Bitcoin was the top-performing cryptocurrency in Q2 2019, despite the rocky price volatility hitting the market.
Bitcoin Dominance
According to a new report published by CoinGecko, bitcoin outperformed all other digital currencies during the second fiscal quarter of the year.
BTC posted a net gain of 165%, compared to the second-highest performing currency of bitcoin cash at +137%. Ethereum placed third at +107%, with litecoin and XRP rounding out the top five at +103% and +28% net gains, respectively.
The average return for the top five currencies in Q2 2019 was +108%, showing an overall robust turn in the marketplace for crypto-assets compared to last year.
Top 5 performing cryptocurrencies during Q2 2019 | Source: CoinGecko
In addition to leading the pack in terms of gains, bitcoin also consolidated its market dominance, while EOS and XRP experienced a retraction.
According to the report,
“Bitcoin’s market dominance increased significantly in Q2 2019, from 54.6% to 65.0% (+10.4%). XRP and EOS lost nearly half of its market dominance. XRP decreased from 9.8% to 5.7% (-4.1%) while EOS decreased from 3.3% to 2.0% (-1.3%).”
While bitcoin’s gain in dominance was impressive, the entire top five separated itself from the general pack of altcoins during the last fiscal quarter.
The report continues,
“Almost all other coins lost market dominance in Q2. By end Q2 2019, the top-5 coins comprised approximately 86% of the overall market capitalization.”
Overall Crypto Growth
However, the entire market of crypto increased during that time. CoinGecko called the most recent quarter a “crypto summer,” with total market capitalization for crypto-assets gaining over $200 billion and obliterating previous expectations.
Trading volume also rose steadily, nearly doubling by the end of Q2.
Total market cap and trading volume rose throughout Q2 2019 | Source: CoinGecko
Despite the introduction of Facebook’s libra in June, the price of bitcoin continued to climb on a meteoric rise from $4,000 to above $10,000. CoinGecko reported bullish sentiment growing throughout the quarter, with the original cryptocurrency gaining in positive mentions through social media.
Bitcoin also eclipsed “stocks” in overall search volume on Google for the first time since Q4 2017, when the price of btc hit its last all-time high.
