well with 54% losses but several crypto joined the digital asset in these losses such as Bitcoin Cash (43%), Litecoin (59%), BNB (47%), XLM (40%), Tron (56%) and others.
XRP is also down a whopping 94.82% from its all-time hit in January 2018.
Amidst the poor price performance, the liquidity of XRP/MXN on Bitso rose to a new record of 37 million on May 31, as per Liquidity Index Bot. Similarly, a new all-time high of 15.6 million was tracked on the Australian payment corridor XRP/AUD.
Recently, Towo Labs, founded in 2019 to focus on developing the infrastructure for XRP Ledger (XRPL) and Interledger protocol released the XRP Toolkit V2. Using this Toolkit, trading orders can be executed on decentralized exchanges, XRP escrows can be created, and a connection to the XUMM wallet can be established.
Moreover, one of the amendments to XRP Ledger, Checks that was introduced in February 2018 with the 0.9.0 release may now become a reality that a UNL validator has removed a veto. This amendment is similar to paper checks and works with both XRP and any other issued currency on the XRPL.
A compliance move, it will let users exchange funds asynchronously and know the source of funds received.
EOS is another cryptocurrency not performing well, down 88% from its peak. Currently, EOS/USD is trading at $2.6, up 0.94% but down 23% against BTC.
The price of EOS, the record-breaking ICO of $4.2 billion, is now only down over 5% in the past month but also in the past year by 66%, the biggest loser among the top 40 cryptos.
Yesterday marked the second anniversary of EOS mainnet going live.
“Happy 2nd Birthday EOS. I’m humbled and thankful to be a part of this talented global community that underpins the most performant and aligned public blockchain in the world. This year is going to be the best yet,” celebrated Brendan Blumer, CEO of Block.one, the company behind EOS.
Reportedly, Multicoin Capital that invested in EOS and shared in its thesis at that time that “decentralization requires tradeoffs in both economics and performance” has now gotten out of its position because “the governance process didn't work.”
“I honestly have no idea what's been happening with eos over the past year but thought they were still backing it. Still in the top 10 but going to drop out soon,” said analyst Ceteris Paribus.