In this article let’s go through some of the reasons why the 2020 crypto market looks bullish, recap on some of the top projects, and discuss some of the progress the market has made.
Nothing should be considered investment or financial advice. Enjoy the ride.
2020 Crypto Market
To kick this post off, I want to start by saying Happy Thanksgiving to all of our American friends. For those of you around the world unfamiliar with this holiday, it is where Americans eat Turkey and pretend to be happy. You should try it out.
Back to the point of this article and looking back, the 2019 market seemed to rekindle a lot of investor sentiment, and it continues to do so with Bitcoin holding strong above the $7,000 levels as we move into the most bullish time of the year. Specifically, we had a strong recovery coming from April through the summer months that was unexpected across the market.
Sadly, these strong up movements have maintained to hold solely in Bitcoin and have not made their way into the altcoins yet. This leaves many heavy bags holders wondering, will altcoins ever recover?
Alt Coin Season
Focusing on the elephant in the room, the altcoins have not preformed as expected at all. Across the entire market, almost every coin has disappointed investors and speculators even the daddy of them all Ethereum scrapping the bottom. We did have a fun meme battle with Ripple at the start of the year where Ripple took off all the way up to $0.70 and surpassed Ethereum, but the tides have quickly reset back to normal and XRP rests in third place at around $0.22 per coin.
Abysmal would be an accurate description of the altcoin market from a price stand point. Although, for those who are actually interesting in the tech and development side, the 2019 lull market was very necessary for the future of the market.
The market is full of promising projects and teams, so lets take a look at some of the top projects real quick before we continue to 2020.
Namely, Ethereum has faced harsh scrutiny as the developments have been delayed time and time again. The entire market seems to be at a stand still until this coin gets it’s act together and sparks the next bull run with its Constantinople update. The staking feature is sure to give the market a nice boost as well reviving most of the token market.
Ripple.. I mean XRP
Ripple has likewise died down in terms of hype and influence. The coin still has massive potential, but I believe most people have realized its place in the market is to extend crypto exposure and not uphold the ideals of the decentralized world. Regardless, this coin has plenty of partnerships and currently needs true adoption from the IMF or governing countries to spark a fire.
BSV, BCH, BWTF, LTC
In the tradition of giving thanks, let’s give thanks that Craig Wright is no longer head lines and Bitcoin Jesus, Roger Ver, has been in the shadows. In other news, Litecoin is holding strong to a top ten position due to its long-term exposure in the market. Although, the recent realizations about the development team and Charlie Lee’s position on the project, the founder of Litecoin, do not bid this coin a long-term success rate.
EOS vs TRON
Between the two giants EOS and TRON, it is clear that EOS has maintained a more suitable approach to the market of actually building partnerships and working products over Tron’s CEO, Justin Sun, annoying the market with fake news and avoiding authorities in Chinese scandals. It also seems that EOS has taken on the responsibility of being the gaming based blockchain. This is a huge market and industry for EOS to dive into, and it seems it is going quite well for the team. TRON truly needs to find a market to bridge into to stay relevant or perhaps change leadership.
The world’s favorite exchange Binance continues to make strides by successfully restructuring and continually pushing the market to new heights. Their native exchange token, Binance Coin, is still sitting at the top of the market showing its diligence and resilience to bearish news and FUD.
While this was the most anticipated project at the end of 2018 and early 2019, Cardano has started to break away from the mass media and focus on its objective, Shelly. Charles Hoskinson has started recently doing random AMAs again which is nice for those trying to keep up with development, but overall this project is similarly in the same position as Ethereum. There is plenty of potential and eyes on this project, but only time will tell if any of the waiting is worth it. In Charles we trust?
One of the projects that was projected to replace Bitcoin, IOTA, has been struggling to maintain a top 20 spot in the market. Mainly due to the confusing nature of the Tangle, IOTA has started to make huge strides across the world with bizarre partnerships. Even recently IOTA has partnered with HyperLedger to provide payment solutions with their friction-less and fee-less payment system. Dominick and his team have their work cut out for them, but the sky is still the limit with a project like this.
Now that we’ve touched base on all of the important projects in the space, let’s look at 2020. The main thing algorithms and speculators are going to point towards for indication of price movement is the Bitcoin Halving that is quickly approaching.
On a macro scale this will cut the supply of Bitcoin feeding the market, but will it be enough to inflate the price to bubble levels again? More than likely, it will put a squeeze on the mining industry and OTC space. It usually takes a year or two for that squeeze to trickle into the mass market.
Although this is closely related to the American economy, the American presidential election is important for the whole world. With America leading in terms relevance and impact, the presidential election years have historically posted higher volatility in the market and in returns. With this influx of uncertainty and possible cash flow, companies and wealthy individuals could look to hedge into other means of investments, hopefully crypto.
2020 Looks Bullish for Crypto
Combining these scenarios of the Bitcoin halving, Presidential election year, huge updates on altcoins, and massive world exposure from China and the E.U, the 2020 crypto market seems overall bullish. The world economy has not quite peaked yet, and we can easily see another 2-5 years of growth. All in all, these are good signs for bag holders and Bitcoin moon boys.