Top 10 Cryptocurrencies To Watch Out For In 2020
Cryptocurrencies are indeed the future of money. However, finding a good cryptocurrency to invest in can be tough as there are over 2,000 tradable
cryptocurrencies available today. Traders and investors, especially beginners, find it challenging to select a good cryptocurrency to invest in as the markets are always changing and every cryptocurrency moves for different reasons.
This article aims at imparting the readers with a general overview of what has been happening in the cryptocurrency market in 2020, how they can be beneficial to you, and what to look out for when choosing a cryptocurrency to trade or invest in. This article also discusses the top 10 cryptocurrencies to get involved with this year and beyond, while explaining their current fundamental and technical standing.
A Quick Overview of the Cryptocurrency Market
2020 has been nothing short of eventful for the cryptocurrency sector and the financial space in general. Starting with the coronavirus outbreak to the oil industry crash, the current global events have had a tremendous impact on the financial and economic space across the globe.
The market is also acting in anticipation of the Bitcoin halving expected to occur in May. This event is expected to have a very strong positive impact on the price of cryptocurrencies. The expected Bitcoin halving has bolstered the adoption of cryptocurrencies across the globe.
In other news, the Supreme Court in India ordered the Reserve Bank of India (RBI) to lift the ban it placed on cryptocurrency trading in 2018. This new development means that millions of cryptocurrency enthusiasts in India can now freely trade cryptocurrencies, further improving the global adoption of cryptos.
Another interesting development is the growing interest of apex banks across the globe to release central bank-Issued digital currencies. Countries like China, the United States, Japan, Russia, the UK, Sweden, and many others have all entered a race to release the world’s first CBDC.
Also, stablecoin projects like Facebook’s Libra and Telegram’s GRAM, are still hashing out legal and regulatory matters with regulatory bodies. It is still uncertain what the future of these projects will be.
Favorable Factors To Look Out for Before Choosing a Cryptocurrency
When deciding to get involved with a cryptocurrency, the key metrics to evaluate in the crypto before committing to it include:
1- The adoption rate of the cryptocurrency.
2- The market capitalization of the cryptocurrency.
3- Prospects for future growth and advancement of the cryptocurrency.
4- Security and anonymity features of the cryptocurrency.
5- Industry utility of the cryptocurrency.
6- Available exchange support.
Why You Should Invest in the Cryptocurrency Market in 2020
Cryptocurrencies are believed to be on the verge of witnessing the biggest transferof wealth ever seen in history. Crypto experts believe that 2020 could be a record- breaking year for the cryptocurrency industry as crypto-assets like Bitcoin, Ethereum, and many more are expected to top their all-time highs this year.
The crypto industry is undoubtedly one of the largest and fastest-growing industries in recent years. Early Bitcoin investors saw their holdings grow from as
low as $1 to about $20,000 per coin in 2017. Such a return on investment is unheard of in the investment space. What’s interesting is this kind of ROI is expected to occur again in the crypto space soon.
That said, let’s move on to some of the best cryptocurrencies to invest in this year.
Top 10 Cryptocurrencies to Watch Out for In 2020
Listed below are the top 10 cryptocurrencies for 2020 that are expected to return huge yields:
1- Bitcoin (BTC)
Bitcoin is, without a doubt, the best cryptocurrency to invest in today. This cryptocurrency giant dominates about 63% of the crypto market share. Bitcoin is so relevant that whatever actions it exhibits is replicated across the entire crypto market.
Bitcoin is regarded as the best investment option for both beginner and expert crypto investors. This cryptocurrency has been tested over the years and has
become an investment force to be reckoned with. There are expectations andprojections that the next Bitcoin halving event in May will likely send the price of this crypto to $100,000 in a year.
BTC has an all-time high of $20,000, a 2019 high of $13,790, and a 2019 low of $3,460. At press time, Bitcoin is valued at $129,299,742,500 and is trading at $7,061.
2- Ethereum (ETH)
Ethereum is the second-largest cryptocurrency based on market cap. This cryptgiant was released in late 2015 and has since risen to prominence in the crypto space over the years.
The differentiating factor between Ethereum and Bitcoin is that the former utilizes a system that is designed to support decentralized apps built on its blockchain. Through the utilization of dApps, Ethereum offers its users many exciting features like smart contracts and decentralized governance.
Ethereum also has one of the most active developer communities in the world today. Many cryptocurrency and financial experts believe that Ethereum is set to achieve greater heights in 2020.
ETH has an all-time high of $1,396, a 2019 high of $345, and a 2019 low of $103. At press time, Ethereum is valued at $16,071,233,964 and is trading at $145.
3- Ripple (XRP)
The next cryptocurrency on our list is Ripple. Aside from being tradable on exchanges, Ripple tokens (XRP) are also used as a payment system for carrying out transactions on the Ripple ecosystem. This means that Ripple also functions as a private financial services platform that provides its users with numerous products. Some of these products include RippleNET, XRapid, and xCurrent.
Ripple’s products are being used heavily across the globe by several financial institutions like Standard Chartered and Calix. These products are widely used because they provide borderless transactions in a smooth and hitch-free manner.
At the moment, Ripple is the third-largest cryptocurrency based on market cap. Experts believe that the increasing use of its products and its current market valuation makes XRP one of the best buys for 2020.
XRP has an all-time high of $3.1, a 2019 high of $0.49, and a 2019 low of $0.24. At press time, Ripple is valued at $8,024,424,609 and is trading at $0.182.
4- Bitcoin Cash (BCH)
Bitcoin Cash, currently the fourth-largest crypto based on market cap, was released in 2017 after several prominent workers of Bitcoin defected to form their preferred
Bitcoin derivative. Today, while Bitcoin is regarded as a good Store of Value, Bitcoin Cash is regarded as an everyday payment solution. In 2018, BCH went through a hard fork which led to the creation of BCH ABC and BSV.
