Get Into Cryptocurrency Trading Today

The crypto wars are not anything new. It has been intensifying over the years as different coins come up. The most intense is the one involving Bitcoin, Ethereum, and Ripple. While Bitcoin is the market leader, the other currencies are catching up. 

Several users are looking for options to spread risks. Some are also not into the volatility of Bitcoin.  There is always a need to compare the coins before settling on one. 

Here's how the three major coin trends shape for the year; 

The Declining US Dollar

While most coins don't have monetary value, the US dollar is the standard measure. The US dollar for some time now has been dropping. The sustained economic slowdown has seen the dollar hit new lows. There are prospects it might reach the 2008 financial crisis lows. With the value tied on the dollar, the crypto has been increasing. 

Bitcoin value has been steadily rising with the devaluation of the dollar. Bitcoin value has increased in recent weeks to $12000. Top investors believe the fall of the dollar will boost the Bitcoin rally. While Bitcoin is not improving, it goes up in value. The growth is also evident in the Bitcoin Futures. 

Bitcoin is currently trading at $11,780. One of the highest values for some time. Indications are that it will still grow. Ethereum, in the same period, has had mixed reactions. It has experienced a rise and fall in prices. 

On August 2, it hit the highs of $418, only to return to $302 within 15 minutes. It afterwards got back to $385. These are exciting movements for any curious trader. The higher level was resistance. It means that even though the US dollar is declining, Ethereum still has hurdles.

It might only experience a blowout but not a sustained increase for now. Unless it passes the resistance in the future. 

Ripple has been on the same path as Ethereum. It has hit a resistance after some of the sustained growth. 

It reached the highs of $0.185, only to start declining after some time. It has even hit the levels around $0.17 in the same period. It might need some time before bouncing back. It will have to beat the first level of resistance of around $1.8. After then, it also has to go past the second resistance level of $1.9.  

Interaction on Social Media 

Bitcoin and social media are of the same generation. While Bitcoin is impacting finance, social media is also improving. Most people are already using social media for all major news. Most crypto analysts use social media as the leading platform. 

Of all the social media platforms, Twitter and Reddit take the lead. For that, the mentions and interactions on social media affect crypto. 

Social media now shapes the talk on different currencies. So far, Bitcoin has been receiving most of the interaction. The first reason would be being the first coin in the market. 

Some people would use Bitcoin and crypto in place of the other. It means most people are likely to interact with Bitcoin faster. 

Bitcoin has also had exciting movement in recent times. After hitting some of the lowest, it retuned to trade some of the highest. It broke the $10k resistance creating more buzz. Currently, at around $12k, the coin still draws interests. Analysts and traders all want to be correct in predictions. 

After drawing much interest, Twitter activities on Bitcoin has shot. It retains its place as the most tweeted crypto. It reached 33.495k tweets in April 2020. This is from the 19.381k tweets in April 2019. Bitcoin has had a lot going and will keep on drawing interest.

The coin has undergone halving in the period. The effects of Corona on the currency also drew interest. Most traders were questioning its viability as a haven. The question of its relation to gold has also been on the rise. There has also been an increase in Google search activity of Bitcoin. Any significant changes in the coin come with people looking for verifiable information. 

Ethereum has also experienced an increase in Google searches. It has experienced similar movements to those of Bitcoin. It experienced an increase of 32.31% on twitter interactions. The increase was even through the year from April 2019 to April 2020. It still had a sharp focus in July with the rise and sudden decline in value. 

The same increase is likely to happen in August 2020. The sudden rise and fall are impressive for most traders. Ripple, on the other hand, might not experience the same changes. It has always stayed low for some time—the main reason being the low values. 

Investors don't have a lot at stake when it comes to Ripple. No amount of changes affects the value of investments. The more the coin stays at the low cost, the lesser the online activity. 

Expected Development 

The expected growth is another buzz creator. Bitcoin's halving has been there for some time. Most traders have been looking at possible effects. They have been looking at how it impacts traders and the other stakeholders. That has made the Bitcoin the trendiest crypto. With the halving done, users are watching the outcome. 

Ethereum, however, is at the peak of Ethereum 2.0. After several postponements, the coin seems to be ready to launch in August. The newer version looks to change the system and improve value. It also seeks to improve security. The more it delivers, the more it will become trendy. 

Ripple has been for significant developments. It is one of the most innovative coins. Still, with the values low, it struggles. 

Bottom Line 

Understanding the year trend of coins requires several factors. Using the dollar rate and social media activity gives the possible changes. The expected development is also a fan gainer for most gainers. 

A prospective trader can work with these factors. Bitcoin remains the coin for 2020. Ethereum also does well as the second most popular coin. Ripple still has to battle the low value. 

Buy & Sell Cryptocurrency Instantly