Top 10 Cryptocurrencies to Buy in 2020
There are over 5,500 cryptocurrencies currently in circulation. However, these ten are the best you can invest in at the moment.
Bitcoin will always lead the investment charge in the cryptocurrency sector because of its unique position. BTC is in a class of its own when it comes to cryptocurrency investment. Bitcoin is the industry leader and controls more than 60% of the entire cryptocurrency market. This means that it has the largest trading volume and market cap, hence, making it the primary investment asset for every investor.
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Furthermore, Bitcoin is the most used cryptocurrency in the world. It is used for a wide range of purposes, such as payment for goods and services, trading, and as an investment vehicle. The increasing use of Bitcoin in the real-world positively affects its price and this will likely boost its value in the short and long-term.
Bitcoin recently underwent its third mining halving event in May. This is one of the biggest events in the crypto space, and it is usually followed by a rally of the cryptocurrency. Analysts are estimating that the price of Bitcoin will increase drastically over the next year, making it an interesting investment option for traders globally.
Ethereum’s position in the cryptocurrency space is undisputed. It is the second-largest cryptocurrency by market cap and rightly so. Ethereum remains perhaps the most useful cryptocurrency as its blockchain is home to some of the leading decentralized apps and smart contracts in the world.
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The massive market cap and daily trading volume of Ethereum provide investors with the liquidity they need to successfully invest in and trade the asset. It is also easily available to all investors as it can be found on many cryptocurrency exchanges, P2P platforms, and brokerage platforms.
A development that is making Ethereum a darling amongst investors is the soon to be launched of the proof of stake (PoS). The Ethereum network is set to migrate to the PoS protocol over the current PoW (proof of work). The move will make the Ethereum network scalable, allowing it to handle more transactions per second. With that achievement, more dApps and smart contracts will likely be deployed on the network, and Ether (Ethereum’s native coin) will gain more users. This could lead to a spike in the price of ETH in both the short and long-term.
Amongst the native coins of cryptocurrency exchanges, the Binance coin (BNB) stands out. This isn’t a surprise because Binance was created in 2017 and instantly became the leading cryptocurrency exchange in the world, a position it has maintained and expanded on ever since. BNB is the native coin of the Binance ecosystem, allowing users to pay for transaction fees at a lower rate using the cryptocurrency, to purchase new project tokens, and to serve other functions.
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Binance has been expanding its presence in the cryptocurrency space by acquiring some crypto exchanges and other payment services. These acquisitions are setting up Binance to become perhaps the most valuable company in the cryptocurrency space. This is excellent for BNB as the cryptocurrency will likely be used on more platforms and services owned by Binance. The increasing usage of the Binance coin within the Binance ecosystem could lead to the further price surge, with BNB currently occupying the tenth spot in the crypto market cap ratings.
Only a few cryptocurrency projects are as exciting as Chainlink. It has strategically placed itself in a unique position within the cryptocurrency space. Chainlink provides both on-chain and off-chain services that allow other blockchains to obtain data feed and APIs with ease. Thanks to their services, blockchains can get on-chain and off-chain data with ease and in real-time.
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Several blockchains are using the Chainlink service to get the necessary information they require. This has increased the use of the LINK cryptocurrency over the past few months as it is now the ninth-largest cryptocurrency in terms of market cap. As more blockchains integrate it into their system, LINK will likely become an even more valuable cryptocurrency. As one of the top ten in the market, LINK has a market cap of nearly $3 billion and a trading volume of more than $1.4 billion per day. This means that investors will not struggle for liquidity when trading or investing in this cryptocurrency. Based on all of this, this makes ChainLink a good investment option for interested investors.
As one of the most exciting cryptocurrency projects with real-world use cases, Ripple deserves to be on this list. It is the fourth-largest cryptocurrency by market cap, valued at over $8 billion with a daily trading volume of nearly $1 million. This cryptocurrency has enough liquidity to handle a vast number of global investors and traders.
