The Most Perspective Cryptocurrency Trends in 2020
In 2020, one of the most popular investments in the financial world has been cryptocurrencies such as Bitcoin. In 2017, most cryptos increased their prices several times over, which was a source of enormous financial gain for venture capitalists, and now it’s high time to consider what virtual currencies deserve attention in 2020.
Bitcoin is at the top of Crypto Olympus. The entire blockchain industry started with it, and BTC has enjoyed a stellar reputation since.
Today, this decentralized giant keeps leading the market by capitalization. You can currently buy it for around $17,000 CAD. Even though the past year was hard for BTC, it is slowly but surely returning to its record, all without any regard for forks, provocations, or an inactive market.
Now, bearing in mind its high reliability and limited issue, the brainchild of Satoshi Nakamoto has every chance of becoming digital gold and the absolute standard of value. And that’s when the future of coin holders will become more prosperous.
Ethereum is the second-largest virtual coin in the world. Today, the popularity and demand of this digital asset are also associated with its unlimited issue. Ethereum is so much more than just digital cash. It’s a platform for running decentralized blockchain applications. The more applications work, the more stable the project is as a whole and the higher price it will achieve.
Based on smart-contract technology, ETH has completely changed the concept of financial deals. Self-executing contracts facilitate the process of concluding a transaction and tracking the fulfillment of obligations. It also makes the interaction between parties as simple and as transparent as possible. How smart contracts work is simple: you pay the money, you receive the service. No third parties, lawyers, or notaries needed.
Tether is based on the Omni Layer protocol, which uses the Bitcoin blockchain. This coin addresses one of the most burning problems facing the entire virtual currency market — it smoothes high volatility.
Thanks to coins collateralized by fiat, it is much easier to get cryptocurrency on exchanges and withdraw money from them. Obviously, there are many other stable coins aside from Tether. However, this is the coin that has received the greatest fame and recognition so far.
Ripple is often criticized and blamed for every ill and wrong in the crypto world, centralization being one of the primary reasons. Nevertheless, this fact hasn’t stopped the asset from being one of the most popular and demanded worldwide.
Ripple is designed as an alternative to SWIFT for the banking sector. It has proven to be very competitive and marketable, most notably because of its ability to conduct almost instant transfers at the lowest cost.
The project team is working resolutely to bring about change and to promote the product: they conclude a large number of agreements with major payment systems (MoneyGram is a perfect example) and the Japanese and Korean banks that are testing the coin technology. XRP has differed significantly from the leading BTC: its authenticity is proven by a consensus of system participants.
Note: our review is exclusively for educational purposes. It is not financial advice. We do not encourage you to invest in any particular coin.
While the global economy is coming out of the crisis caused by COVID 19, the cryptocurrency industry has started demonstrating new market trends. These following trends of which are noteworthy:
Crypto Against Coronavirus
As coronavirus is getting worse and the number of those infected is increasing, and restrictive measures are currently being strengthened. This has resulted in plunging financial markets and a rapidly growing demand for cryptocurrencies.
Latest Cryptocurrency Trends for 2020
While the world’s economy is just now coming out of the crisis caused by COVID 19, the crypto industry has started demonstrating new market trends. The following of which are noteworthy:
- The number of areas that could implement blockchain and digital assets is certain to grow. At the same time, there is a great deal of potential in the introduction of smart contracts, says John McAfee, cyber-security and technology businessman. The list of economic sectors that blockchain can thrive in is only expected to grow.
- Investors will be interested in those projects that are aimed at platforms for launching decentralized applications (dApps).
- Decentralized finance is an important milestone for the crypto space in 2020. In the development of the De-Fi sphere, the crypto market will catch the maturation of decentralized asset trading, crypto depositories, loans, staking, and decentralized prediction markets. Analysts of the Binance crypto exchange mention their brave suggestion that the present year will be the “year of staking,” as described in the Messari Research Crypto Theses for 2020.
- The move to Ethereum 2.0 based on the Proof-of-Stake algorithm as well as the development of the Lightning Network is also expected. It is also planned to found new startups focused on improving the productivity of various blockchains.
- Peer-to-peer Internet will flourish while also laying the foundations for IoT. Web 3.0 is the next stage of the Internet’s evolution. At the moment it is still under development, so it’s hard to explain what it is really all about. To give you a very wide, non-generalized definition, Web 3.0 is the web that has come into existence thanks to decentralized networks. A key element of a number of initiatives of these networks is the building of platforms that are not controlled by any organization. However, they can still be trusted. This is because each user and operator of the system must follow a set of rules called “agreed protocols”. The second new feature allows you to move funds between accounts. The two notions, decentralization and Internet money, provide insights into the very extensive body of the new paradigm of web interaction.
If you are based in Canada and looking for a Canadian cryptocurrency exchange, take a look at NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Bitcoin and other cryptocurrencies like Ethereum, Ripple, Tether, ChainLink, Litecoin, Cardano, Dogecoin, EOS and Stellar.