The cryptocurrency market in 2018 ended with an intense bearish trend. Going into 2019, many traders were hopeful that the fortunes will change. Considering the volatility of the cryptocurrency market, Investors have been treading carefully and handpicking coins that will give them maximum returns.
As the year progresses, the cryptocurrency market has started to show minimal signs of recovery. Many experts are hopeful that the all-time trend of 2017 will be replicated in 2019. By March 2017, Bitcoin, the maiden cryptocurrency had achieved the highest daily average trading since 2018. The average daily trading volume stood at an average of approximately $10 billion compared to $6 billion back in November 2018. Although the value of Bitcoin has stabilized at $4105.18 by the time of writing, some digital assets have improved immensely by doubling their price from 2018. Here are the cryptocurrencies that have doubled their value come 2019.
The MKR token is among the high flying digital assets in the market. The token is currently ranked 17th among cryptocurrencies. By the close of 2018, the token had a value of $477.62. By the time of writing, its value was almost double trading at $704.03 with a market capitalization of $704,034,262. From the start of 2019, MKR has been on an upward trajectory.
Maker MKR is the proprietary token for Maker backed by Ether. It is a simple banking system built on the blockchain technology that allows for simpler international payments and peer-to-peer transfers. DAI is a stablecoin developed along fractional reserve banking ideals and linked to the Maker MKR.
Market experts have argued that MKR’s recent price movements are an indicator that the current bear market is beginning to falter. It is key to note that Maker tokens are issued according to DAI’s price movements as a way of maintaining its peg. The MakerDAO ecosystem has performed relatively well during the prolonged crypto bear market – as 2% of all ETH in circulation is currently locked into MakerDAO loans.
Furthermore, the rising value of MKR could be a result of the fact that MKR tokens are used to cover transaction costs on the Maker platform and they provide investors with voting rights within MakerDAO’s system. Recently, MakerDAO’s leadership increased the platform’s stability fee from 0.5% to 1% so that fluctuations in DAI’s price is lowered. Theoretically, this development should assist DAI to maintain, or keep its peg close to the USD.
Currently ranked seventh, BNB is among cryptocurrencies doing well after the 2018 bear market. Binance Coin is an ERC20 based token issued by the popular exchange platform Binance. BNB is utilized by Binance users to pay the fees levied by the exchange for using the services. These fees include trading fees, exchange fees, and listing fees. Furthermore, just like any other cryptocurrency, BNB can also be traded on supported cryptocurrency trading platforms.
Among the top ten cryptocurrencies, BNB has made the most significant recovering from its all-time low of $4.12 recorded in 2018 to trade at $17.32 by the time of writing. BNB currently enjoys a market capitalization of $2,445,654,788. The positive recovery of BNB can be attributed to the fact that the Binance exchange enjoys a positive market reputation. This reputation has helped BNB attain more legitimacy as a well-supported token.
Furthermore, Binance ventured into other business territories that led to more demand for BNB tokens in real-time. The launch of a decentralized exchange and token launchpad for blockchain projects are some of the Binance ventures that have contributed to BNB’s growth.
Enjin Coin is an ERC20 based cryptocurrency for virtual goods by Enjin. Enjin is among the leading online gaming platforms with a user base of 18.7 million registered gamers. Apart from being a cryptocurrency, Enjin also has smart contract capabilities. It’s also one of the first projects testing the Raiden Network, the Ethereum version of the Lightning Network.
Enjin Coin is currently ranked at the 57th position with a market capitalization of $115,248,783. Compared to its value in 2018, Enjin coin is among the few cryptocurrencies that doubled after the bear market. The coin closed 2018 at $0.040573 and by the time of writing, its value stood at $0.150258.
The coin’s value has soared based on various factors in the market. The latest Enjin bullish run came after the platform announced a partnership with giant mobile phone manufacturer Samsung. The partnership was made public after Samsung unveiled its Galaxy S10 smartphone. The phone is expected to have in-built Samsung Blockchain Keystore that would support ether (ETH) and ERC20 tokens. A reveal picture of the Keystore shows in-app mock holdings of ETH, ENJ, and Basic Attention Token (BAT). After the announcement, Enjin gained by more than 75%.
Ravencoin is another cryptocurrency that has outperformed other coins in 2019. Ravencoin has proven to be extremely popular among traders and speculators who want to make quick money. In 2019, RVN has shown multiple bullish runs to trade at $0.059879 by the time of writing. RVN which is currently ranked at position 36 was valued at $0.013613 just three months ago.
The value of RVN has a reputation of going up and down for no apparent reason. This is due to the fact that Ravecoin is called out by many pump signal groups. All indicators are showing that the momentum by RVN will become a lot more bearish in the near future.
Ravencoin is a blockchain project solely dedicated to the creation and peer-to-peer transfer of assets. The project’s main focus is in asset transfer. While Ravencoin is moving up swiftly, the assets created on top of its ecosystem do not necessarily see much success.
WaykiChain is a gaming platform build on blockchain technology. The platform supports Turing devices. WaykiChain deploys the Delegated Proof-of-Stake consensus mechanism to generate fresh blocks after every ten seconds. Additionally, the project uses eleven voting nodes. The main goal of WaykiChain is to set a stable and secure gambling environment courtesy of its decentralized nature. Apart from growing the gambling sector, the project seeks to spur the development of other industries like decentralized exchanges and decentralized forex exchanges. The platform is open to new investors due to transparency, lower operational costs alongside lack of third-party commission fees and with a 99% rate of return.
Currently ranked at position 99, the value of WaykiChain has swiftly been on the rise. By the time of writing, it’s value was at $0.264831, an indicator of doubling compared to December 2018 when it was valued at $0.112194.
During the project’s one year anniversary in early 2019, WaykiChain launched it’s English Developer Portal for developers. There are four tasks in the portal and developers worldwide are free to claim. The total reward of WaykiChain Developer Incentive Program is $50,000 worth of token WICC.
The cryptocurrency market has established a semi-bullish run. Industry experts are waiting for the break of resistance levels for most cryptocurrencies to signify an end of the bear run. As a result, a majority of cryptocurrencies are finding themselves in an interesting position. The covered cryptocurrencies are leading the way and it is only a matter of time before most of the top markets move up in a significant manner. If you liked our article, you can check our other articles about cryptocurrencies with a good potential for the future:
- Cryptocurrencies With a 100%+ Surge Potential in 2019
- Most Promising Under $10 Cryptocurrencies In 2019
- Cryptocurrencies Worth Holding Long Term
- Best Cryptocurrencies With A Working Product
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