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Overview of The Top 3 Performers in Cryptos

cryptos

July 22, 2020 | 

JOHN K MWANIKI |  0 Comments| 

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Bitcoin was the main attraction in the last few years. For once, traders have been focusing on the positive news, which shows that the feeling is bullish. As the market matures, some traders are already pinpointing the correlation between prices in traditional asset classes and cryptocurrencies.

Not long ago, the Wall Street Journal told us that the correlation between gold and BTC trading was as high as 0.84.  

Sadly, the COVID-19 pandemic has caused shocks across the financial markets, and cryptos have gets not spared.

In early March, Bitcoin lost almost half of its value but has so far climbed up steadily to its initial value. The CEO of BitMex, Arthur Hayes, predicts that the worth of BTC could hit $10,000 by the end of this year.

Meanwhile, Ethereum is progressing with its development, expecting to release ETH2. Several other cryptos are also rising from the bottom.

After the much-loathed bear phase of 2018, which wiped out over $720 billion worth of market cap, we are seeing a lot of traditional investors jetting into the crypto market. Surprisingly, the current growth gets driven by various altcoins and tokens.   

For instance, in May, the ZRX token surged 67% to emerge as the best performing crypto. According to CoinDesk Research, BAT was the second most performing digital assets with an 18% gain.

The leading coin by market cap, Bitcoin, was third with an 11% return in May. Relatively new cryptos like Cosmos and Tezos are also gaining traction. With that said, we have narrowed down our analysis to three top performers. 

Bitcoin

BTC continued its dominance as a top performer in 2020. While the post-halving price rally is yet to happen, Bitcoin's mid-term outlook remains positive. BTC always finds its way back in the limelight.

The two characteristics that will propel Bitcoin in 2020 are limited supply and restrained supply.  

On June, Bitcoin's In/Out of the money chart indicator shows that more than 800 thousand addresses got purchased at between $8,825 and $8,943.

Analysts expect traders to create support at around the $8,900 range, whereas sellers will likely offer resistance near the $9,200 mark. It is evident from these price differences and the magnitude of trade that Bitcoin can move actively in either direction. 

Despite the recent price swings, BTC has proven that it can stand over time. Previous halvings have resulted in a rapid rise in price caused by constrained supply.

So, most analysts who are bullish about Bitcoin's price upsurge have been basing their argument on this history. 

Since March, ETH and BTC have both recorded over 150% in value, mainly driven by a surge in institutional and retail demand. The strong recovery of these two coins after the March and mid-May Bitcoin halving, have seen several other altcoins gain momentum. 

Ethereum

The Ethereum network got based on smart contracts that can be used by projects to digitize transactions. So, the critical factors that determine the success or failure of the system are the rapid adoption of their algorithms and future fork updates.  

While its native cryptocurrency, Ether (ETH), registered mixed performance in 2019, Ethereum networks wow the market with several exciting innovations. The Ethereum community has been waiting for the launch of ETH2, which will upgrade the capability of the net to become a blockbuster of financial service offerings. 

The main focus in the last few months has been the halving of Bitcoin value, but now that it is past, the next point of focus is probably the launch of Ethereum 2.0. If it is successful, then ETH will most likely outperform Bitcoin as we head to the end of the year.

The brains behind the latest Ethereum project are doing everything to fix bugs before the launch. The market has, for a long time, been waiting for a rally. This holding behaviour is evident from the amount of Ether getting held in external wallets.

For the past several months, about 78% of Ether hasn't getting transferred.  

Since the beginning of the year, ETH has outperformed BTC, with steady price movements. ETH price has already risen by over 50%; analysts believe that there is still a possibility for growth. The only thing is that this gets pegged on the launch of Ethereum 2.0. 

As of Jan 2020, the ETH value was about $130, but as of July 2020, it is trading at $232. According to the latest analytics, the level of activity on Ethereum is almost at its highest since 2018. 

Experts link the increase in Ether's activity and price appreciations to the bullishness over the many decentralized applications on the Ethereum network.

Despite the recent surge of stablecoins on Ethereum, some experts like Chris Thomas of Swissquote Bank are cautious about their long term survival.

He believes that the tightening bid-offer, as well as low-interest rates, are likely to drive stablecoins out of fashion. 

XRP

Ripple (XRP) completes our list of top 3 picks for 2020. Probably the most convenient time to invest in XRP. Ripple's price is currently trading at a significant discount, only comparable to the 2017 summer.

As of July 2020, the XRP price stands at $0.19. That is why it can trade over $3.6 billion per month. Overall, it has shown less volatility than mainstream digital currencies so that it can be good crypto for Holding. 

This digital currency has partnered with the world's largest financial institutions. If these banks adopt Ripple's XRP on a massive scale, that could propel its value in the long-term. Founded in 2012, Ripple got introduced to simplify payments. It can transfer more than 1,500 transactions in a second, as there is no need for a central exchange point.  

XRP's growth in the coming years relies heavily on the adoption of Ripple's technology and overcoming regulatory challenges.  

Wrap-up

In the last few years, an increasing number of investors are looking into the crypto space as some form of alternative to the pandemic-crippled traditional market. 2020 seems to be a promising year for crypto traders.

Most cryptos have already recovered from the March price decline. Investing in the above three will most likely mint you money both in the medium and long term.  

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