Cryptocurrency ranking and evaluation site CoinGecko released its 2018 Q3 report on Tuesday, in it noting that four of the top five cryptocurrencies have posted positive year-on-year gains.
The one exception to this is Ethereum (ETH), falling 22% below its value this time last year. The report suggests that the cause of this decline can be put down to movements in the initial coin offering (ICO) market; overall, there has been a slowdown, while there has also been an ETH selloff by fundraising teams to store their value in fiat.
Bitcoin (BTC) outperformed Bitcoin Cash (BCH) through the year, with gains of 52% to BCH’s 28%. Ripple did better than both coins, however, increasing in value 186 %, while EOS succeeded in the highest gains, pushing an impressive 700% year-on-year return.
CoinGecko’s report also outlined some notable changes in the area of cryptocurrency exchanges. The new controversial strategy of so-called “trans-fee mining” has increased significantly during this quarter. This technique uses client trading activity to create the exchange’s native token as a repayment of transaction fees. Out of the top 30 exchanges, 12 now operate using a trans-fee system.
Q3 has seen cryptocurrency exchanges’ trading volumes show ”strong growth”, while those that operate trans-fee mining actually growing at a faster rate in the short term. They do, however, appear to be sacrificing long-term or sustained growth in trading volumes with that model as enthusiasm dissipates and volumes drop off.
The quarter was also marked as ”highly volatile” in terms of exchange volumes. The aggregate number of exchanges has increased by 65 in Q3, similar to the figure of 63 in Q2.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: //t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post CoinGecko Report: 4 of Top 5 Coins Post Year-on-Year Returns, “Trans-Fee” Mining on the Rise appeared first on BitcoinNews.com.