"Unexpected" might be the defining theme of 2020. The first quarter saw global financial markets in turmoil, with secondary markets "bleeding heavily." Bitcoin wasn’t spared from the "black swan" event, dropping over 10%. However, the second quarter brought a dramatic reversal—global stock markets rallied over 15%, and the cryptocurrency market showed signs of a bull run.
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This article presents the second TOP 30 observation of the year (TOP 30 refers to the top 30 cryptocurrencies by market cap). The study period covers April 1 to June 30, highlighting individual performances and emerging trends during this upward trajectory.
Key Insights:
- Total market cap of TOP 30 rose ~29.81% in Q2.
- Stablecoins USDT and USDC injected ~$3.23 billion in liquidity. USDT now ranks third by market cap.
- Non-stablecoin cryptocurrencies surged ~49.88%, hitting highs unseen since March 2019. Tokens like VET, CRO, ADA, COMP, and LINK gained over 100%.
- Daily price volatility dropped from 8.66% (Q1) to 5.57%, aligning with late 2019 levels.
- COMP’s 6.4x higher user incentives propelled its market cap past MKR within a month.
1. Public Chain Tokens Dominate, COMP Joins the Rally
The TOP 30 landscape remained stable, with COMP (Compound’s governance token) as the sole newcomer, debuting at #27. Public chain tokens VET (VeChain) and ONT (Ontology) re-entered the rankings.
Notable Movers:
- VET: Jumped from #36 to #24.
- ADA (Cardano): Rose 6 spots.
- NEO: Climbed 3 positions.
Despite market cap growth, on-chain activity didn’t correlate. For example, VET’s 32.93% June surge lacked matching user growth, suggesting news-driven momentum (e.g., partnerships, tech updates).
👉 Explore Cardano’s Shelley testnet launch
2. DeFi Tokens Shine, Exchange Tokens Cool Off
DeFi Standouts:
- COMP: Spiked 275.69% post-launch, offering 6.4x higher incentives than pre-token rewards.
- MKR (Maker): Steady growth.
- KNC (Kyber Network): Rose 20 spots to #34.
Exchange Tokens:
- BNB (Binance): Held #9.
- LEO (Bitfinex): Dropped to #15.
- HT (Huobi): Fell to #19.
- OKB (OKEx): Exited TOP 30 (#33).
(Read more: TokenInsight’s June Exchange Token Valuation Report)
3. Market Expansion: Average Cap Surges 47%
- TOP 30’s total cap grew from $196.14B (April) to $254.6B (June) (+29.81%).
Top Gainers:
- CRO: +~200%
- VET, ADA: +150%
- LINK, ETH, XTZ: +50%+
- BTC: +39% (halving effect).
- Stablecoins: USDT (+48.29%) and USDC (+35.28%) added $3.23B liquidity.
👉 Why LINK surged 30% in 3 days
4. Price Volatility Eases, Gains Widespread
- Average price increase: 49.88% (non-stablecoins).
Top Performers:
- VET: +178.52%
- COMP: +275.69% (short-term volatility: 43.06%).
- ETH: +66.86% (boosted by 2.0 upgrades).
- Volatility dropped to 5.57% (vs. Q1’s 8.66%).
Risk/Reward:
- Highest potential gain: COMP (+275.69%), VET (+200%+).
- Highest risk: COMP (-39.72%), HEDG (-18.24%).
FAQ
Q: Why did stablecoins’ market cap grow?
A: Increased demand for liquidity and hedging during volatility drove USDT/USDC issuance.
Q: Is COMP’s price sustainable?
A: Short-term spikes are common for new tokens, but long-term viability depends on adoption and governance utility.
Q: Which sectors outperformed?
A: DeFi (COMP, MKR) and public chains (VET, ADA) led gains; exchange tokens lagged.
Data Notes:
- COMP’s market cap/price data covers 6/16–6/30; others span 4/1–6/30.
- Volatility excludes stablecoins and COMP.
(For more, see: DeFi Binary Options Guide)