The year 2020 has witnessed an impressive growth of the cryptocurrency market, with digital coins performing as a store of value amid the COVID-19 crisis.
Data analysed by Finaria shows that the combined market capitalization of Bitcoin, Ethereum, and XRP, as the three leading crypto coins, hit $511.5 billion in December, a 235% increase Year-over-Year (YoY).
Three-Digit Growth Amid COVID-19 Crisis
After an impressive performance in the first months of 2020, the combined market cap of Bitcoin, Ethereum, and XRP dropped to $108.1 billion on March 15th, revealed the CoinMarketCap. However, statistics show digital coins recovered in the following months, with their values jumping high above January and February levels.
By the end of the second quarter of 2020, the top three cryptocurrencies’ combined market capitalization rose to $201.5 billion, a 30% increase since the beginning of the year. The impressive growth continued in the third quarter, with this figure surging to $284.7 billion in September.
Statistics indicate the combined market cap of Bitcoin, Ethereum and XRP jumped by almost 80% in the last three months, reaching $511.5 billion this week.
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As the world’s leading cryptocurrency, Bitcoin witnessed a 224% increase in market capitalization since the beginning of the year. After a sharp fall to $88.96 billion in March, the combined value of all Bitcoins circulating in the crypto space surged to $168 billion in June. During the second half of the year, this figure jumped by 150% and hit $419 billion this week.
Ethereum Market Cap Soared by 387% in 2020
However, the CoinMarketcap data indicate that Ethereum witnessed the most impressive growth among the top three cryptocurrencies this year.
In January, the market capitalization of the second-largest cryptocurrency globally amounted to $14.2 billion. After a drop to $12.9 billion in March, the combined value of all Ethereum coins hit $25.1 billion in June and continued rising. By the middle of September, this figure doubled and reached $53.7 billion.
Statistics show the Ethereum market cap surged by 387% since the beginning of 2020 and hit $68.8 billion this week. The BitInfoCharts data also revealed the world’s second-largest crypto coin witnessed impressive growth in the number of daily transactions, rising from 537,800 in March to 1.1 million in December.
As the world’s third-leading cryptocurrency, XRP witnessed a 152% market cap increase, with the figure growing from $9.4 billion in December 2019 to $23.7 billion this week.