Hey there, welcome to the cryptocurrency forecast for the year 2020. Let’s dive in to know further.
The crypto industry is facing a lot of Ups and downs recently. The year 2019 cannot be fully termed as bearish or bullish as the cryptocurrency market experienced both these trends. However, November sees most of the currencies in the red region.
In this article, I would like to predict how the cryptocurrencies will fair in the year 2020. Below analysis and prediction are based on the current market trend.
Factors Affecting the Cryptocurrencies in 2020
Let’s see the factors that will affect the crypto market in 2020 🙂
- China’s Blockchain Adoption
As we all know, China is all set to adopt Blockchain into its day-to-day activities. The Chinese Government is diligently working towards this adoption. The news has already created quite a stir in the industry and the prices of most of the cryptos including Bitcoin have surged. This trend would likely continue in the coming year.
- Halving and Hard forks
2019 year-end and 2020 have many halving and hard forks events lined up. Bitcoin halving in May 2020, Bitcoin Cash Halving by May end, Ethereum hard fork in June 2020, Bitcoin hard fork in Jan 2020, Monero Hard Fork are some from the wide lists of such events. Each event will affect the crypto industry and prices will swing.
- Updated Crypto Regulations
As every country is either launching digital currency or adopting blockchain, new crypto regulations are bound to come into the market. Either the rules will be more strict towards crypto trading or will push the traders to alternate options. All-in-all, the crypto market will be affected in 2020 by these regulations.
- Introduction of New Coins/ Tokens
Every alternate day, there is a new coin being either launched or announced. Facebook’s Libra is the most sought out coin of 2020. With the anticipation of these coins, it is hard to predict on which side the crypto industry will lean.
- Other Miscellaneous factors.
Now, we have seen what are the factors that affect the cryptocurrencies. Let us have a look at how the bitcoin and some altcoins will fare in the upcoming year 2020.
How the Crypto market will be Affected in 2020?
It is common knowledge that whenever cryptocurrency is mentioned, Bitcoin is the first to come to all of our minds. Let us first analyze the topmost cryptocurrency, Bitcoin market in 2020.
Bitcoin, since its inception, has seen steady growth. It had reached an all-time high on Dec 2017, around $19k. Following that, the BTC price has seen a downtrend with occasional upsurge.
Based on the current market, Bitcoin is said to reach its all-time high of $20,000 by the first quarter of 2020. The second half of 2020 is what will be a deciding factor for Bitcoin price. With the scarcity of BTC Coins, the price is bound to increase in the second half. One of the influencers, John McAfee believe Bitcoin will rise with 100% and trade at $1 Million by 2020 end.
It is the second most popular cryptocurrency next to the BITCOIN. Ethereum went live in July 2015. Since then, if we look at the growth chart, there is a steady increase until 2017 end. However, in Jan 2018 the ETH price took a great upsurge reaching its highest ETH/USD price of $1396.42. Following that, the year 2018 and 2019 price saw a decline in the ETH prices. As of now, Ethereum’s price has a slight variation of around 1 to 2% leaning either on the positive or negative side.
Analyst CoinKir’s technical analysis expects Ethereum to start 2020 at around $720 and then slowly increase. By the end of 2020, they expect Ethereum to become more than double, to $1488. Another prediction comes from LongForecast service which predicts Ethereum price to face up’s and down’s ranging between $474 up to a high of $672. So is this possible? What do you think?
Moving onto the next altcoin. Ripple (XRP) is also among the top 5 cryptocurrencies. After Ripple was created in 2012. However, the price gained momentum, not until 2017. In Jan 2018, the XRP/USD price reached its peak at approx $3. Since then, to date, we see a lot of activity in the price chart.
Ripple price has the potential to hit $1.0 by the end of 2019 and increase towards its all-time high by the end of 2020. Tremendous growth is expected in 2020. According to another analyst WalletInvestor, XRP price may rise by 380 percent and reach $0.6-0.7 in a couple of years.
I have listed how some of the coins will fare individually in 2020. Let us see what the cryptocurrency forecast has to say in the upcoming Gregorian year 2020.
Cryptocurrency Forecast for 2020
As discussed earlier, this 2020 is gonna bring a lot of exciting changes and innovations in the cryptocurrency industry. The market analysis reports a steady rise in the no. of cryptocurrency and blockchain-related startups. Also, the ICO’s, mining, dApps, etc. are about to increase.
The blockchain industry is on the rise and expected to bloom in 2020. Many established companies like Coca-Cola, VISA, Walmart are adopting Blockchain in their day-to-day activities. Based on these analyses, it is easy to say that Cryptocurrency is the future.
Should you invest in Cryptocurrency in 2020?
The crypto market is still evolving and new coins or projects are being introduced at a faster pace. Many analysts are positive about cryptos in 2020. We bring forward some of the Analysts views:
- Tim Draper, a Venture Capital Investor has predicted that the cryptocurrency capitalization will increase up to $80 trillion in upcoming years.
- JP Morgan CEO, Lori Beer believes that Blockchain will replace the existing technology.
We think the cryptocurrencies on this list are among the top assets that will dominate in 2020. Should you wish to add some more points we might have forgotten, let us know on our Facebook & Twitter handle. We will surely consider it.