Are you looking for the best way to invest your hard-earned money so that you can get maximum returns from it? Do you want to invest in cryptocurrencies but don’t know which will be the best to invest in this 2020?
Cryptocurrencies took the world by storm in 2017 with a whopping 1500% increase in bitcoin price, and this has led to an increased number of investors. However, because of the price volatility of cryptocurrencies, you need to know the right cryptocurrency to invest in, and that’s why this article is written.
Below are 2 cryptocurrencies to watch out for if you considering exploring the new frontier in 2020:
1. Bitcoin (BTC)
Bitcoin is the largest cryptocurrency on the crypto market. Since the creation of Bitcoin, it has grown through much criticism and disdain to become the most valuable cryptocurrency all over the world. The current price of Bitcoin is something to write home about, but more than that, it promises to break more grounds in the future, and 2020 will probably kick-start a new progress.
Bitcoin has a maximum supply of 21 million Bitcoins; presently, over 85% of the cryptocurrency has been mined with only about 3 million left to be mined. This already sets the tone for scarcity with the world’s population teeming to nearly 8 billion people. As the fight for a decentralized system rises more and more, there is an expected steady growth in the adoption of Bitcoin as a mode of payment.
In 2020, Bitcoin will still be the most dominant cryptocurrency and first choice for any investor seeking for a safer investment in the cryptocurrency ecosystem. More so because Bitcoin will undergo “halving – a situation in which the Bitcoin block reward is halved.”
When Bitcoin halved in 2012, it moved significantly from $11 to $1,100 within a year; the second halving in 2017 birthed an unbelievable $700 to over $20,000 rise at the end of 2017. It may be hard to precisely determine what Bitcoin may rise to this year, but it will be massive with an expected 1000% increase.
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2. Ethereum (ETH)
Ethereum was created by Vitalik Buterin in 2014 as a support for building crypto-based decentralized applications. Ether is the cryptocurrency of the Ethereum blockchain.
Ethereum peaked towards the start of 2018 when 1 ETH was worth over $1,400. Ether, today, is worth about $200 despite the many negative comments the technology has faced since its inception. As a strong support for creating many other cryptocurrencies, Ethereum will surely be a sought-after cryptocurrency in 2020, especially for those who are seeking to offer decentralized services.
Its smart contracts can encourage activities that will assist organizations to perform better and optimize their business processes effectively. Ethereum transactions are quick with transaction time as low as 15-20 seconds. This makes Ether cash an ideal instrument for exchanging cash, and this will help to foster more adoption in the coming months.
Ethereum also intends to launch the Ethereum 2.0 in 2020 to improve security and empower significantly faster transactions. All of these make Ethereum a viable cryptocurrency to invest in 2020.
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Cryptocurrency or the blockchain tech is a big deal which has not been fully unveiled.
As technological innovations such as machine learning, cognitive automation, and artificial intelligence are growing, the crypto tech will also gain ground by fixing the security issues common to those technological innovations. Eventually, investments on cryptocurrencies would yield very high ROIs.