With so much turbulence going on in the financial markets right now, many investors are looking to cryptocurrency as a bit of a way out. As you may know, there are hundreds of cryptocurrencies that now exist in the world. Each of them seems to promise a certain solution that is better than the next one, but when you really dive deep into the information, there are only a few that are destined to rise to the top.
This is precisely what we wanted to talk about within this article, so without prolonging things anymore, let’s jump right into it.
Bitcoin
As the granddaddy of all cryptocurrencies, all eyes are again on Bitcoin recently. Bitcoin is by far the most widely accepted cryptocurrency, as you can use it at online casinos and other e-commerce sites today. The reason for this Bitcoin excitement is mainly because of the recent halving that took place a few weeks ago. When you look through the history of Bitcoin halvings, the price typically seems to rise several months following an event such as this. This is because of the way that Bitcoin halving actually works.
When a halving is announced, the actual supply of Bitcoins flowing into the market becomes greatly reduced. This naturally limits the supply of Bitcoins and when you pay attention to basic economics, by having a reduced supply the price will naturally drive higher. This has been the case in all of the previous halvings of Bitcoin, and we expect that this one will be no different.
We also cannot ignore the fact that Bitcoin has been leading the pack out of all cryptocurrencies in the last few years. Whenever the cryptocurrency market as a whole starts to perform well, this is usually a direct result of the Bitcoin price increasing. As things progress over the next few months, we would expect that the price will begin to increase once more.
You can find info on Bitcoin and other cryptocurrency related information on cryptoly.net
Litecoin
Litecoin is a bit of an interesting one, and there are many investors that are unsure of how this will perform over the next few months. This is mainly because of how turbulent Litecoin has been within the markets.
For example, in the Australian online casino market, Litecoin is the fastest growing virtual cryptocurrency, while it’s not doing as well in other industries. Look beyond the recent turbulence, however, and the underlying justifications of using Litecoin are still solid. It is essentially a cryptocurrency with incredibly similar characteristics to Bitcoin, and from an investment perspective, currently, it is traded for just a fraction of the price.
This is one of the main reasons that Litecoin is appealing, as you can purchase many coins for just a few hundred dollars. Given that there is still a lot of speculation around cryptocurrencies, there is always a chance that the Litecoin value could shoot up, and since you could potentially purchase many coins at the moment, this could mean quite a substantial return on investment.
As we can probably all agree, however, nothing is certain with cryptocurrencies, so it remains to be seen how Litecoin actually performs over the coming months.
Ripple (XRP)
The Ripple cryptocurrency has been hot on the lips of many cryptocurrency enthusiasts recently. There are many people who are bullish on cryptocurrency that claim that Ripple will be the next big thing, and when you look into the actual specifics of this cryptocurrency, there are some justifications behind the statement.
To understand exactly how Ripple works, you must first understand that this cryptocurrency is designed to send money around the globe without any fees. In addition to sending money without any fees, the whole premise of Ripple is that transactions can be completed within seconds, which eradicates the need of any banks taking days to process international transactions. In a more exciting announcement recently, Ripple has now partnered with the National Bank of Egypt, which shows that it is gaining recognition within major global economies.
If Ripple continues like this, there is no reason that it cannot start reaching the peaks that other cryptocurrencies have managed to achieve.
Conclusion
While these three cryptocurrencies are definitely ones to get excited about, there are always others that are entering the market. As thrilling as this is considering the diversification of cryptocurrencies, we still believe that these three will remain solid throughout 2020. A lot of this will also depend on how Bitcoin reacts following the recent halving, and all we can do is sit and wait while the markets show us what lies in store.
