The previous months of May and June weren’t too generous to Bitcoin and the rest of the cryptomarket. Therefore, it may be easy to forget the good while focusing on the sour times.
Although most crypto assets are significantly down from recently established highs, it may seem soothing to state that Dogecoin (+325%), Ethereum Classic (+268%), XRP (+12%), and Ethereum (+3%) had a positive Q2 2021. In a recent Q2 report, Messari noted in its recap that the quarter was a tale of two halves and remains one of the most eventful quarters of the currency sector’s history.
Price Change in Currencies Sector, Courtesy: Messari
Dogecoin remains the biggest winner in the year-to-date returns, recording a whopping 5419% in comparison to Bitcoin’s value of 24%. Bitcoin’s Q2 was notably marked by the FUD emanating from environmental concerns and that of China’s mining shutdown.
Dogecoin, Ethereum Classic, XRP Outperformed Bitcoin in Q2 2021
Messari’s Q2 report highlights the top winners as Dogecoin (+325%), Ethereum Classic (+268%), XRP (+12%) and Ethereum (+3%). Bitcoin (-39%), Dash (-44%), Stellar (-31%) and Bitcoin SV (-30%) were key underperformers.
Dogecoin’s rally to all-time highs of $0.76 on May 8 coincided with Elon Musk’s SNL Dogefather Skit. Notably, Elon Musk is well known for his PR stunts when it comes to Dogecoin, with social media posts often sparking price gain. On June 28, which marked Elon Musk’s birthday, Dogecoin received gift support from the Tesla CEO for its Fee Policy change proposal on which he tweeted ”important to support”.
In early June, Dogecoin was listed on Coinbase. Dogecoin has remained in the top ten by market capitalization since its surprising ascent. Dogecoin traded at $0.21 as of press time.
Price Performance of Digital Assets in the Currency Sector, Courtesy: Messari
Ethereum Classic (ETC)
Etherum’s hard fork, Ethereum Classic (ETC) also saw a strong run-up in Q2 2021, gaining nearly 268%. ETC had several status updates in the quarter, publishing a roadmap and 2021 budget and introducing new software releases and network upgrades. Ethereum Classic’s run-up to all-time highs of $175 on May 6 also saw the network hash rate returning to previous levels seen before the 2020 coordinated attacks. Ethereum Classic runs on a Proof-of-Work consensus in contrast to Ethereum’s proof of stake.
Ethereum Classic Magneto upgrade which will help save users on gas fees and improve security is also scheduled to launch in late July. ETC traded at $48.62 as of press time.
XRP continues to amaze investors as it outperformed (+12%), following its Q1’21 +164% rally. Interestingly, XRP’s rally to yearly highs of $1.98 on April 14 comes on the back of easing concerns after a drastic -30% sell-off following the SEC’s lawsuit action in Dec 2020.
In April, Ripple announced its partnership with Novatti Group, an international payments firm, in a bid to drive its Asia expansion. Ripple’s urge to expand its use case comes amid a recent investment in the NFT marketplace, Mintable. XRP continues to consolidate around $0.62 in line with the lackluster trade seen in the cryptomarket of late.
Image Credit: Messari, Shutterstock