Bitcoin was the first cryptocurrency and still remains the most popular and valuable. Cryptocurrencies like Ethereum are currently available, and a variety of others. Some are Bitcoin derivatives while others are forks or new cryptocurrencies which branches of the original one.
Crypto refers to the fact that various cryptography and encryption algorithms are used, for example, elliptic curve encryption, public-private key pairs, and hacking functions. Cryptocurrencies are systems for secure online transactions, denominated as a virtual token, representing internal ledger entries within the system itself. The term cryptocurrency is derived from the Greek word ‘Satoshi’ meaning digital money.
Let’s explore the outlook of cryptocurrency in 2020 and predict what we should expect this year:
In May 2020, Bitcoin will experience a big event as the coin will be “halving” its third block reward. Traders and analysts believe that in early 2020, Bitcoin will go beyond the all-time high of $20,000 due to a rally spurred by the coming halving. This price increase will have an impact on the value of bitcoin. It will also affect the market capitalization of bitcoin. Investors are also predicting a slow rebound for BTC in the coming year, with increases to follow after 2020.
One of Bitcoin’s most anticipated developments is the update to the Lightning Network. Implementation will bring the network more stability, resulting in more demands and growth. This is expected to be a major factor in the future adoption of bitcoin. Waves of applications, nodes and channels will be brought in 2020, based on the Lightning Network.
After Bitcoin, Ethereum has a long-held second place and is still the top altcoin in the crypto space. Ethereum’s growth has been driven by the increasing number of applications that use smart contracts. Known as the fastest network capable of managing enormous traffic. As ETH blockchain saw more and more projects building on top of its structure, it has seen its speed and the functionality of its main network impacted.
With upcoming major updates, such as Constantinople and Casper, Ethereum’s mining algorithm will shift from for Proof of Work to Proof of Stake. These changes could impact the price of ETH positively. Most traders hope the ETH will return to trading within $1,000 trading levels. Some traders are even speculating that ETH will reach $11,000. This could really be the roaring 20s. A comeback of this magnitude is highly optimistic.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Utter Blue Technologies LLC. Consult a financial advisor, before investing or buying cryptocurrencies.