Information Technology Blog - - Top Trending Cryptocurrencies in 2020 - Information Technology Blog
Despite the volatility of cryptocurrencies, it continues to be a good investment tool given its high return of investment. The crypto market has proven its surprising tenacity amidst the economic downturn caused by the coronavirus pandemic.
Like other markets, the crypto market slumped during the initial onslaught of the pandemic. But unlike traditional markets, the digital currency market bounced back much faster. Some analysts expect a Cambrian explosion of crypto assets and the crypto market. Given these predictions, there is no better time to start your journey towards cryptocurrency investment than now.
However, choosing which cryptocurrency to invest in can be somewhat overwhelming with thousands of options in the market. Aside from the well-established digital currencies, there are also very promising new coins that are set for release and featured in Investment platforms like Stokr. While these coins have yet to prove their worth, the blockchain-based solutions they propose are impressive and have immense potentials. For starters who have an appetite for high-risk investments, these new coins may be attractive.
To help reduce your options, we take a look at the top trending cryptocurrencies this 2020.
Bitcoin
When one talks about cryptocurrencies, Bitcoin is the first thing that comes to mind. As the most established and largest cryptocurrency in the world, Bitcoin has always been the trendsetter and remains in high demand. It is anchored on a digital payment network that is hosted over the blockchain. The crypto market closely watches and follows Bitcoin’s track. If Bitcoin’s price goes down, the entire market follows as well. Likewise, it is used as the base currency of major exchanges.
Ethereum
Another trending crypto, Ethereum gained popularity in 2017 when its price soared $10 to $900. Those who invested early definitely made a lucrative gain. Over the past month, we’ve seen the Ether price to fluctuate between $200 and $400. It among the most actively traded crypto and 2nd largest market capitalization. Ethereum 2.0 was slated for release this 2020 but was delayed. It is expected to roll-out in 2021 with better technology that can handle more transactions.
Chainlink
Chainlink is doing great and gaining traction. This year, the crypto hit several all-time highs. Other blockchains are also utilizing Chainlink’s technology. For instance, its developers are building Oracles – a technology that integrates external data into blockchains. This blockchain solution allows numerous applications in other projects.
Litecoin
Litecoin is a relatively stable crypto and is trending in 2020. As one of the most affordable and fastest in terms of payment, Litecoin has thousands of investors and daily transactions. Backed by a forward technology, it has the third-largest market capitalization. Litecoin is currently priced less than $100, which makes it a good, affordable entry point for new investors. The cryptocurrency is on a good path as regular ATMs in South Korea are set to adopt this blockchain technology.
Ripple
Launched in 2012, Ripple is a blockchain-based online payment network that offers low-cost, instant, and reliable international payments. It mainly caters to financial institutions, allowing them to make real-time, cross-border payments, at a lower cost. It has an estimated market capitalization of $9.2 billion. Many investors and traders hold Ripple because of its high ROI.
VeChain
VeChain has been trending in the crypto world for a while now. The digital coin is supported by a sizable community that enables it to reach the top tier. Developers at Vechain are constantly working on improving their technology, especially that they’re still dealing with a sudden price slump back in 2018. VeChain aims to make products and services easily searchable on the blockchain. Through this technology, you can check whether an item is genuine. Major companies are now utilizing the solution, which means it has a bright future ahead.
Tether
Considered a stable coin, Tether is a good crypto asset for beginners. Launched in 2014, it has since maintained a spot among the top crypto coins. Tether uses blockchain to facilitate the use of real money in digital transactions. The technology is widely utilized for different transactions. Tether has an estimated market cap of $4.6 billion and the fourth-largest in the crypto market.
Stellar
Launched in 2014, Stellar has managed to remain among the most actively traded cryptocurrencies. It is an open-source, decentralized platform that uses blockchain for cross-border transactions, with the ultimate goal of replacing the SWIFT system. The technology continues to be developed and keeps getting more refined. Stellar has an affordable price and makes a good start for newbie investors.
Binance Coin
Binance Coin is the digital currency of crypto exchange Binance, which is considered a trendsetter in the world of crypto exchanges. The developers of Binance are constantly creating advanced features for the platform. Aside from trading digital currencies, the exchange also allows you to invest in futures. You can also lend, save, and stake. These are just a few of the powerful features offered by Binance. These developments greatly benefit the coin and its investors.
Tron
One of the most talked-about projects in the crypto world, the Tron ecosystem is a free digital, global entertainment system. It uses the blockchain to make digital content available and accessible to many at a cheaper cost. The developers aim to distribute content on-demand to a larger audience. Tron cuts the middleman and allows everyone to host and distribute content through the blockchain platform. This very promising technology makes the digital coin a good prospect.
Final Thoughts
Digital currencies can go from being the hottest trend to the worst performer. All cryptocurrencies have the same volatility and it can be difficult to point (with certainty) which is the best one. Many newcomers offer very lucrative investment opportunities. When investing in cryptocurrency, you should not be looking solely at their current performance but also their prospect in the future. It requires closer study to know what digital currency to bet your money on.
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