2019 has been a big year for cryptocurrencies so far, even though only the first half of the year has passed, at this point. Buying cryptocurrencies has become a trend once again, and prices are behaving similarly to the situation in late 2017.
Of course, not all coins are performing equally as well, and even among the top 10 largest coins by market cap, there are clear differences to be spotted. Binance Coin (BNB), for example, has been one of the top performers of the year, even before the bull run started. Within the first three months of 2019, BNB managed to triple its price and decouple itself from Bitcoin.
On the other hand, the third-largest cryptocurrency by market cap — XRP — ended up becoming the worst performer among the top 10. The coin managed to reach $0.396411 by the end of June, which is still 12.45% higher than its price in the first days of January. While this is far from bad, it is still nowhere near to a massive 424% raise that BNB had seen.
As Binance’s native coin, Binance Coin saw a lot of usage in 2019 as well, particularly since Binance brought back its Binance Launchpad — a token sale platform that promotes new cryptos that the exchange finds worthy of its support. Since any promoted token can only be purchased in exchange for BNB, the demand for the coin surged significantly, and the price followed.
Trading crypto also started to grow on Binance’s decentralized version, Binance DEX, where BNB also plays a massive role, thanks to its discount on trading fees. But, while BNB is clearly outperforming XRP, it is far from the only one. In fact, every other coin among the top 10 did it as well, apart from Tether, of course.
XRP remains in top performers’ shadows
When it comes to other largest coins, Litecoin is likely the second-best performer, with a 301% growth when compared to its price back in January. The coin is soon to see its mining reward halving, which is at least partially to blame for its strong performance this year.
Then, there is Bitcoin itself — still the largest coin by price and market cap alike, but only third when it comes to its growth. BTC surged by 188% in the past six months, although it still has a long way to go by the end of the year, and experts are predicting that it will reach and exceed its former all-time high.
Meanwhile, its $7,000+ growth did not affect XRP as much as the rest of the market. Investors are still looking to buy Ripple XRP, of course, but the coin’s performance is rather dull in comparison to others. Many might even be confused by the coin’s poor performance, considering that things seem quite bullish when it comes to technical development on its chart.
Its 50-day moving average went above the 200-day MA, forming a golden crossover, which is a well-known long-term bull market indicator. In addition, 100-day and 200-day MAs did the same about a month ago. Despite this, XRP price failed to remain above $0.47. The coin even managed to rally in late June, but it was not to last, and its price dropped by around 12% on June 27th.
This, of course, caused a new oversale, and XRP’s price dropped down to $0.37, as mentioned.