At the beginning of 2019, bitcoin was trading at around $3,500. As the year progressed, bitcoin rose to hit a 2019 year-to-date high of around $13,300. Additionally, as bitcoin attempts a price recovery, its dominance has risen in lockstep while altcoins have been viciously clobbered.
Presently, bitcoin’s dominance stands at 68.6% as the rest of the crypto market shares the remaining 31.4%. Therefore, the realization of an alt season remains a mirage for many.
However, three altcoins have managed to keep their heads above water: Binance coin (BNB), Litecoin (LTC) and Chainlink (LINK).
Among The Top Ten Altcoin Pack, Only BNB And LTC Have Outshined Bitcoin (BTC)
Binance coin (BNB), native Binance exchange token and Litecoin (LTC) are the two altcoins in the top 10 that have managed to outperform bitcoin as per data availed by David Martin, Chief Investment Officer at BlockforceCap, San Diego- based asset management firm.
Binance Coin (BNB) has maintained a strong upswing against bitcoin as Binance exchange has continuously expanded its services and gained more traction. As per David, at its peak price, the crypto has pumped by 364% in 2019.
The secret to Binance’s success lies in its quarterly token burn. Binance exchange induces scarcity by burning 20% of BNB coins in circulation. This operation ensures that the demand for BNB coins remains high as the supply of the same diminishes thus causing a price upswing. On top of the token burn, BNB has become attractive to investors due to the Binance Launchpad where traders can access a special tokens selection.
Litecoin (LTC) successfully underwent halving on Aug 5 as LTC price rose to $100. After this halving event, the block reward for miners was reduced to 12.5 LTC and the price has since been below $100. At press time, LTC is trading at around $86. However, Litecoin is still up by 214% in 2019. In comparison, Bitcoin, the king coin, has posted an overshadowed 168% YTD gain.
Chainlink (LINK) Bulls Win The Day
Chainlink (LINK) has recorded a remarkable performance. Despite the all-too-often market-wide sell-offs, LINK has surged to $2.35 in August from a mere $0.29 at the beginning of the year. This marks an almost 500% growth with respect to bitcoin. Also, LINK has noticeably broken out of the crypto shell to bag high-profile partnerships with Google and Oracle. Thus, LINK’s price performance does not predominantly rely on the crypto sphere.
“Comparing $LTC and $LINK for someone and thought I’d share. There are huge fans of both but right now $LINK is clearly the asset to be in even with the LTC halving upon us.”
The Bottom Line
In 2019, altcoins have shown weak momentums towards recovery and posting new ATHs. Some of these altcoins have shown little to no hope of recoveries like Ripple’s XRP and Stellar (XLM) which has basically stagnated in 2019. According to David, XRP holds the 9th position while Stellar is the last among the top 10 altcoins.
While Bitcoin’s dominance continues to rise, these three altcoins have proved to be viable options for investors wishing to expand their cryptocurrency portfolios. They have displayed outstanding price performances in the past and therefore show greater chances of recovery in the future to trade at new highs.