Top 5 Potentially Profitable Cryptocurrencies in 2020
With the way 2020 is going so far, there aren’t many assets worth investing in. Stock markets have suffered a huge blow with the pandemic when all the major economies of the world came to a standstill. Investors shy away from any new and risky trading except when it comes to cryptocurrencies. Digital coins are among the few assets this year that showed some rise on the charts with the tendency to continue gaining value well into 2021. Generally, stock exchange traders have put their businesses on hold waiting on the sidelines to see how this year is going to end. However, the open market of cryptocurrencies is bustling with investors trying to stay at the top of the game. If you were considering investing in digital coins in the past but were put off for whatever reason, stop procrastinating. It’s a time like never before to seize the opportunities. Here are some cryptos to consider:
Despite the turbulence in the past months, the king of cryptocurrencies is back on his throne. Bitcoin has suffered the backlash of the pandemic back in March when its value dropped to a bit more than $4000, losing more than half of its worth. The critics welcomed this with a smirk, claiming that the downfall of the cryptos is inevitable and that such currency that it’s back by thin air is incapable of sustaining any major crisis. Six months later, Bitcoin tripled its value and is approaching a $12,000 mark. The naysayers went silent, and the cryptos are the hottest item on the market again.
The projected price is $20,000 by the end of 2020. Even some Bitcoin enthusiasts say this is too optimistic, but the truth is that BTC is back and everyone is taking notice. To stay in the loop with Bitcoin value check out bitcoinup. Still, there are some hurdles left to overcome. The demand for Bitcoin is reluctant, due to its volatility recently. Some funds are showing interest though, but it’s not enough to keep the price at this level.
ETH is the favorite altcoin for years now. Its value went from $171 back in January, reaching $432 in August, with as of now being at $345. Like every other asset on the market, its worth seemed unpredictable, but the investors still love it because it still performed strongly despite the volatility. Speculators are predicting the price to go to $500 by the end of the year, which is quite possible and feasible. The long-awaited Ethereum 2.0 is still not out, even though it’s been expected in January of 2020. The launch of the 2.0 is supposed to spike the price of the ETH, since it will be moving to Proof-of-Stake which will diminish the supply by 30% which will, in return, raise the price to a new high. This is yet to happen even though the developers made several announcements this year.
Litecoin is one of the most stable digital coins on the market. If you’re unsure about investing, this just might be the coin for you. The current price stands at $46, but it did have its highs and lows this year. At one point the price went to a bit over $70, and for a brief period dropped to $29. Still, it’s considered to be one of the “boring” coins due to its predictability and pretty steady growth. Charlie Lee, its creator, claims that he is looking to create a stable cryptocurrency that will build trust in digital coins and prove its reliability. So far, he’s doing great. Many people who never invested in cryptos before started with Litecoin. It’s more trustworthy than other coins. The upgrades are rare and far apart which only contributes to its stability. Even when they do happen the value of Litecoin remains unchanged or rises a bit. So, all in all, it’s not a risky investment, thus making it a great beginner’s investment.
XRP seems to be struggling to stay afloat for months. This has not been a good year for Ripple since it lost a great deal of its value going from $1.2 to $0.29. People lost money, but many are still holding out to the coins in hopes that it will bounce back. Ripple was not one of the erratic coins, keeping its worth steady most of the time. Recent major changes were mostly due to the overall state of the exchange markets, but its comeback is still to happen. On the other side, some speculators and traders are claiming that this is one-in-a-million chances to buy low and sit out until the prices rise. Will they rise? Many say yes, and predict the value to be around $1 by the end of the year. That would be a great investing move, but a risky one too. If it does happen, the payoff would be triple, but if it continues the downward spiral the losses will be immeasurable.
In the highly regulated markets of China, NEO managed to find backdoors and loopholes to exist and thrive. NEO is one of the stable cryptocurrencies showing a constant rise even during the turbulent times in the first half of the year. Some have tried to diminish and question its steady rise, but NEO proved its worthiness many times over. At the beginning of March NEO had a value of a bit over $16 reaching $20 by the end of the summer. So, even through hard times, this coin remains on its steady rise. Even though it hasn’t reached its peak from 2018, some enthusiasts can see it in the future with the launch of NEO 3.0. The results are yet to be seen, but NEO has already proved to be an excellent investment so far.
There is still a lot of fear and uncertainty in the global markets making it an impossible task to tell which one is going to make your money worth. There’s been some dose of panic among investors with their current assets and investments, so making even riskier ones are not on the horizon for now. Even though the cryptocurrencies seem to recover from the blows caused by the pandemic, things could still take a turn for the worse. No one can tell with any degree of certainty, but being prepared for the worst and hoping for the best might be the best policy in these trying times for digital currencies.