3 Cryptocurrencies That Ran Circles Around Bitcoin in 2020

It's been an exceptionally volatile year for equities due to the unprecedented uncertainty created by the coronavirus pandemic. Nevertheless, it'll probably go down as a largely positive year for investors. After losing more than a third of its value during the first quarter, the benchmark S&P 500 is now on track to deliver gains of more than 14% for the year.

But most equities can't hold a candle to what cryptocurrencies have done in 2020. After beginning the year with an aggregate digital-currency market cap of $191.5 billion, the combined valued of more than 7,900 cryptocurrencies as of Dec. 9 topped $551 billion. This 188% year-to-date gain in total market value has been largely fueled by bitcoin.

Having recently eclipsed a new all-time closing high, the world's largest digital token by market cap is up approximately 153% on a year-to-date basis. Bitcoin has benefited from multiyear lows in the U.S. dollar (some investors view bitcoin as an intriguing store of value) as well as an aversion to cash during the pandemic. We were already witnessing a shift toward cashless payments prior to COVID-19. The pandemic has merely accelerated this ongoing trend.

Source Fool.com