Crypto Top 20 Gets a Major Shake-Up with Unus Sed Leo, Chainlink and Cosmos
Taken as a whole, the cryptocurrency market is coming off one of its most volatile stretches in recent memory. Over the past month, the market cap of all coins has surged $130 billion, fallen another $100 billion and rebounded $45 billion. In the process, we’ve seen a significant shake-up in the top-20 market-cap rankings.
Digital assets are showing signs of stabilizing following the aforementioned period of heavy buying and selling. In the last 24 hours, the total market cap has risen by around $10 billion to $335.2 billion, according to CoinMarketCap. Much of that buying centered on bitcoin, which briefly traded above $12,000 on Thursday. In doing so, bitcoin’s dominance rate – or the percentage of total crypto holdings held in BTC – swelled to 63.1%.
Most of the top-20 coins reported gains on Thursday, with Binance Coin and Litecoin leading the rally.
The top of the crypto market leader board has changed significantly in recent months, with the likes of Unus Sed Leo (LEO), Chainlink (LINK) and Cosmos (ATOM) surging through the rankings.
Unus Sed Leo
Launched May 22, Unus Sed Leo is a “transparency initiative” led by Bitfinex, one of the world’s largest cryptocurrency exchanges. The token, which is built on the Ethereum network, raised $1 billion via initial coin offering and is described as the utility token of the iFinex ecosystem (iFinex is the parent company of Bitfinex). LEO token holders benefit from fee reductions and discounts on deposits and withdrawals. The project whitepaper can be found here.
Since launching more than one month ago, LEO has surged in price and is currently valued at $1.78. Its total market cap is close to $1.8 billion based on a circulating supply of 999.5 million. It ranks 13th by market cap behind Stellar and Cardano.
Chainlink is one of the top-performing cryptocurrencies of 2019, having shattered multiple record highs over that stretch. The decentralized rracle service peaked at $4.54 last week, generating a yearly return on investment of more than 1,300%. Its lifetime ROI is a whopping 2,101%.
“Chainlink operates a decentralized oracle service that connects smart contracts to real-world data. By allowing blockchains to access external data feeds, oracles enable the execution of increasingly complex smart contracts. In the case of Chainlink, the company has already set up partnerships with SWIFT, IC3 (computer science researchers) and Google.” – Hacked.com
LINK’s record-breaking rally went up a notch after Coinbase announced it was rolling out full support for the token. Read more: Chainlink (LINK) Feels Coinbase Boost While Cryptocurrency Market Loses $56B.
Dubbed the “world wide web for blockchains,” Cosmos is building a platform that allows blockchain protocols to communicate with each other seamlessly. This so-called inter-blockchain communications protocol is designed to increase collaboration and communication across various distributed ledgers. Read more.
The company raised $16 million via ICO all the way back in April 2017, an unspectacular sale compared with some of the leading blockchain projects. Despite having a negative lifetime ROI, Cosmos’ native ATOM token is ranked 19th by market cap with a total value of $1.1 billion. The token launched back in March and is quickly gaining traction among developers.
ATOM is currently priced at $5.62, which is well below the all-time high of $8.31 shortly after launch.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.