Bitcoin and Litecoin are 2019s Best Performing Cryptocurrencies
2019 has been a rollercoaster of a year that has seen massive gains and equally massive losses across the crypto space. Although Bitcoin and Litecoin are down around 50% from their yearly highs, they remain this years best performing assets, far out pacing traditional markets including the S&P500 which has posted+17.23% year to date (YTD).
According to data from Tradingview and Barchart.com Bitcoin has risen +123% YTD, and was up +288% at its peak in June of this year when it reached $13,880. Meanwhile Litecoin is up +93% YTD and reached +368% at its peak of $145.63. Currently standing, this makes Litecoin and Bitcoin the 1st and 2nd best performaing crypto currencies of 2019 far ahead of the pack.
Third, forth and fifth respectively go to BCH +54.85%, Ethereum 37.42% and Monero with +22.11. On the other end of the scale the worst large market cap performers include Bitcoin Gold -37.13%, Zcash -33.84%, Ripple -22.76 and Dash -8.84%.
Bitcoin and Litecoin, as two of the earliest and longest standing cryptocurrencies have historically tended to follow one another in terms of price movement so this may not come as a surprise to some. Typically Litecoin has always been the more volatile of the two often outpacing Bitcoin to the upside and moving lower to the downside. The fact these two continue to remain closely correlated in this fashion, against the rest of the crypto market, is testament to the markets belief in these assets.
When Litecoin had its halving this year, it lead the crypto market. With the upcoming bitcoin halving expected in May of 2020 many believe it will, as it has done so in the past, take the lead with Litecoin following. What is far less certain is whether any others will follow them. The recent bear market and initial recovery has been a good indicator of what the market values and in the words of Warren Buffett:
“Only when the tide goes out do you discover who’s been swimming naked.”