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3 Best Cryptocurrencies to Buy in 2020

3 Best Cryptocurrencies to Buy in 2020

27 Aug 2020

For those of you who don’t already know, 2019 was considered a dire year for most cryptocurrency traders as most well-established coins such as bitcoin showing a calamitous downward trend in its prices. This, however, should not discourage investors from taking on digital currency trading due to the volatile nature of cryptocurrency market; meaning that as it could go down big time, it also does go up in a similar manner. 

2020 has been a good year for crypto trading so far, and even with the COVID-19 crisis, major coins such as Bitcoin, Ripple and Ethereum displaying soaring prices. That is an indicator that falling prices at a point in time, should not be a turn-off for a benevolent long term investor.

In general, when you are looking to start investing in cryptocurrency, two main coin idiosyncrasies should lure you in: 

1. Market Capitalisation

This refers to the sum value of a certain cryptocurrency’s coins circulating in the market. You should opt to buy a cryptocurrency with a high market-cap as this means a high trading volume which is generally considered a positive sign.

2. Liquidity level

It indicates how easy and fast it is to turn your acquired coins into cash or different type of digital coin. A cryptocurrency with high liquidity means that highly traded in the market and can be sold at the market price. 

According to the above two indicators, here are the Top 3 Cryptocurrencies to buy in 2020:

1. Bitcoin 

It has the safest option when it comes to trading bitcoin, it is by far the most traded so far out of all the cryptocurrencies. It ranks number 1 on in market capitalization, trading volume and pricing as it stands today (23/07/2020) at 9516.90$. Although it may offer fewer rewards per block, apart from that, it stays the one cryptocurrency with the highest liquidity, but what is most attractive about bitcoin is the anonymity factor due to its increasing decentralized system which ensures the privacy of the trader

2. Ethereum

Ethereum is the first cryptocurrency to apply smart contacts in order to digitalize the transactions that go through it which is also used by many other projects. It comes after bitcoin in terms of market capitalization, liquidity and pricing; it is standing today at almost $265 coming up from $171.38 in a time period of 6 months. There more coins available of Ethereum than Bitcoin, plus it offers faster transactions due to digitalization, however less decentralization thus less privacy. 

3. Ripple 

Don’t fixate too much on its current price as it only stands today a little bit over $0.2 which does not look attractive, however, this cryptocurrency has big prospects. It is ranking 4th on due to its large market cap, and among the cryptocurrencies, it is considered to be the king of banking infrastructure as it’s currently partnered with big financial institutions among them is western union, to provide a much faster alternative to the tediously boring SWIFT system for transactions between large institutions. If ripple gets the support it needs and passes regulation this year as expected, it will explode in value.

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