As we have flown through the first quarter of 2019 it may be wise for investors and business entrepreneurs to start looking into the future and begin to take heed of professional predictions of the value of cryptocurrencies in 2020. The new year is fast approaching and although many don’t fear Bitcoin dropping in value as it did when the 2018 meltdown hit, there are still many other coins to take into consideration and along with that their value in the market. Currently there have been predictions as to what the top 10 coins will be in 2020, and from those, we have selected the top 5. If you are looking to invest or keep an eye on the market, here is what you need to know about the most destined cryptos in 2020.
Bitcoin is predicted to stay in the lead according to financial experts. Already there are a number of online companies which are solely based on trading Bitcoin. For example, online casinos have developed gaming platforms which only accept Bitcoin, while others, popular casinos, have begun the process of adopting the crypto as a payment option while other already have it as a payment option. Some of the most popular sites, like NetBet, are casinos which have been developed online. There is plentiful room for Bitcoin to grow as long as 2020 is as kind to online gaming as years recently passed have.
There has never been any doubt Ethereum would make it to the top 5 cryptos. As long as Bitcoin is around, Ethereumwll follow suit. Predictions have been made that the coin will still hold value in 2020, however, developers will need to ensure that improvements are made to keep the coin’s performance up to scratch before EOS needs to be introduced.
It shouldn’t come as a surprise that Ripple is an upcoming crypto bound to be in the lead pretty soon. Western Union and Ripple are negotiating going into partnership and forming an unbreakable bond. Some predictions have forecasted the value of the coin to reach 380%, ideal for long term investment planners.
EOS is making its name notorious all through the internet. We have been watching the recent spike of interested aimed at the coin and it has been predicted that EOS will become one of the leading system enterprise applications. Applications would be moved to this platform and it would become sensational as a decentralized coin powering massive social networks.
Litecoin remains untouchable, right up there next to Bitcoin, as the crypto is said to become interchangeable with Bitcoin. Informed predictions have estimated the coin to double in value come 2020, more proof of the coins predicted success.
These forecasts have been made in lieu of the recent success and potential growth of each currency. Online users are becoming more comfortable branching out and expanding their options. As Bitcoin remains king of them all, there will be more activity regarding the top coins predicted to dominate the market in terms of increasing in value and attracting more buyers.
Bitcoin (BTC) Could Become Next Global Reserve Currency: Anthony Pompliano
Anthony Pompliano of Morgan Creek Digital talks all things Bitcoin on CNN
During his interview with CNN’s Julia Chatterley, cryptocurrency evangelist Anthony Pompliano predicted that Bitcoin (BTC) could become the next global reserve currency.
“We believe that the Bitcoin monetary policy is superior to central banks’ monetary policy. Ultimately, Bitcoin will be the winner, and it will be the next global reserve currency at some point in the future.”
Old wine in a new bottle
Last week, Sweden’s Riksbank started testing e-krona. While the idea of issuing the coin is still up in the air, this pilot shows that the country is ahead of the curve when it comes to modernizing its financial infrastructure.
Pompliano believes that more central banks around the globe will follow Sweden’s lead. However, it doesn’t mean that their digital currencies are going to replace Bitcoin.
“Really what I think people need to understand is that all of the central bank digital currencies are simply taking the existing monetary policy and changing the technology form factor.”
Bitcoin fulfills its purposes
Pompliano also dispelled the myth that Bitcoin is only used for price speculations by pointing to the fact that its adjusted on-chain transaction volume surpassed half a trillion dollars.
“What it means that it will be bigger than Venmo, ApplePay, PayPal, etc. in terms of transaction volumes.”
Bitcoin is up 30 percent this year, which is enough to fulfill its purpose of a store of wealth, according to Pompliano.
A key technical indicator shows Bitcoin is highly undervalued despite selloff
Bitcoin has had a rough day, with the benchmark cryptocurrency plummeting towards the low-$9,000 region as bears gain full control of BTC’s price action.
This intense downwards pressure seems to mark an extension of the selling pressure that was first incurred when Bitcoin faced a sharp rejection at $10,000 this past Sunday.
