Cryptocurrencies have been making a comeback over the past year, and traders are regaining their hope for this niche market.
In January 2018, the crypto market took a huge dip, as Bitcoin, the main player, had a massive nosedive. The tragic event was rightfully named the Great Crypto Crash. With doubters going on and on about the Bitcoin bubble, many believed this was the swan song of the entire market.
Over the past year or so, cryptocurrencies have begun making a much needed comeback, with Bitcoin securing its spot over the $23,000 handle. The last time the crypto king’s market value was this high was in December 2017. Now it’s only natural that market analysts and crypto traders are trying to rekindle the flame with this market.
Setting aside any doubts regarding the future of the volatile crypto market, only one question remains:
Which Cryptocurrencies should you trade in the new year?
Read our list below and find out which 5 altcoins made the cut!
With Bitcoin’s huge upswing over the past year, the crypto monarch has managed to more than triple its market value. This crypto coin is considered the market’s trailblazer, as it paved the way into the market as well as with its unique technology – the blockchain.
It has also maintained its status as the King of the Cryptocurrencies unchallenged since its launch in 2009. It always had the biggest upswings and market value, making it a crowd favorite for crypto traders and market analysts.
Given earlier predictions and this upcoming year’s positive predictions, many believe this could be Bitcoin’s year.
This altcoin revolutionized the crypto market by introducing a new, separate version of the blockchain. Ethereum created an open platform where developers can create their own digital coins.
Nowadays, Ethereum is only about half of its previous cost at just over $600, so it’s a buyers’ market. In addition, unlike other cryptocurrencies, Ethereum was not shaken by the Coronavirus as a stress factor and stood strong throughout 2020.
Moreover, Ethereum processed more than $13.5 billion worth of exchanges just this past year, whereas in 2019 it processed just under $3 billion. Many are also awaiting the launch of Ethereum 2.0, which promises to make this altcoin even more efficient than it is now.
If you’re looking to start trading crypto in 2021, Litecoin is a great option at $110.73. While it might not be as bullish as Bitcoin, it has some clear advantages. Not is its price more pocket friendly for most new investors, its block processing takes only 2.5 minutes as opposed to a whopping 10 minutes. Furthermore, market analysts are speaking warmly of the altcoin’s developments that took place this past year.
The launch of LiteBringer, a role-playing game (RPG) that runs on Litecoin’s blockchain, translated into a dramatic increase in the number of transactions involving this digital coin. The Litecoin Foundation claimed the transactions have tripled in just one week, with over 75% of them attributed to the game. Experts predict that Litecoin’s market value could rise to the $600 handle next year with such a promising performance.
Bitcoin Cash (BCH)
With the sixth largest market cap at almost $4.7 billion, Bitcoin Cash is a force to be reckoned with. The digital currency launched in 2017 as an answer to the market’s concerns regarding Bitcoin’s scalability. Some market experts claim that Bitcoin Cash will rise to the $500 handle within the next 5 years. If that’s indeed the case for Bitcoin Cash, next year could be an opportune moment to buy it at its still lower price.
Crypto traders need to remember that Bitcoin Cash was a fork of the original Bitcoin. This means more often than not that there is a direct correlation between the two digital currencies. If Bitcoin continues on its journey rising to higher and higher market values during 2021, Bitcoin Cash could closely follow its success, albeit at a lower scale.
Originally founded on Ethereum’s one of a kind open-source network back in 2017, Tron now runs on an independent blockchain and utilizes a proof of stake to process transactions. The digital currency is currently hanging out under the $1 mark but is already rocking a $1.9 billion market cap. Tron may very well be one of the top picks for traders this year, as a growing number of organizations are adopting its blockchain platform. This platform hosts more decentralized apps than its top competitor Ethereum, which causes traders to speculate that this could give Tron a serious boost in the new year.
Over the past few years, Tron has seen some major swings but has begun stabilizing recently. Analysts are expecting it to rise to the 0.4 level at some point in the near future.
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