2019 has proved to be a roller-coaster 12 months for the cryptocurrency market.
Bitcoin began the 12 months at lows of round $3,150 earlier than threatening to interrupt its all-time excessive in the summertime, surging all the way in which as much as $14,000.
Nonetheless, as could be anticipated with the volatility of the crypto markets, the world’s largest cryptocurrency is now round 45% down from that summer time excessive and is at present buying and selling at $7,500 on the time of writing.
However which altcoins grew the most in opposition to Bitcoin throughout 2019?
On this article, I’ll check out the highest three altcoins which have carried out essentially the most impressively over the course of the 12 months.
2019 in assessment
Earlier than I dive a bit deeper into every altcoin individually, let me take a second to check the good points among the many prime 5 cash vs Bitcoin.
A lot to my shock, the highest altcoin of 2019 is Ocean Protocol (OCEAN). The OCEAN token grew a whopping 404% in opposition to Bitcoin over the 12 months.
Subsequent up is Chainlink (LINK) with a formidable 256% achieve, adopted carefully by Egretia (EGT), Tezos (XTZ), and Ripio Credit score Community (RCN).
Let’s take a better take a look at the most important movers individually: Ocean Protocol, Chainlink, and Tezos.
OCEAN/BTC
Above we are able to see the chart for OCEAN vs Bitcoin, courtesy of TradingView.
What the chart exhibits is a reasonably simple optimistic development line because the summer time. From mid-August 2019 to December 2019, Ocean Protocol grew over 400%.
Furthermore, trying on the EMAs, worth continues to be performing fairly nicely. It’s at present sitting at 621 sats and is seeking to break 700 sats quickly.
Ocean Protocol claims it’s kickstarting an information economic system by breaking down information silos and equalising entry to information for all.
OCEAN supplies an ecosystem for the info economic system and related providers, with a tokenised service layer that securely exposes information, storage, and algorithms for consumption.
Nonetheless, since its inception, the OCEAN token is down quite a bit from its authentic IEO worth.
I personally consider the rally this 12 months has been led by early buyers who received a 22.5% low cost fee from the IEO price. As such, I can’t vouch for the basics of the venture because it has solely just lately began buying and selling to the general public.
Relying on the behaviour of OCEAN whales (institutional buyers who purchased in through the pre-seed stage), the token might proceed to extend in worth.
Nonetheless, since a lot of the availability is locked away with large gamers, I do count on a significant dump to happen someday within the close to future -much like what occurred with Matic and different IEOs.
LINK/BTC
Right here we are able to see the chart for Chainlink vs Bitcoin, courtesy of TradingView.
Essentially, the Chainlink community supplies dependable tamper-proof inputs and outputs for advanced sensible contracts on any blockchain.
LINK is at present buying and selling above 25,500 sats. Till pretty just lately, LINK was the highest performing altcoin of the 12 months. Nonetheless, a considerable dump in November took the altcoin beneath its 20-day and 50-day EMAs.
In the mean time, it’s trying grim for Chainlink as worth is sort of touching the 200-day EMA, close to 24,000 sats.
Regardless of this newest downtrend, LINK is still up over 230% in opposition to Bitcoin because the begin of the 12 months. At its peak, Chainlink was up over 330% versus Bitcoin.
Nonetheless, LINK hasn’t been capable of maintain its good points and the amount profile exhibits the coin may very well be in dire straits. If LINK is unable to carry assist close to 24,000 sats, it might drop additional down in the direction of the following ranges of assist at 20,000 and 12,000 sats.
It’s essential to underline although that Chainlink dumped over 50% between July and September earlier than making its technique to new all-time highs.
This implies we might see LINK drop beneath 18,000 sats earlier than pumping once more.
If consumers stay in management, I count on LINK to pump someday throughout Q1 2020. The altcoin traditionally reaches new all-time highs each 115 to 130 days, so we might see a brand new excessive throughout February or March 2020.
Alternatively, if worth drops down additional beneath 12,000 sats and is incapable of pushing in the direction of the 200-day EMA, I might change my place and keep away from LINK.
XTZ/BTC
Subsequent we are able to see the chart for Tezos vs Bitcoin, as soon as extra courtesy of TradingView.
That November pump appears fairly spectacular, doesn’t it? That’s as a result of Tezos’ mainnet was launched round that point.
Essentially, Tezos is an open-source platform for belongings and functions backed by a worldwide neighborhood of validators, researchers, and builders.
In the mean time, XTZ is buying and selling at round 22,800 sats. The altcoin has grown over 170% in opposition to Bitcoin since early November.
From March 2019 to the top of April 2019, XTZ grew over 150% versus BTC. Nonetheless, the pump satisfied buyers who had been holding Tezos since 2017 to start out promoting.
Tezos dropped beneath all its EMAs, and the following demise cross noticed XTZ contact a low of 8,000 sats. Primarily, the altcoin fell near 70% in simply over 60 days.
From July to November, there was a powerful consolidation interval whereas sellers remained in management. XTZ’s 12 months was saved by the November pump and Tezos as soon as once more finds itself above all its EMAs.
Nonetheless, the amount profile doesn’t present a significant assist interval till the 12,000 sats vary, that means we might see substantial drops even throughout bullish rallies.
My present evaluation is that if XTZ isn’t able to breaking the 26,000 sats stage and drops beneath its 20-day and 50-day EMAs, I’m anticipating Tezos to consolidate between 10,000 and 12,000 sats for fairly a while.
However, it appears a great time to attend for XTZ to chill down earlier than making any critical strikes.
Protected trades!
