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The Top Performing Altcoins This Year so Far

The Top Performing Altcoins This Year So Fa

With the first quarter of 2019 gone, here is a look at the top performing altcoins so far this year, taking into consideration Bitcoin’s bullish strides in the last week or so:

Highest adoption rates: 1)EOS, 2)Tron, 3)BitShares, 4)WAX

Research from Weiss Crypto Rating shows these four altcoins have experienced the highest adoption rates in the last year, proving most sustainable throughout the predominantly bear market time period.

EOS transactions ranked top of the list, the volume increasing from 7,000 per day to about 4.6 million. Tron boasted an increase from around 3,000 to 1.9 million in this time, while BitShares boasted a gain totaling nearly 1.5 million. WAX, with the fourth largest transaction increase, claimed a total of 4.4 million.

Overall, the top 10 cryptocurrencies by transaction volume had an average daily volume increase of 245% within the last year. Weiss’s calculations were based on a seven-day moving average of daily figures.

Highest value increase since the Bitcoin pump

The cryptocurrency market has finally made a rebound thanks to Bitcoin’s bull run, hitting highs not experienced in over a year. Taking with it many of the altcoins, here are the top performers from the top 100 by market cap:

1) VestChain – 95.02%

If you have not heard of VestChain before, that is not surprising; it holds the 98th position on CoinMarketCap. However, since the most recent Bitcoin boom the project has been showing real potential, gaining a huge 95.02% in just the last few weeks

2) Bitcoin Cash – 89.66%

Unsurprisingly, Bitcoin’s recent performance has given investors renewed faith in Bitcoin Cash also, with the altcoin gaining 60% in the 24-hour market rally alone.

3) IOST – 66.19%

On top of the benefits brought from Bitcoin’s performance, IOST has been enjoying a pump triggered by the launch of its mainnet several weeks ago.

4) Dogecoin – 63.77%

After a non-eventful start to the year, Dogecoin has turned it around, climbing over 60% thanks to the bullish market. Tesla founder Elon Musk has also thrown his support behind the token, describing it as ”pretty cool” and probably his favorite cryptocurrency.

Altcoins separate from Bitcoin’s movements

Despite Bitcoin pulling up altcoin performance in the last few weeks, new research has shown that the prices are no longer as correlated as they once were. In 2018, 75 percent of the top 200 coins had a strong correlation with Bitcoin, something comparatively lower this year. This is a good thing for those with or looking to gain diversified portfolios as uncorrelated investments frequently cancel each other out.

This could affect the performance of altcoins throughout the year, with stronger projects likely to be able to make significant gains even if Bitcoin loses momentum.

The research notes, however, that correlations change with time so it is important to keep an eye on the ongoing market trends.

 

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Should Ethereum Be Worried About Token Migration?

Although Ethereum is the ICO favored go-to platform, there is a trend emerging towards migration away from its native ERC20 token to home-baked alternatives once projects get underway.

Despite Ethereum’s undisputed dominance owing to the ease of setting up ERC20 tokens to facilitate ICOs, issues such as scalability and transaction speed problems, along with network clogging, have had the effect of driving ICOs to look elsewhere for a better solution.

Ethereum’s ERC20 technical standard has essentially been used by startups as a kind of incubator, it being the primary tool that allows creating tokens for trading.

One of the latest to take this route is the Kin Foundation, which boasts some 300 million monthly users of its Kik Messenger app. A spokesman for the Kin Foundation has explained that the company has been talking to exchanges to allow users that transfer their tokens from wallets to exchanges to forfeit the original ERC20 tokens to Kin’s own native KIN token on its own blockchain, although users can still sit hold their tokens on Ethereum as long as they wish with no time restraint.

KIN’s promotional PR suggests “incredible speed and scalability” along with security and scalability after the shift to its own blockchain. The concept of migrating in this way, of course, is not new. Others who have made this move, notably EOS and Tron, also took the migration route away from the Ethereum blockchain which got them up and running.

Since the launch of the EOS mainnet earlier this year, EOS have scooped up EOSBet, Medipedia, Tixico, Billionaire Token, Insights Network, WAX and Sentinel Protocol. Justin Sun, Tron’s founder and CEO, said that their shift from ERC20 protects their user’s interests.

T-21 days until Mainnet launch! #TRON will be one of the most competitive mainstream blockchains with the most users. We graduated #1 from the ETH platform with 1.08M+ users, more than OMG and EOS combined. ETH was just a prelude. Now for the main act 🎵😎$TRX pic.twitter.com/Oyj4XN1T7l

— Justin Sun (@justinsuntron) May 9, 2018

Sun added, “We will compete face to face with Ethereum, and we have confidence we will build a large ecosystem; a much large ecosystem than the Ethereum.”

However, despite such fighting talk from Tron’s top man, the sheer size of the Ethereum blockchain means that it is unlikely that any sleep will be lost just yet for Ethereum backers but migration from ERC20 is a space well worth watching.

 

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