State of the Cryptocurrency Market Report - February 2020
The Fintech Advisory Services monthly report details the main crypto-metrics and indicators for the past month: News, Market Performance, Networks, Mining Activity, Public Sentiment, and Academic Publications. The report also covers the latest “Hot Topics” in the crypto space. This month: G20 statement for crypto regulations, Coronavirus effect on the cryptocurrency space, JPMorgan Chase considering merging Quorum Blockchain with ConsenSys, and many more.
Read our report and find out
Market news
Top-25 Cryptocurrencies Performance (Return, Volatility, Spread, etc.)
Market Sentiment (Twitter & Google)
Newly Listed Cryptocurrencies
Mining Difficulty & Profitability
Total H Rate and Staking Rewards
Inflation Rate and Emission
Active Addresses and TransactionsBTC ATM and Decentralized Finance
Publications and Academia
Trends and Market Thoughts
Report at a Glance
In February 2020, the top crypto performers were Tezos, Chainlink and Huobi Token, with trading turnovers (i.e. average daily trading volume divided by circulating supply) at 2.04%, 1.48%, and 1.35% respectively. Wealth distribution among main addresses remained heavily centralized, driven by top exchanges’ cold wallets, among other factors. Daily average volatility remained quite similar for the Top 25 cryptocurrencies in comparison to volatility in the previous month. The average daily trading volume of Bitcoin (BTC) was highest in Tether (USDT), Ethereum (ETH), and Litecoin (LTC), at 126.88%, 49.1% and 13.96% respectively.
Interest in cryptocurrencies is still high in countries with instability and/or relatively high inflation/interest rates (i.e. Nigeria, Ghana, Venezuela), though Hong Kong is still out of the ranking, just like last month. El Salvador witnessed an impressive gain of interest into bitcoin this month driven by conflicts in the politcal landscape between executive and legislative powers. Spain and Belgium are jumping up 9 and 8 seats respectively, probably driven by the recent price movements of bitcoin. Portugal, Philippines and Columbia are leaving the top25.
Naturally, due to an increase in Hash rate in Bitcoin SV, mining difficulty has increased (27.6%), and due profitability of mining BSV has increased by 6.4%. The greatest growth in mining profitability was recorded in Ethereum with staggering 43.1%. This month, we can observe a general increase in mining difficulty and profitability for all of the monitored cryptocurrencies, signifying a continuation of the rising trend which started in January 2020. Mining Activity has increased for Bitcoin SV (27.23%) this month. Bitcoin Cash and Monero also had a growth in hash rate with 23.51% and 15.65% respectfully. All other cryptocurrencies have also witnessed growth in their hash rate, though not as drastic as the ones mentioned above.
The best cryptocurrency to stake in February among those stakable of the top 25 is Cosmos (ATOM) with 13% annual return, while Stellar (XML) provides the lowest stacking return at 1% annually. It is relevant to note that among top 25 cryptocurrencies, seven are POS: TRX, XML, NEO, EOS, XTZ, ATOM and ADA.
Bitcoin still dominates the landscape regarding the overall number of daily active addresses and for which the metric rose up by 6.5 % since last month. Among top 25 cryptocurrencies that had an increase in active addresses are Ripple (418.9%), Ethereum Classic (85.2%), Cardano (64.4%) and Tether (43%). Dash and Bitcoin Cash had the largest drop in active addresses in December, with 16.9% and 14.5% decrease respectfully.
In FAS Q&A this month, our experts discuss implications of DeFi and increasing regulatory climate in different jurisdictions.