- Binance’s BNB emerged as the best digital asset during the first half of 2019
- The native exchange token rose approximately 430 percent during H1 2019
- Ripple’s XRP floundered; Gave a return of 12 percent in the first six months
The first half of 2019 was nothing short of a roller coaster ride for the cryptocurrency markets, and as it nears its end, there are clear winners and losers in terms of price movements displayed.
According to data from crypto analytics website CoinMarketCap, Ripple’s XRP was the worst performing top digital currency during H1 2019, while Binance exchange’s BNB was the clear winner riding the bull.
BNB the Market Leader
When Binance initially launched its BNB digital token, there were considerable doubts in the cryptospace revolving around its utility. In fact, a number of thought leaders in the nascent space even dubbed BNB an attempt by the exchange to milk the crypto euphoria.
However, when analyzing data from the first half of 2019, BNB shines as the best performing major digital currency in the ecosystem. Compared to its price on January 1, 2019, (approx. $6), BNB currently trades at $33.71, an exponential increase of roughly 430 percent.
Currently the seventh largest cryptocurrency by market capitalization, BNB is the native token of Malta-based cryptocurrency exchange Binance and is used by the exchange’s users for a slew of benefits.
The token also surged in price due to its utility for Binance Launchpad projects. Notably, projects that want to conduct their initial exchange offering (IEO) on Binance are required to hold a certain amount of BNB tokens. This requirement increased the demand for the cryptocurrency which likely pushed its price upwards too.
XRP Tumbles Amid a Largely Green Market
While BNB outshone the other cryptocurrencies during the first half of 2019, Ripple’s cross-border payment digital token – XRP – emerged as the worst performing digital asset during the first six months of the year.
According to CoinMarketCap data, XRP closed at $0.39 on June 30, 2019, up by a meager 12.45 percent from its $0.35 price on January 1, 2019.
Make no mistake, an increase of 12 percent is still a pretty respectable return for a financial asset in six months, but in comparison to other cryptocurrencies like bitcoin, litecoin, and ether, XRP clearly couldn’t keep up.