The cryptocurrency market is continually changing, and therefore, following current trends is necessary to make reliable predictions for 2020. Besides Bitcoin and Ethereum, there are also other coins, super interesting to consider in the future. Achieving long-term cryptocurrency success requires collecting facts and data from different sources, as well as reading tech books. Therefore, let’s take a look at five cryptocurrency trends for 2020 that might help you make the right decisions.
Which factors impact the coin price?
To know what is the best coin to buy, you have to consider several factors that might lead to potential changes in the cryptocurrency market. Always keep an eye on software upgrades, cryptocurrency mining equipment, and network improvements. When upgrades happen, cryptocurrency prices always jump. Also, check if some crypto networks host additional applications. If that is the case, it might have a positive impact on both the token and the underlying platform. Depending on the country you live in, you might have to consider government regulations. Venezuela is a well-known example. And finally, maybe the most crucial factor is, believe it or not, hype. Public opinion on particular cryptocurrency can often boom it to the top or destroy it entirely.
Many cryptocurrency experts believe that Bitcoin will remain at the top position in the market. Bitcoin value will be mostly sustained because of the fast adoption rate and institutional money. Nowadays, many institutions buy Bitcoin as an investment that can pay off sooner or later. After three years of ups and downs, this year, Bitcoin has finally stabilized. Even by the end of 2019, professionals believe that Bitcoin can be around $13,000 – 14,000. In the end, Bitcoin is still the best solution for investors who want to play safely. Long-term return on investments is maybe not so huge, but it is, almost always, guaranteed.
Ethereum is still one of the most significant dApp development platforms, and that is where its power comes from. However, analyst predictions vary from pessimistic to optimistic, so it is not easy to have the right guess. The biggest concern is the network that might not be capable of handling the transaction load. Developers should either improve scalability or switch to EOS in order to ensure optimal performance.
As we mentioned, many Ethereum projects can soon switch to the EOS network. If you are still wondering which coin to invest in, EOS will quickly be the safest way. Experts believe that it has the potential to become the number one system for enterprise apps. Therefore, if the shifting of Facebook, Twitter, or Uber to other platforms ever happens, it will, for sure, be to EOS. According to Coinswitch, 2020 will be an excellent year for EOS. They predict that EOS will reach $95 in July, and after that, it will have to fall gradually.
Ripple has a strong potential to dominate the market in 2020. It is not worth quite a lot at the moment ($0.33). However, things could change rapidly if Ripple becomes the banking infrastructure solution, which is more than likely. According to Tron Weekly Journal, Visa and Western Union might start using Ripple as their under-the-hood tech choice. If it happens, it is going to be a huge deal for this cryptocurrency. Cryptoground Ripple predictions, based on data, show that it is profitable to invest in Ripple for the long term. After five years, they expect that the price of Ripple will be around $1.94.
The number of investors in digital money is growing every year. However, to evaluate future trends and make the right decisions, every investor should be well informed. Trends that we mentioned in this article are mandatory for every serious consideration.