Coin Race: Tezos & Kyber Network Win February, Bitcoin Suffers Unusual Loss
After a stellar start of the year, bitcoin and altcoins have let off the gas pedal and undergone a correction which began in the middle of February. As a result, the last month of winter was a bit of a mixed bag for all coins.
Bitcoin once again fell below USD 9,000 mark and dragged some of the crypto assets down with it. In fact, it was the first February decline since 2014, when bitcoin lost over 30%. Despite that, some of the altcoins continued their January rally as if nothing happened.
Top 10 coins
Although most coins have dropped a portion of their total market capitalization, tezos (XTZ) has outperformed major cryptoassets with a huge 76% increase and entered the top 10 list by pushing cardano (ADA) out. XTZ has been on a roll since December last year and showed no signs of stopping even during the market sell-offs.
Ethereum (ETH) has followed tezos example and also closed the month in 27% profit. The last one to finish February on a positive note was binance coin (BNB), although its price appreciation was substantially smaller - 8%.
Toward the opposite end of the spectrum, we find bitcoin (BTC) forks bitcoin SV (BSV) and bitcoin cash (BCH). While BTC lost over 5%, BSV and BCH experienced more significant losses. The former lost 24% and the latter depreciated nearly 16%. EOS went through a double-digit correction, too, as it lost 10% of its value.
Amongst the top 50 coins, we find many winners, but kyber hetwork (KNC) clearly stole the show at the end of the month. The open-source liquidity protocol has ambitious plans for 2020, while its native token was listed on major crypto exchange Coinbase. As such, it went on a bull run of its own and shoot up a whopping 206% in a month.
OKEx exchange’s native OKB coin took the second, place with an impressive 90% gain, while the aforementioned Tezos finished 3rd in terms of top 50 coins by market capitalization. Other coins that surpassed a significant 50% price increase threshold were lisk (LSK, +59.43%), ICON (ICX, + 58%), chainlink (LINK, +51%), and huobi token (HT, +50%).
In terms of top losers amongst top 50 coins by market capitalization, ethereum classic (ETC) went down the most and recorded a 31% loss. ETC was followed by bitcoin gold (BTG) with a 27% loss and dash (DASH) with a negative 25%.
Besides, February was not a good month for cosmos (ATOM), synthetix (SNX), augur (REP), and IOTA (MIOTA). The latter network is still on a “pause” after a hack of its Trinity wallet. However, it’s token is still being traded on cryptocurrency exchanges.
Winners & losers from Top 100/200
Looking into the top 100 coins by market capitalization, we can see that February was also a great month for power ledger (POWR), which grew by more than 125%. In addition, AION, chiliz (CHZ), and bytecoin (BCN) appreciated by more than 60%, too.
Expanding the list to the top 200 cryptos, we see a significant number of winners that gained more than 100%. Crypto verification coin (CVCC) tops the list with an exponential 178% climb upwards, followed by hedera hashgraph (HBAR), which gainned more than 160% in a month following the Google Cloud partnership news. Other members of the 100%+ gainers club include standard tokenization protocol (STP), reserve rights (RSR), and ORBS.
When it comes to top losers in terms of top 200 coins by market capitalization, we see that no other coin lost as much in terms of price as molecular future (MOF). MOF fell down by more than 60%. Educare (EKT) lost 33%, too, while enigma (ENG) lost 29% of its value.
Such was the first February of the 2020s. Now, let’s see what the long-awaited spring brings us.