Forex and Crypto News

What cryptocurrency became the most profitable in 2019?

12:02 10 December /2019

Bloomberg agency has presented its rating of the most profitable cryptocurrencies this year. It is expected, but maybe for some, it came as a surprise, but Bitcoin did not become the leader of this rating. According to Bloomberg, the most profitable cryptocurrency of 2019 was Binance Coin, which showed an increase in the price of 154%. Two factors contributed to this growth in the price of this cryptocurrency.

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Firstly, it is an exchange offer. Binance Coin can be used for discounts on trade commissions. That is, you can use any cryptocurrency, but if you have Binance Coin in your wallet, you can pay a transaction fee in this cryptocurrency. Sometimes this reduces the cost of the transfer commission.

Secondly, Binance constantly reduces the supply of cryptocurrency by quarterly burning coins, which corresponds to 20% of the company's profit. This is a kind of reduction in the reward of miners as it’s in the Bitcoin system.

The rating of the top three most profitable cryptocurrencies of 2019, in addition to Binance Coin, included Bitcoin and Litecoin. It is worth noting that according to the rating, the least profitable cryptocurrencies were XRP and Stellar, which lost 38% and 40% of their value, respectively.

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