2020 Crypto Market Prediction – Cryptos to Watch Out For

It would be fair to say that this year has been the continuation of bear market for almost all of the altcoins. Although some new players were introduced to the battle field in form of Binance Coin (BNB), Tezos (XTZ) and Chainlink (LINK), that outperformed every digital asset even the ‘Crypto Goliath’, bitcoin. But just before we look ahead and predict the course of the crypto market as we take a dive into a new decade, it would not be fair to overlook the path crypto market took in 2019.

Crypto Market 2019 Journey

Bitcoin started 2019 with a marketcap of $66.3 billion and was lurking around $3800. Currently, the most sought after digital asset is valued at $7,381 with a market cap of $133.8 billion. Since bitcoin gained an impressive 95% in 2019…

On the other hand, altcoins crypto winter continued and the assets plunged to extreme lows. The second largest crypto by marketcap Ethereum suffered once again this year and the digital asset will step in 2020 at the same place where it started 2019 and that is around $130. In July 2019, Ethereum peaked at $350 but the digital asset slipped back to where it started the year.

Ripple (XRP), the cross border transfer token is the worst performer in the crypto arena of 2019. The digital asset stands where it stood 2 years ago! Once considered the crypto rock star (which is indeed debatable), XRP lost almost 95% from its all-time high.

On the other hand Litecoin (LTC) had quite a roller coaster ride in 2019. Regarded as the ‘Digital Silver’ (with bitcoin being the Digital Gold), the crypto asset is lurking around $43 and is back where it started the year. The crypto asset experienced ‘Halving’, where the reward for crypto miners was halved to keep a check on inflation, and its price surged to $145 but that was sadly the only highlight for LTC in 2019.

Stellar (XLM) shared the same fate as XRP in 2019 as the crypto lost almost 60% and stretched its bear run to 2 years now. Other top cryptos like TRON, EOS, Cardano, Monero and bitcoin’s fork Bitcoin SV more or less will finish the year same as where they all started.

Cryptos to Look Out for In 2020

Binance Coin (BNB) was undoubtedly the highest performing digital asset for 2019. BNB, a utility token from one the world’s largest crypto exchange experienced a price surge of 560% in the first half of the year. Analysts suggested that the performance of the token can be attributed to the fact that Binance was open and transparent about $41.5 million bitcoin hack.

The company informed its investors as soon as they assessed the damage done by the attack. Just days after the attack, CEO and founder Changpeng Zhao held an Ask-Me-Anything session on reddit. On the other hand Binance launchpad IEO’s produced more than 600% returns as the exchange took most of the limelight in 2019.

Tezos was the other performer of 2019 with a surge of 185% since January 1st. Major exchanges offering staking rewards has driven XTZ prices making it one of the best performing altcoins of the year.

Ever since Facebook announced its Libra crypto, the crypto market was much hyped and a buzz but regulators came hard on Libra and hearings at Capitol Hill have immensely put the project in jeopardy.

While talking to Bloomberg, Blockchain Capital General Partner, Spencer Bogart gave an insight to survey conducted by his company he said;

“There are two factors to the halving represents a shelling point. There is a significant sum of capital that is in that position. we run a survey every 18 months that surveys more than 2000 american adults.

One of the things we ask is kind of questioning their conviction. We ask, what extent do you agree or disagree that most people will be using bitcoin within the next 10 years. In the spring of 2019 when we asked this, 33 percent of people and 43% of those 18 to 34 said they somewhat or strongly agree. We also asked them about their propensity to purchase. How likely are you to buy bitcoin in the next five years? 33% of those 18 to 34 said they are very or somewhat likely to buy in the next five years.

People are relatively indifferent as to whether they purchase today or tomorrow. It drives more purchasing. importantly, this reflexive feedback loop drives the bitcoin market where rising price drives more infrastructure, more computing power secure in the network. All of which feeds into a rising price”