In spite of the overt bearishness of the cryptocurrency’s current price action, it is important to keep in mind that one technical indicator is now showing that BTC could be significantly undervalued at the moment, suggesting that its mid-term uptrend may still have room to extend.
Bitcoin begins moving to the low-$9,000 region following strong rejection at $10,000
At the time of writing, Bitcoin is trading down just over 3% at its current price of $9,385, which marks a notable decline from daily highs of $9,700 that were set yesterday morning.
The ongoing selloff has marked an extension of the downwards momentum that was catalyzed by this past Sunday’s rejection at $10,000, with its inability to recapture its position within the five-figure price region pointing to the idea that further downside is imminent.
Teddy, a popular cryptocurrency analyst, explained in a recent tweet that Bitcoin’s market structure is growing increasingly bearish.
“BTC: Another day another low. And just like that, the bear structure continued to evolve.”
If Bitcoin’s bulls are unable to begin absorbing this selling pressure and fail to push the cryptocurrency higher, its intense bullishness seen throughout 2020 could soon dissolve.
This technical indicator shows BTC has room to grow
In spite of Bitcoin’s short-term bearishness, one technical indicator seems to suggest that the cryptocurrency could soon be on the cusp of seeing further upside, as it may be highly undervalued at the moment.
Glassnode, a blockchain research and analytics platform, spoke about Bitcoin’s MVRV Z-score in a recent tweet, concluding that it has “much room to grow.”
“The MVRV Z-Score is used to assess when Bitcoin is over/undervalued relative to its fair value. It can be used to identify market tops (red) and bottoms (green). Current value indicates there’s much room to grow for BTC.”
It is certainly a strong possibility that Bitcoin’s ongoing selloff will cut deeper, but its mid-term outlook still appears to be highly bullish.
Bitcoin News Today – Headlines for February 25
- Bitcoin plunged below $9,500 after it was rejected at $9,750
- Bitcoin is testing a major support level
- BTC has several hurdle points on the upside
Bitcoin News Today – The bulls have been struggling to push the price of Bitcoin higher over the past few days. Bitcoin has been hovering around the $9,800 mark and it just plunged towards the $9,500 support level against the US dollar. The price of the digital currency could plunge heavily if it settles below the key $9,500 support mark.
Bitcoin Is Down to Its Major Support Level
Recently, the price of Bitcoin (BTC) was rejected close to the $9,880 mark against the US dollar. The digital currency started a downtrend, plunged from the swing high of $9,847, and plunged below the $9,750 support level. Moreover, there was a break over the $9,680 mark and the 100 hourly simple moving average.
That move paved the way for more losses and the price of the digital currency plunged towards the key $9,500 support level, where the bulls showed up. The digital currency formed a swing low close to the $9,481 mark and the price is presently correcting higher. It broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $9,841 to the low of $9,481.
Bitcoin (BTC) Price Today – BTC / USD
Nevertheless, there are several resistances on the upside, starting with the $9,640 and $9,680 marks. More importantly, there is a formation of a key bearish trend line with a hurdle close to the $9,640 mark on the one-hour chart of BTC against the USD. On the downside, the major support of the digital currency is close to the $9,500 mark.
If Bitcoin (BTC) breaks below the $9,500 mark, the bears are likely to take over. If that happens, there are chances that the world’s most dominant digital currency would incur more losses towards the $9,300 and $9,050 support marks. Nevertheless, many analysts believe the digital currency is strongly supported on the downside, and it is more likely to surge higher than to revisit the $9k range.
Bitcoin Faces Many Hurdles on the Upside
On the upside, Bitcoin is facing a series of hurdles. The first hurdle is close to the $9,640 level. Over that level, the next hurdle is close to the 50 percent Fibonacci retracement level of the previous swing from the high of $9,841 to the low of $9,481. However, the major hurdle of the coin is close to the $9,740 mark and the 100 hourly simple moving average.
Hence, the bulls need to break over the trendline hurdle and amass traction over the 100 hourly simple moving average to begin a fresh rally in the near term. If this does not happen, there is a chance of a downtrend towards $9,500.