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November 9, 2020 |
JOHN K MWANIKI | 0 Comments|2213 Views
Get Into Cryptocurrency Trading Today
Investing in cryptocurrency remains one of the lucrative ventures. The sustained value increase in the year means assured income. Most coins have gained throughout the year, attracting newer users. Bitcoin especially has been useful as it confirms the "digital status." It has also become helpful in managing inflation.
Anyone considering investing in cryptocurrency still also harbors fears. There are concerns about volatility and security. Yet, the coins have been on a steady rise with positive returns the most likely.
This analysis looks into the crypto trends when investing in cryptocurrency. It also provides the top cryptocurrencies to invest in. By the end, you should be able to make a sound investment.
These are the trends to expect when investing in cryptocurrency for the rest of 2020;
Bitcoin keeps its place as the coin of interest. It is the leading digital currency and the measurement of the cryptocurrency market.
The coin has had such an eventful 2020. The first quarter saw the currency lose some ground. It was trading at the lows while reacting to the fiat economy decline.
The second and third quarters came with tremendous growth in the coin. It gained ground as it became an ideal alternative to the traditional economy. Most traders confirmed it could work as the "digital gold."
Even though the coin had a slow last quarter, it has picked up. Most traders feared the prospects of the currency declining below $10k. Going below the support levels would mean losses for most of them. It has since then regained and currently trading around 14,000USD. It is likely to rise even more as the year ends.
As the cryptos become mainstream, the need for regulation arises. The decentralized nature of virtual currencies means they aid illegal transactions. Illicit outfits like terrorists use it for funding. This has called for increased regulation of digital currencies.
The volatility of the coins is also a concern. Traders value security when it comes to spending money. These concerns have led to increased regulation interests.
Several countries already have blueprints on regulating cryptocurrencies. They are looking for a more centralized system. The first to enter the fray would be the crypto exchanges. They have to ensure more data collection.
The remaining two months of the year are not enough for all enactments. Instead, countries will be streamlining future regulations. For example, the European Union would be lobbying for its proposed regulatory framework.
The end of 2020 looks very promising for the cryptocurrency economy. For some time, changes in Bitcoin would affect the whole industry. Most currencies are becoming more independent. The year saw an Ethereum surge while Bitcoin was not as dominant. The growth was followed by a Defi boom, also separate from Bitcoin.
The current market trend has seen some currencies struggle in the market. Ethereum, Ripple, and Tether have all had a slight decline. They are still not likely to stay low for long.
The world is going for the next round of coronavirus wave. The subsequent lockdown would have a similar impact as the first one experienced earlier in the year. As most industries go on lockdown, the stocks. The government has to introduce more money into the economy.
The increased money circulation weakens the fiat currency. A weaker fiat means a more robust cryptocurrency.
Lockdown also increases reliance on the internet. Blockchain technology has also set itself as one of the most secure platforms.
Most people are now using blockchain for more functionalities. As people use more internet, they will turn to digital currencies. This is as merchants and stores also accept the coins.
Now that you understand the trends, you can invest in cryptocurrency. Even though the crypto economy will grow, some coins will perform better. Here are the best coins when investing in cryptocurrency before the year ends;
Bitcoin
No one has gone wrong investing in Bitcoin throughout the year. That is not likely to change as the year ends. Bitcoin remains a sure bet as it grows in use. The coin remains the king of cryptocurrencies; go for it.
Ethereum
While most people would prefer Bitcoin, not all can have it. Some cant afford the high costs. The others also don't like the concerns it comes with. For that, Ethereum is the ideal alternative. The coin has had the best run of the year. It supports several Defi currencies and other cryptocurrencies. As digital money remains useful, it becomes more investable.
Tether
While cryptocurrencies are gaining more ground, the volatility is still an issue. Tether is your coin if you want cryptocurrencies minus the volatile nature. This stablecoin ties its value to USD at a ratio of 1:1.
Most stablecoins have tried to join the cryptocurrency market. Tether meanwhile prospers. It remains an excellent investment as the year ends.
XRP
The need for reliable payment systems becomes dire as the year ends. Already XRP has revolutionized the options. It has edged out existing platforms like SWIFT. It still looks to become more integral. Put your money in the currency for returns.
Bitcoin Cash
Ranked by Coinmarketcap as the 5th coin, Bitcoin Cash is an ideal investment. The peer to peer makes digital transactions easier. It looks to become even more suitable due to the lower transaction fees. It also comes with faster speeds.
Investing in cryptocurrency remains viable as the year comes to an end. The coins have become reliable after a slow Q3. Bitcoin and other cryptocurrencies are on a bullish run. They are gaining from the increasing demand from online users. The demand is anchoring on the blockchain technology.
Bitcoin is also gaining from the effects of halving. Even though it occurred in May, the results go beyond a few months. The previous indications have shown a reliable value increase in preceding months. Anyone looking to invest in cryptocurrency is on the right path.
Still, there is always a need for diversification. Consider investing in several coins. The top of the options is Bitcoin, Ethereum, and Ripple. You can also consider Tether and Bitcoin Cash. The diversification allows for safety even if one fails due to the volatility.
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