BCH has an all-time high of $3,765, a 2019 high of $509, and a 2019 low of $118.6. At press time, Bitcoin Cash is valued at $4,435,672,913 and is trading at $241.
5- Litecoin (LTC)
Litecoin, released in early 2013, was designed to be a “lighter” version of Bitcoin. This is why Litecoin’s core fundamentals are quite identical to Bitcoin’s. However, Litecoin differs from Bitcoin in some areas like block mining time and total supply.
In 2018, the founder of Litecoin, Charlie Lee sold all of his LTC token which triggered a selloff amongst LTC holders who feared that the crypto could become worthless. However, this decline was short-lived and Litecoin has continued to wax stronger over the years. Market analysts believe that Litecoin will grow stronger in 2020 considering the overall expected performance for the crypto market this year.
LTC has an all-time high of $364, a 2019 high of $142, and a 2019 low of $31. At press time, Litecoin is valued at $2,672,244,819 and is trading at $41.
6- Binance Coin (BNB)
Binance Coin is regarded as the best-performing token owned by a cryptocurrency exchange. BNB has been trading well above a strong support for a while now. This crypto seemed to be unaffected by the bearish bias that ravaged the market in 2019. Analysts believe that BNB possesses significant value and will likely continue on its upward trajectory in 2020 and beyond.
Another reason for Binance Coin’s impressive bullishness is its extensive use on the Binance exchange. Millions of users of this exchange utilize the BNB token for payment of several exchange services like tx and gas fees.
BNB has an all-time high of $39.11, a 2019 high of $39.08, and a 2019 low of $6. At press time, Binance coin has a valuation of $2,102,444,623 and is trading at $13.
7- DigiByte (DGB)
Although this digital currency is not popular amongst many crypto enthusiasts, it has been lauded as one of the cryptocurrencies with the best financial prospects for 2020.
DigiByte was released in 2014 and runs on a unique and decentralized blockchain. This crypto provides tx speeds not seen in many other cryptos. For example, DigiByte is about 40 times faster than Bitcoin and Ethereum which can only process 7 and 15 transactions per second respectively.
DigiByte’s blockchain was the first to be implemented with a Segregated Witness (SegWit) protocol. This protocol helps the host blockchain to execute transactions at lightning speeds without having to comprise any bit of its security. The developers of DigiByte aim at making this crypto a globally accepted payment solution.
DGB has an all-time high of $0.127, a 2019 high of $0.016, and a 2019 low of $0.005. At press time, DigiByte is valued at $64,936,601 and is trading at $0.004999.
8- Maker (MKR)
The 8th buy-worthy cryptocurrency on our list is the Maker (MKR) which is mostly used as a payment solution within the Maker ecosystem. One outstanding feature of this crypto is that it has a limited supply of just 1 million tokens. This makes it even more valuable.
Maker also doubles as a smart contract platform that supports the value of the stablecoin DAI. MKR makes use of niche concepts like autonomous feedback mechanisms, incentivized external actors, and collateralized debt positions.
Asides from being used as a payment solution on the Maker ecosystem, it also confers its users with voting rights to sustain the blockchain.
MKR has an all-time high of $1,688, a 2019 high of $785, and a 2019 low of $366. At press time, Maker is valued at $315,448,765 and is trading at $313.
9- Stellar (XLM)
Stellar (XLM), released in late 2014, is regarded by experts across the globe as a worthy buy because of the speedy cross-border payment solution it provides as well as for its transparent nature. Since its inception in 2014 till now, XLM has exhibited strong potential for steady growth. Although the competition faced by this crypto keeps growing, experts believe that the Stellar ecosystem has what it takes to thrive in 2020 and beyond in the ever-growing sector.
XLM has an all-time high of $0.95, a 2019 high of $0.15, and a 2019 low of $0.04. At press time, Stellar is valued at $860,124,154 and is trading at $0.042.
10- Cardano (ADA)
Cardano (ADA) was founded in 2015 by Charles Hoskinson, the co-founder of Ethereum. This is why, on paper, Cardano shares a lot of similarities with Ethereum. For example, this crypto provides the facility for its users to create dApps and smart contracts.
Cardano was designed to be efficient in resolving many of the interoperability and scalability issues that the crypto sector has been facing for quite a while. The developers behind this project are dedicated to providing a more efficient cross- border payment solution by drastically reducing transaction time and fees.
ADA has an all-time high of $1.27, a 2019 high of $1.01, and a 2019 low of $0.04. At press time, Cardano has a market valuation of $854,736,465 and is trading at $0.032.
Although the market is currently being hammered by the coronavirus (COVID-19) outbreak, it still has a very strong bullish perspective for the year. The upcoming Bitcoin halving will likely set the stage for a dramatic bull run as seen in the past. Many market analysts believe that all of the ten listed cryptocurrencies are expected to witness higher record highs after the event.
How to Make Money In the Cryptocurrency Industry: A Comprehensive Guide
Making money off cryptocurrency can be quite exciting. Many people have amassed huge profits from…
A Complete Guide to Ethereum and How to Trade It
To fully understand Ethereum, what it entails and its effect in our society today, we…
A Comprehensive Step-By-Step Guide to Trading Bitcoin
This article was composed to deliver the complete basics of Bitcoin trading. It helps the…
A Beginners’ Guide to Libra: What It Is and How to Trade It
Libra, Facebook’s proposed cryptocurrency, has caused the cryptocurrency community to go into a frenzy. It…
How to Trade Bitcoin – Learn Bitcoin Trading July 2020
Trading Bitcoin, profitably, has been somewhat of a challenge for many crypto traders, especially beginner…