Get Into Cryptocurrency Trading Today

If there is a group of people currently wishing they had kept quiet, it is the team that predicted the failure of the crypto markets. Even though a new currency in the economy, crypto coins have grown so fast.

With a good number of the world population still not accessing banking services, the growth of the crypto coins will continue for some time. 

However, the crypto coin is just not taking over the economy in 2020. It is still on a growth path that you can learn about through this article; 

Bitcoin Keeps the Dominance

Anyone who thinks they have heard enough of Bitcoin in the crypto world should not bother being in the industry in the first place.

Ever since Bitcoin launched as the first crypto coin, it has always traded above the other coins. It is all about catch-up when it comes to comparing Bitcoin with the other currencies. 

2020 has so far been an active year for the coin. Starting the year at a relatively stable point, the prevalent Covid-19 effects on the economy saw it plunge to some of the lowest values ever.

In March, it was trading at around $3,000. At this point, most investors got scared and considered dumping. The dump could have been worse had  Bitcoin not provided for selling limitations. 

Fast forward to barely a few months later, the coin has gained its top value. It has bounced back, going past the resistance levels of $10000. There is more to come through, as Bloomberg predicts the coin to hit the highest ever standards it reached in 2017 of $20000. 

That is not to say everyone is for Bitcoin. For example, Goldman Sachs has provided reasons why Bitcoin is not the ideal investment or asset. Not unless something extraordinary happens to the market, Bitcoin will finish 2020 as the leading cryptocurrency. 

The Rise of Altcoins 

Besides the ever-rising value of Bitcoin, altcoins are the different sets of coins doing exceptionally well in the 2020 crypto market. Some experts had predicted an altcoin rally as early as 2019, and it has come to pass. 

The first reason for the increase in the value of the altcoins is the entry of several new coins. At over 5,000 coins available in the market, the altcoins are reducing the Bitcoin’s dominance. 

The other reason for the rise of altcoin is the emergence of Coinbase as a custodian of the investors’ assets. With most investors trusting the coin, it keeps rising in value.  

Lastly, the altcoin is on a development spree to improve user experience. For example, the awaited Ethereum 2.0 has bolstered the second largest coin uptake in the market.

It promises to improve transaction speeds and privacy concerns. The more the coins become functional, the more they gain market traction. 

Most developers are already moving to the altcoin platforms to create apps independently. 

Increased Market Scrutiny 

Nothing beats anonymity as a selling point for the cryptos. With most users valuing their security more than anything, crypto becomes the ideal venture. Still, there is a concern that comes with anonymity. 

The total privacy aids criminals like drug dealers and human traffickers to transact unabated. The rise of these illegal sects has drawn the attention of most government operatives like the FBI, Homeland security, and Financial Crimes Enforcement Network.

These bodies are likely to introduce regulations that define the scope of anonymity when using crypto coins. 

The coins themselves have also had a run-in with cases of fraud and other illegalities. For example, reports emerged of Coin Diamond Square participating in wash-trading. Such cases have been on the rise with coins manipulating trades to attract more investors.

The other widespread coin scam is where developers offer a nonexistent currency. There is also the use of celebrities to launch fake coins, such as the latest Elon Mask Bitcoin giveaway. 

The security exchange regulatory bodies have upped their game in 2020 to contain such trading malpractices. 

Expansion of the Market 

If you think the crypto market has reached its peak, you might want to rethink it. The market is not saturated, far from it. With most coins still joining the market, users will most likely keep on finding the currency for their needs. 

The internet is also still expanding with its reach getting to newer places every other day. More people are adopting cryptos like never before.

It’s a worldwide trend with some countries like China and Japan already introducing crypto driven economies. 

Several companies are also introducing Bitcoin as a means of payment and adopting other blockchain systems. 

Wrap Up 

2020 is such a good market year for the crypto industry. With the rise of Bitcoin, altcoins, and other new entrants, the year will experience unprecedented growth. Still, there is a need to keep the market in check with additional regulations.

Buy & Sell Cryptocurrency Instantly