Top 5 Cryptocurrencies to Consider During the Bear Market
May 30, 2019
Bear markets are essentially fluctuating markets that observe the majority of the share prices to flail and in the end, encourage one to sell them off.
As a crypto enthusiast, one will be rather eager to know how the top 5 cryptocurrencies performed in the bout of 2018 and how far they have progressed in comparison to their market cap in 2017. Let's have a look at the cryptocurrencies that did extremely well, took major strides in their advancement and achieved eminency on the best Cryptocurrency Trading Platforms since the beginning of the year to its end.
1. Bitcoin (BTC)
· Position: 1
· Current Price: $7980.95
A protocol known as the Lightning Network was established on the Bitcoin Blockchain to address all the problems that were associated with its scalability schemes. Released in January, the Lightning Network was fabricated atop the Bitcoin Blockchain and sanctioned transactions that took place off-chain just to thrive on multiple payment channels.
After the transactions are done with, the Bitcoin network records all the changes indicating that the issues have been averted owing to the high number of transactions being carried out per second. In the same year, the Lightning Network managed to cross $2M worth of only BTC transactions by the end of 2018 showcasing that at least people still used Bitcoin as an asset for transactions.
2. Ethereum (ETH)
· Position: 3
· Current Price: $251.33
The first major update that took place regarding Ethereum was the version upgradation that converted Ethereum to Ethereum 2.0.
Caspar i.e. a Proof-of-Stake (POS) algorithm was a far cry from Ethereum's existing Proof-of-Work (POW) algorithm was initially made to lessen the cost of consensus. Other than that, the secondary mechanism was Sharding that would possible resolve every problem that Ethereum has ever encountered since its inception.
However, a newer version of Caspar will be released soon known as Caspar 2.0 that will highlight all POS and Sharding issues that started right from the initialization of the Beacon Chain.
3. Bitcoin Cash (BCH)
· Position: 2
· Price: $414.05
The Blockchain system of BCH is timed for network upgrades that occur twice every year. The network updates demand the miners and developers to comply with the agreement during which the main chain remains unhindered and the utilization process of soft fork is kickstarted. In November, however, two Blockchains were created but one of the Blockchains did not turn out potent enough and come out as it was intended to ensuing a hard fork to follow so the only way out was a split giving way to two new Blockchains to be introduced - Bitcoin Cash ABC and Bitcoin Cash SV.
4. Litecoin (LTC)
· Position: 4
· Price: $98.98
The Litecoin hard fork known as Litecoin Cash (LCC) came out in February but the fire that it ignited only lasted for a little while. Although, the month of March saw Litepay being released as an alternative to Bitpay making Bitpay to draw back its forces and receive a public apology on the behalf of Litecoin for the unnecessary promotion of the former. In December, Litecoin released a public announcement revealing its partnership with UFC 232 that was essentially also the very first cryptocurrency to be sponsored by UFC.
· Position: 5
· Price: $ 84.67
As Monero had become a top cryptocurrency, it found out ways to implement multisignature support techniques that could benefit brokers and service providers. To top it all off, Monero's bulletproofs lessened the overall transaction fees and also sized up Monero's block by 80%.
With Online Cryptocurrency Exchanges transforming the way the crypto realm works, you can always depend on these top 5 cryptocurrencies for successful crypto trading.