The month of February closed on a sombre mood across the cryptocurrency market as the gains made before Valentine ’s Day have been wiped off in ten days. The market capitulation has spread from Bitcoin (BTC) dropping below the $10,000 mark, Ethereum (ETH) scrapping to stay above $220 and other altcoins across the market witnessing a bloodshed in one of the worst weeks so far in 2020.
However, some tokens have performed exceptionally well in the past month, including Kyber Network (KNC), Chainlink (LINK), Ethereum (ETH), Chinese Ethereum – NEM (XEM), and Hedera Hashgraph (HBAR), which experienced obscene recovery over the month.
Top performing cryptocurrencies in February
1. Kyber Network (KNC)
Kyber Network, an on-chain liquidity protocol, has been one of the top performing crypto across the month of February, growing over 157% during the period. KNC started Feb on a back foot, as the rest of the crypto industry continued to witness massive pumps – BTC leading the charge reaching $10,500 USD.
Starting the month at $0.2880 USD, KNC breached the $0.500 USD mark on 15 Feb calling for a push further upwards. In the past two weeks, KNC gained over 60% as the market turned red – which further strengthens its claim of coin of the month in Feb 2020.
2. Chainlink (LINK)
Starring in our January issue, LINK is back again in the Feb top cryptocurrencies having gained 44% across the period. Despite losing over 3% in the past 24 hours, LINK remains one of the best [[performing coins during the month.
The decentralized oracle blockchain started the month at $2.83 USD and has boosted past key levels at $3.00 USD and $4.00 USD, setting an all-time high on Feb. 19 at $4.89 USD. The strong soar in LINK price is heavily connected to the bZx exchange hack and Ethereum Classic recent integration of Chainlink oracles.
3. Ethereum (ETH)
The second largest coin also made it to the list despite breaching below three key support levels over the month – $250, $240 and $230 USD – in February. ETH is currently trading at $222 USD, representing a sharp 23% increase over the past month.
The smart contract platform holds $24.4 billion USD in market cap value. With the ProgPoW debate raising to boiling point, it will be fascinating to follow the price of the token as the community prepares for Ethereum 2.0.
4. NEM (XEM)
The fourth best performer over the month of February has to be Ethereum competitor NEM, which has gained 19.78% in the past month. XEM started off the month at $0.0411 USD, boosting to a yearly high of $0.076 USD on Feb. 12 before facing a reversal to $0.049 USD, as at time of writing.
Other coins have performed superbly over the past month including skeptic crypto, Hedera Hash (HBAR), which has witnessed a 161% increase in February. Other top performers include Chilliz (CHZ), which entered into a partnership with football’s biggest club, Barcelona FC, gaining 123%; Lisk (LSK) up 38% and Siacoin (SIA) up 41% over the month.