Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/cryptoexchange1.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/cryptoexchange1.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/cryptoexchange1.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/cryptoexchange1.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/dollarbitcoin.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/dollarbitcoin.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/dollarbitcoin.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/dollarbitcoin.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/ripple7.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/ripple7.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/ripple7.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/ripple7.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/ethereum2.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/ethereum2.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336

Warning: exif_imagetype(https://payspacemagazine.com/wp-content/uploads/2018/10/ethereum2.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3314

Warning: file_get_contents(https://payspacemagazine.com/wp-content/uploads/2018/10/ethereum2.jpg): failed to open stream: Connection refused in /home/deploy/sites/payspacemagazine.com/wp-includes/functions.php on line 3336
Blockchain & Crypto

Best cryptocurrency to invest in 2020: 3 digital assets worth considering

We have prepared a short overview of the most promising crypto assets to consider

Best cryptocurrency to invest in 2020

Best cryptocurrency to invest in 2020: 3 digital assets worth considering. Source: shutterstock.com

2020 has brought real turmoil to the financial sector. Shares and profits are falling; thousands of employees are losing their jobs, and therefore, consumer capacity; whole industries are at a standstill, paralyzed by quarantine measures. The good old investment methods proven by time may no longer face up to current global challenges.

Meanwhile, the crypto market has significantly matured over the last few years. Perhaps, it’s a good place to invest now. However, it is hard to choose among the 5295 existing currencies listed on CoinMarketCap. Truth be told, it is impossible even to single out the obvious leader among them. Therefore, we have prepared a short overview of the most promising crypto assets to consider.

Bitcoin (BTC)

Best cryptocurrency to invest in 2020

Bitcoin is the first digital currency that comes to mind of many people. Source: shutterstock.com

The first digital currency that comes to mind of many people is the pioneer of the crypto space created by the mysterious Satoshi Nakamoto.

The long-anticipated halving event created a huge demand for BTC. The limited supply presses people to buy now before it’s too late. Bitcoin’s supply is projected to grow by about 2.5% in 2020, which would be an all-time low. Supply in 2021 could fall below 2%, analysts say. Meanwhile, the prospects of obtaining some BTCs seem optimistic enough.

Firstly, halving is usually followed by a bull run giving owners the chance to multiply their investments. Secondly, even the leading economies of the world have become too unstable to hold on to fiat currencies. With the looming global recession, people are turning to BTC once again, comparing it to gold that has preserved its value throughout the centuries.

According to Bloomberg’s 2020 crypto outlook report,

Bitcoin should again outshine most crypto assets in 2020 as the unique and appreciating digital version of gold.

Bitcoin is winning the adoption race, notably as a store of value in an environment that favors independent quasi-currencies.

Other experts deny any of Bitcoin’s correlation with the gold. They remind us about the extreme volatility of this crypto asset. For instance, during the recent crash mentioned in Forbes, the day’s “high was $7,969 and the low was $3,596, which amounts to a 55% fall, epic by any market’s standard.

That’s true, the most famous cryptocurrencies have not performed even nearly as well as real gold in Q1 2020. Block analyst and notable crypto observer Larry Chermak noted that Bitcoin lost 35%, and Ethereum lost 50% during the first half of Q1, whereas gold gained 0,3% over the same time frame.

Nevertheless, crypto believers mention other statistics. According to the CoinDesk team, coronavirus crisis didn’t hurt BTC much:

Bitcoin ended the first quarter of 2020 down from the start of the year, but not as badly as the record-setting losses suffered by global equities.

Moreover, Dan Morehead and Joey Krug of blockchain-centric fund Pantera Capital believe that Bitcoin will “probably out-perform other tokens for a while” due to its reputability and independence from any funding.

It’s a project that’s already built, it works, it has an 11-year track record. Many newer blockchain and smart contract projects are still in development and might be stressed to raise funding to complete their development.

The crisis is an extreme challenge but also a huge opportunity to show the resilience of an asset. If Bitcoin manages to survive that, its status as a digital gold would be confirmed. So far, the currency still has a chance.

