The Race for Best/Worst Cryptocurrencies for 2020-Q3 Have Been Announced and the Results Are Surprising
Finally, after all the hardships and complexities, the 3rd quarter of the running year has come to an end with the end of the month of September. Now that the month of October has started, crypto-analysts are interested in seeing how this year would end for the crypto-market.
However, now that the COVID-19 situation has shrunk from the entire world down to a few areas, things have started to get back to normal. The global economy that had taken a huge blow due to the pandemic, is now regaining its strength.
As we all know, the COVID-19 situation had worked fully in the favor of the cryptocurrency industry. Many crypto-analyzing forums revealed that the number of unique crypto-users had increased from 35 million to 100 million in the current year.
This means that both cryptocurrencies as well as cryptocurrency exchanges experienced a huge surge in their users and investments. Many crypto blockchains had to strengthen their security protocols while many crypto-exchanges had to double their staff to cater to the needs of the new users.
As far as the prices of the cryptocurrencies are concerned, the month of July 2020 has been the best month for the majority of the cryptocurrencies.
If we look at the prices of the top two cryptocurrencies; Bitcoin (BTC) &Ethereum (ETH), we see dramatic changes to their prices throughout the 3rd quarter of 2020.
For Bitcoin (BTC), the prices per coin went up to $12,000 before taking a fall at around 9,800 and then bouncing back to $10,400 plus. Since then, Bitcoin has remained stable above the $10,000 mark, which has displayed great potential for its future prices.
As for Ethereum (ETH), the 2nd largest currency faced a trend similar to Bitcoin (BTC). Its price reached up to $433 before taking a fall down to $333 and bouncing back to between $350 and $365.
As a matter of fact, the majority of the currencies such as XRP, bitcoin SV (BSV), Cardano (ADA), and have (LEND) faced the same trend.
However, there were some crypto-services that ended up being unlucky and got entitled as the worst in the year 2020. The first one is the Sushiswap cryptocurrency whose owner who goes by the pseudonym, Chef Nomi, cashed out his SUSHI coins towards to end of August 2020. This created very high alarms and raised concerns among the cryptocurrency community.
The second unfortunate crypto-service was KuCoin exchange, which claimed that it had fallen prey to cyber-hacks. KuCoin COE informed the cryptocurrency community that the hack took place towards the end up September when the perpetrators transferred $270 million worth of crypto-coins from a hot wallet into an unknown address.