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The most enticing feature of XRP is its use in the real world. Ripple has developed several technologies that are deployed by banks and other financial institutions to handle cross-border remittance, faster and cheaper. Using Ripple solutions over SWIFT (Society for Worldwide Interbank Financial Telecommunication) saves banks both money and time when dealing with cross-border transactions. Most of these solutions are fueled by the XRP coin, and as banks use these technologies, the XRP coin gains more usage and value. As a result of this, XRP is currently one of the best cryptocurrencies to consider for investment in 2020.
Basic Attention Token (BAT)
One of the most interesting cryptocurrencies to keep an eye on in 2020 is the Basic Attention Token (BAT). It is an exciting project that has been gaining a lot of traction within the cryptocurrency space.
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The basic idea behind BAT is simple. Due to the current broken state of the digital advertising model, user and advertiser incentives do not often match. They are rather the opposite of each other. This means that consumers do not wait to watch the ads, but the advertisers want them to. BAT intends to realign the incentive structure in the digital advertisement network, enabling both the users and advertisers to enjoy the new model. As such, users are paid BAT coins when they watch ads in the Brave browser, which means that they gain financial incentives for watching an ad. With this, more customers will watch ads, and advertisers will get to sell more of their products or generate more brand awareness.
This is an excellent business model that is already generating more interest as more people start using cryptocurrencies. As more people use the Brave browser to access the internet, the use of BAT coins will likely increase, and so too will the price.
Monero is the top privacy-focused cryptocurrency on this list. It allows people to pay for goods and services and receive money online anonymously. Due to the nature of Monero, it is almost impossible to track transactions on the network.
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The features of Monero has made it largely popular among dark web users. XMR is also used by people who wish to pay for products and services without using their identities, especially in the porn industry. Monero is one of the leading cryptos, and the increasing usage of the cryptocurrency could set it up for a massive surge in its price.
Tron is another exciting cryptocurrency project that has gained traction over the past few years. Although it has dropped down the rank in terms of market cap, it remains one of the top digital currencies in the world. The acquisitions of Steemit and Bittorrent makes Tron a unique cryptocurrency project.
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Following the success Tron has achieved in the dApp and smart contracts sector, Tron is working on expanding its services into the decentralized finance (DeFi) sector. The zeal to venture into new territories and become a dominant player is another reason why Tron is a cryptocurrency to be considered seriously by investors.
Popularly called the Bitcoin sister, Litecoin was one of the first cryptocurrencies to be created to correct the failures of Bitcoin. It has survived in the market for nearly a decade and has always been one of the most valuable cryptocurrencies in the crypto space, despite the challenging economic climate of the industry.
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Litecoin has always been focused on micropayments. It has expanded its use cases amongst merchants all over the world over the past few years. However, what is attracting investors at the moment is the proposed Litecoin 2.0. According to founder Charlie Lee, the upcoming MimbleWimble upgrade will boost the scalability and privacy of the Litecoin network. The scalability of Litecoin will be greater than that of privacy-focused protocols, like Monero or Z-Cash. Hence, the reason why investors are interested is excited to see what this cryptocurrency has to offer going forward. When it comes to cryptocurrency investments, Litecoin is always one of the top coins to consider buying or investing in 2020.
One of the biggest winners recently is Cardano. This cryptocurrency has experienced a massive price boom over the past few months, and this could be because of the release of the Cardano Shelley upgrade. With this upgrade, Cardano is set to move into numerous areas in the cryptocurrency space, such as supply chains and decentralized finance. The launch of the Shelley upgrade will lead to a hard fork by the end of July, which is expected to make Cardano an even better cryptocurrency.
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The developments on track by the Cardano team, led by Charles Hoskinson, is something that has intrigued investors all over the world. Cardano has jumped to the seventh on the list in terms of market cap in the cryptocurrency space, showing how much confidence investors are having in the cryptocurrency. Based on all of this, Cardano should be another cryptocurrency to consider buying in 2020.