XRP could surge back to $0.30 while BTC is set to cruise past the $10,000 on its way to a $1 trillion market cap with a value of $50,000. However, ETH is still down in the dumps. We look deep into each of these stories and what's been trending on Twitter so you can get the low down on crypto's four most popular and trending stories online right now.
It is safe to say that 2020 has started very positively for many of the leading cryptocurrencies. BTC and ETH are both up around 30%, LTC has enjoyed a value increase of 40%, and BCH is up a staggering 80% with most other cryptocurrencies also enjoying varying success in terms of value increases in the market.
Ripple’s XRP has also enjoyed a good start with increases of around 20% in the last month and boy, does it need them. Of the cryptocurrencies that we have been tracking in our Weekly Crypto Reports, XRP was easily the biggest loser in 2019. It lost more than 45% of its value throughout the year but has already clawed back half of the in the first few weeks of 2020.
Could this uptrend continue for Ripple? According to analyst CryptoWolf, it is looking likely. Currently valued at $0.24, he believes that the altcoin will hit $0.30 in the coming weeks. Those that have held onto XRP during a tough year might just get the reprieve that they deserve.
The performance of BTC is often the catalyst for the performance of the cryptocurrency markets as a whole and as we previously mentioned, its value has risen 30% since the 1st of January. However, while many analysts are looking at the next Bitcoin halving sometime in May to provide another BTC positive price increase, Billy Bambrough, a crypto contributor at Forbes believes there is another reason why Bitcoin can expect a continual increase in value.
Titled 'Forget The Halving—Could This Be What Sends Bitcoin Over $10,000?', his article explains why people should focus more on the planned soft fork that is set to take place at Bitcoin later in the year. Expected by many analysts to be one of the most innovative additions to the Bitcoin protocol in its history, this soft fork is an upgrade that will improve privacy, scalability, and will enable transactions to be cheaper.
This upgrade is to be completed via three stages with many predicting them to be completed by the fourth quarter of 2020. So, with both the soft fork and the halving, which historically has prompted a sharp increase in the value of BTC, there is certainly a lot to look forward to in 2020.
After recent news revealing that Alphabet, the parent company of Google hit $1 trillion market capitalisation, many commentators including the VanEck strategist Gabor Gurbacs have been discussing the potential of Bitcoin one day having a market cap of the same value.
I’d like to see #Bitcoin hit the $1 trillion market value mark. I don’t think a $1 trillion Bitcoin is too far-fetched. What are your thoughts? Any good models or research? RT to get a good thread. https://t.co/Y47htMZUE7— Gabor Gurbacs (@gaborgurbacs) January 17, 2020
Bitcoin currently has a market cap of around $160 billion but it did once eclipse $330 billion back in 2017. To reach the trillion mark, Bitcoin would need to see a combination of the value of the dollar falling and an increase of money going into the cryptocurrency through the markets. That said, It seems that for many, the reality of this happening is not that far-fetched at all with some even suggesting that the aforementioned halving of Bitcoin alone could just do it.
The halving of the price that miners will be paid for the creation of BTC will slow down the rate at which new BTC comes on to the market. This historically has led to a sharp appreciation of the price of the cryptocurrency with the last one resulting in BTC topping out at over $17,000.
Could we be on the way towards a $50,000+ BTC in 2020? As that is the price that would be needed to finally gain a market cap of $1 trillion.
While there has been plenty of optimism and rightly so in the cryptocurrency markets of late, however recent selling interest has seen that increase in value stall and even decline in the past few days. In fact, as the tweet below confirms, from being in the mid $170s on Sunday, a sharp decline that evening saw ETH fall into the mid $160s. It has been there ever since through Monday and Tuesday.
The key now is whether the bulls can get in the act and help to propel the cryptocurrency onwards and upwards. Analysts believe that if it can climb back into the $170s, there is a very good chance that key resistance levels can rise to allow it to continue on an upward trend into the min $180s and even as high as the low $190s.
This seems to be the same for many cryptocurrencies at the moment as the urge for many to sell off the back of recent price spikes is proving strong for many. However, with many predicting big upward movements in 2020, this could be shortlived as many starts to see the potential in the coming months
A number of the major cryptocurrencies and also a large number of altcoins were left reeling after suffering what many have called Bloody Sunday. Havi...
In the eyes of some, there exists Bitcoin that is less than pure as a result of connection with criminal activity, and should therefore be regarded as...
US Marshals office to auction off nearly $37.5 million in seized Bitcoin on February 18th. On February 18th, we will see a sizable Bitcoin auction. W...
Crypto investors are in the greed phase with BTC's upsurge is in full swing, while stock markets drop globally as fears and emotions get the better of...