The BitMEX blog post states that:

In our view, in this changed economic regime, where the economy and financial markets are set loose, with no significant anchor at all, not even inflation targeting, it could be the biggest opportunity Bitcoin has seen, in its short lifetime.

Experts added that its current crash was inevitable. However, “Where the Bitcoin price may shine is in the volatile inflationary aftermath of the response to the crash.

Ripple (XRP)

Best cryptocurrency to invest in 2020

XRP is a digital payment asset, an internal cryptocurrency of the Ripple platform. Source: shutterstock.com

According to NASDAQ,

A leading altcoin positioned for potentially big gains in 2020 is Ripple.

XRP is a digital payment asset, an internal cryptocurrency of the Ripple platform. It was created for enterprises but, as a result, XRP became favorite crypto of many banks. As cryptos become more mainstream, Ripple is adding more and more banks and other customers to its network. Most recently, the National Bank of Egypt partnered with Ripple. This coin has become a lifesaver for cross-border payments. In addition, XRP reduces currency exchange costs and helps companies enter new markets.

Two top analysts, Luke Martin, a prominent crypto trader featured on CNN and Michael Van De Poppe, a trader at the Amsterdam Stock Exchange and contributor to CoinTelegraph, believe that the third-largest cryptocurrency, XRP, could soon gain strength against the market leader.

Experts suggest Ripple XRP can become a great financial solution to connect the entire world economy during the coronavirus crisis. Sydney Ifergan (CryptoSYD)has recently tweeted about that:

Are investors discussing about some magical solution overnight? Is it about faith? No, it is technology – about #Ripple $XRP. Execution of payment options for nations now overnight? Not practical. Potential Yes!

Altcoin’s price began to rise since it was added to the BitMEX exchange and the blockchain startup announced their cooperation with International Money Express.

Aayush Jindal from NewsBTC mentioned the growth tendency in his analysis:

After forming a support base above the $0.2460 level, Ripple started a strong rise. XRP price broke many important hurdles near $0.2500 and $0.2550 to move into a solid bullish zone.

Ethereum (ETH)

Best cryptocurrency to invest in 2020

 Ethereum is the second most popular cryptocurrency in the world. Source: shutterstock.com

Nowadays, Ethereum is the second most popular cryptocurrency in the world, while in some aspects it has already overtaken Bitcoin.

Ethereum became an excellent transitional tool from fiat assets to altcoins with its flexibility and versatility. Experts estimate that 7 of the 10 largest crypto assets are based on Ethereum. Therefore, many large investors believe that it is strategically more profitable not to buy Ethereum per se, but to invest in projects related to the platform.

The Changelly.com team has gathered many expert predictions on ETH’s price in 2020 which ranges from $230 to $11,375. Most of them are positive. The main idea is that the currency is going to rise and, perhaps, even witness a bull run quite soon. Nevertheless, given the slightest predicted increase, Ethereum-based projects will strengthen the ETH position on the market and provide the basis for further growth.

Currently, Anisa Batabyal from Coinswitch shares optimistic thoughts mentioning that “Ethereum’s price has surged by around 92% and is one of the best-performing cryptocurrencies in 2020.

According to her data, the adoption rate for Ethereum has reached major scope. Its market cap now equals US$13.2 Billion, which puts the currency in a very strong market position.

Brian Schuster, the founder of Ark Capital LLC, has even made a very bullish and optimistic prediction claiming that Ethereum may reach $100,000 in another 5 years or so, and will eventually replace gold with crypto.

This crypto asset may also become popular now due to the social responsibility of its miners. For instance, CoreWeave, the largest U.S. miner on the Ethereum blockchain, has redirected the processing power of 6,000 specialized computer chips toward research to find a therapy for the coronavirus. Its co-founder and Chief Technology Officer (CTO) Brian Venturo has supported the unique idea of developing pharmaceutical drugs: connecting thousands of computers from around the world to form a distributed supercomputer for disease research.

SEE ALSO: 

Pay Space

7181 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.