The potential of an altcoin season has waned somewhat in 2020 as November is fast approaching. There were indications that altcoins could have a powerful year though nothing really came to fruition in the same manner as 2017 and early 2018.
However, looking closely at some of the performances of a number of altcoins, there are still projects that are vastly outperforming Bitcoin, which is still nearly up 100 percent on the year as it stands.
Bitcoin has had a mixed year in general as it plunged drastically in March on the news of Covid-19’s global impact, after a strong opening few months in 2020. From there the recovery has been good from Bitcoin, but the returns have not piqued interest like DeFi or other similar quick returns.
Looking at Monero, and ChainLink’s coin, LINK, there are decent gains to be seen here from two very different coins. LINK benefited from the DeFi run and has been on the move since last 2019 on its own offering. However, Monero has been under regulatory fire and is still performing well.
Rising despite regulators.
Monero is almost at $140, the highest level since September 2018, and up over 200 percent in the year. In fact, the last seven weeks have seen the coin rise by 50 percent despite the U.S. Internal Revenue Service (IRS) announcing a bounty to anyone who can develop solutions to trace Monero’s transactions.
More so, The European Union’s law enforcement agency Europol cited popular privacy-enhancing cryptocurrency wallets and other technologies as “top threats” in Europol’s “2020 Internet Organized Crime Threat Assessment” published earlier this month.
Regulators have come back into the spotlight in the cryptocurrency space, especially in the wake of the BitMEX and OKEx situations, but privacy coins have always been a thorn in the side of these bodies.
Yet, with there being no real stopping of Monero the coin has carried on and is seemingly thriving.
LINK on the comeback?
ChainLink is one project which has shown great potential in the cryptocurrency space, and then caught the tailcoats of the DeFi craze that swept through. The coin managed to rally to just under $20 at its height this year, but has fallen back since then.
However, even with the fall back to around $12 Link has outperformed every other cryptocurrency with year-to-date returns of over 600%.