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Get Into Cryptocurrency Trading Today
The cryptocurrency market is an ever-changing field. As a new phenomenon, it is yet to stabilize like the traditional fiat currency market. The fiat currency has a control body in the form of central banks. The central banks determine cash flow and circulation. It also looks to manage inflation.
The crypto market, on the other hand, depends on market trends. It depends on the uptake of the coin, regulations, and other coins coming up. Crypto traders have to look into possible profitability margins.
The crypto market is headed for a great year. Here are some of the reasons for increased profitability in 2020;
For every other economic sector, Coronavirus has hit negatively. The pandemic effects on the traditional economy are almost like those of the 2008 financial crash. It has been going down for months. However, that's not been the case with crypto.
Most of the cryptos have been cruising over this period. They have been performing more than ever.
One of the reasons for the upsurge is the need for alternative investments. The pandemic led to lockdown with most people working from home. The online work took a boost at the time. With crypto being an already defined online currency, it benefits the most.
The pandemic has also made the population realize the need for assured returns. For now, it seems like crypto is the most assured. With most people taking up the coins, the demand goes high. Higher demand means higher value hence better returns. That shows the crypto market will be profitable.
As the masses embrace the coins, it is fast becoming mainstream. The traditional banking system is looking to adopt the currencies. Same to the governments who earlier had a negative stance with the cryptos.
Instead of fighting a losing war, the traditional entities would instead embrace diversity. The banks had earlier cautioned their clients against cryptos. They now realize they are becoming a viable alternative currency. Governments have also felt they might lose a role if the coins keep improving.
For now, the banks are partnering with other crypto exchanges and processors. The government is introducing central-bank-backed cryptocurrencies in the wake of the blockchain technology.
The recent increase in altcoins and other stable coins is a testament to a changing financial setup. These cryptos allow easy bridging of the crypto and the traditional economic systems.
Even though the crypto market will be profitable this year, not every coin is worth the time. Here are the top coins to consider when investing for profitability;
1. Bitcoin
Bitcoin remains the most profitable crypto coin. Everything has been going right for the currency in recent times. Even before halving, the coin was already on a bullish run. It had become one of the best digital investment alternatives for investors looking for security.
The halving looks to keep it in the same trajectory. The halving couldn't have come at a better time. With the demand for the coin at an all-time high, the reduced supply must impact it. The laws of demand and supply will see it increase even further in value.
Most experts have already predicted a bullish run for the coin. So anyone looking to gain the most out of the crypto market should consider Bitcoin.
2. Zcash (ZEC)
Almost all the changes in the crypto world are growth-oriented. The crypto world is fast becoming mainstream. The traditional banking system is embracing crypto. Most governments are also reconsidering their hard stances on the cryptos. This is a boom for the crypto world with more expected growth.
The only concern, however, is on privacy. The more crypto becomes mainstream, the more regulations it comes with. After several concerns about the use of crypto for money laundering and other crimes, it needs more regulations.
Some traders are only drawn to crypto due to privacy. That is where Zcash comes in.
The altcoin takes pride in offering some of the most secure operating systems. Zcash looks to take advantage of the several traders looking for enhanced privacy. This will make it profitable more than the other altcoins in 2020.
3. Chainlink (LINK)
The need for internet security has seen a steady increase in the use of blockchain technology. Crypto technology uses smart contracts to execute secure transactions. Still, there is a need for external data for the system to operate efficiently, which makes Chainlink so important.
Chainlink has been growing at a fast pace. In January 2020, it was trading at around $4 in January. Fast forward to a jaw-dropping $16 today. The rise is one of the highest in the crypto world this year.
The coin embraces innovation. The year has seen it partner with several other entities to create new products. It doesn't seem like it will stop anytime soon. The more it advances, the higher the value will become. It will hence remain one of the most profitable cryptos in 2020.
4. Ripple (XRP)
Ripple is another coin that has kept its place as one of the top cryptos. It is mostly due to its role in the financial system. Ripple is an altcoin transforming cross-border money transfer.
The coin has made it a breeze for cross-border transactions. It spurs several corporations, banks, and other exchanges to send money across borders using its token.
The coin looks to gain from crypto becoming mainstream. Most traders are accepting crypto payments. They can always do with faster transactions irrespective of their location. Ripple is also partnering with established financial institutions for more growth. It means investing in the coin comes with assured profitability.
There has never been a better time to invest in crypto. This financial year looks to be the best yet for the crypto coins. There has been an increased uptake due to the pandemic.
The traditional economic systems are also accepting the crypto world. Ultimately the coin is becoming mainstream. The crypto market this year will be one of the most profitable ever.
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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
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