2020 was a year of explosive growth …

2020 was a year of explosive growth …

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2020 was a year of explosive growth for the crypto industry – CoinGecko report
CONTENT

  • CoinGecko Aggregator Published Crypto Industry Research for 2020

  • Over the past 12 months, growth was recorded in almost all indicators of the crypto space

  • The growth of BTC, Ethereum, DeFi and stablecoins attracted the greatest attention of experts

International consortium of news organizations, developing standards for transparency.

A study by reputable aggregator CoinGecko covered the most important events and trends in the development of the cryptocurrency ecosystem in 2020.

CoinGecko, one of the largest online market data aggregators, published a report for 2020 highlighting the most important events and aspects of the development of the crypto industry over the past 12 months..

The study analyzed the current situation in the crypto market, including such significant factors as the growth of the bitcoin exchange rate (BTC), the boom in DeFi, Decentralized finance (DeFi) – this is financial services, built on blockchain technology, which offer users access to an open, efficient and … More, fixed-rate protocols, stablecoins and cryptocurrency exchanges.  

As CoinGecko experts commented in the introductory part of the report:

“It happens that nothing happens for decades, but there are weeks that are worth decades. 2020 turned out to be rich in events that set the vector of further movement for the whole world. The COVID-19 pandemic has accelerated the processes of mass digitalization, and we consider global tokenization only a matter of time. “.

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Crypto Market 2020 from a bird’s eye view

According to the research, the past year was very successful for the entire cryptocurrency market as a whole..

According to CoinGecko, at the end of 2020, the total cryptocurrency market capitalization grew by 308% year-on-year and reached an impressive $ 732 billion.Add that the industry’s growth did not stop there and later, after the report was drawn up, this figure exceeded the $ 1 trillion barrier..

Analyzing the top 30 cryptocurrencies by market capitalization growth, CoinGecko experts also noted how successful the year ended was. Capitalization growth rates accelerated from 62% in 2019 (an increase of $ 68 billion) to 308% in 2020 (an increase of $ 552 billion).

Cryptocurrencies in the top 5 by market capitalization showed an average growth of 242% over the year, with Ethereum being the growth leader in this category.

Market research for 2020 – CoinGecko

Historic year for bitcoin

Last year, even the most distant people from the cryptoindustry heard about Bitcoin and its dizzying rally..

2020 was a year of explosive growth ...

The BTC rate registered an increase of 303% in 2020 and updated record highs. Currency ended the year with a 48% gain from its previous all-time high in 2017.

CoinGecko believes there are two key drivers of this growth. This is the uncertainty caused by the COVID-19 pandemic, and the active entry into the crypto space of institutional investors.

Market research for 2020 – CoinGecko

DeFi boom

Another signature feature of 2020 was the excitement in the decentralized finance segment (DeFi) and DeFi applications.

According to the report, there has been a meteoric rise in DeFi in the crypto space, especially in the summer. As a result, DeFi dominance rate grew rapidly from 0.9% to 4.6%.

The DeFi segment ended 2020 with a market cap of $ 20.4 billion, a new all-time high. Note that as of today, this figure has already exceeded $ 22 billion..

2020 was a year of explosive growth ...

Market research for 2020 – CoinGecko

2020 was a year of explosive growth ...

CoinGecko added that “if and when Bitcoin’s dominance weakens, we may see another surge in DeFi fever.”.

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