The world is going through a global health crisis today, with the spread of COVID-19. Most of the world has gone in lockdown, severely affecting their economies. This has affected the financial markets as well, which includes cryptocurrencies, exchanges, and traders.
The current sentiment on cryptos today is that it is not the financial safe heaven that it is thought to be. Back then, cryptocurrencies such as Bitcoin were heralded as a safe place when a global disruption to the financial market occurs. However, investment in cryptocurrency has also suffered from the pandemic. Nevertheless, we will list out the top 10 cryptocurrency to invest in this 2020.
1. Bitcoin (BTC)
There is no doubt that Bitcoin is still the safest cryptocurrency to invest in, even with the current coronavirus crisis. It has seen a huge loss of price back on March 13, 2020, the blockchain technology supports the crypto market by with prices going down from 7,830.17 USD to 4,564.34 USD in just a single day, investing in cryptocurrencies like bitcoin became a little hard this days.
Having said that, the price is on a steady increase ever since, and the current price today has already recovered from that steep loss. Bitcoin is trading at 7,647.24 USD a year ago, 7,672.49 USD 6 months ago, and trading today at 9,530.44 USD. Undoubtedly, Bitcoin is still the most popular in terms of market capitalization, at 117.81 billion U.S. Dollars as of Apr. 2, 2020.
2. Ethereum (ETH)
Ethereum is a great alternative to Bitcoin. It is a decentralized application system that makes it possible for Smart Contracts. It also supports Decentralized Applications, also known as DApps. Decentralized Applications can be developed and run using blockchain technology with virtually no outages, scams, regulation, or disturbance from other parties.
The programs on Ethereum are designed with Ether, the cryptographic attention token of the platform. Basic attention token of Ether is similar to a vehicle for getting around the platform. For that reason, the crypto world of Ether is desired generally by developers who want to create applications within the Ethereum network.
Ether is also sought to be one of the best cryptocurrency to invest in according to investors. Ether business model and smart contracts were released back in 2015, and today, it is the second-biggest cryptocurrency in terms of market capitalization proving it to be one of the major cryptocurrency to invest in which is just a notch behind Bitcoin.
In line with that, the difference between Ethereum and Bitcoin is still huge. By January of 2020, the market capitalization of Ethereum is just 10% of the market cap of Bitcoin. Ether is trading at 243.98 USD a year ago, trading at 162.37 USD 6 months ago, and currently trading today at 199.82 USD.
For the duration of 2014, Ether created a pre-sale for its basic attention token, ether. This move gained a tremendously positive reaction, which paved the way for the blockchain development and widespread use of initial coin offerings or ICOs.
As outlined by Ethereum, their platform can be employed to execute, decentralize, protect, and trade almost anything. After the exploit attack on DAO blockchain back in 2016, Ether was separated into two separate tokens Ethereum (ETH) and Ethereum Classic (ETC).
Then 4 years later, Ethereum (ETH) now features a market capitalization of $15.6 billion and a per token price of 142.54 dollars. This only proves that Ether is a top competitor and of the best cryptocurrencies to invest in this year. (last updated: Jan 8, 2020)
3. Ripple (XRP)
Ripple is a live global payment network that provides immediate and cheap overseas payments. Introduced back in 2012, Ripple was advertised to facilitate banking institutions to process cross country transactions in real-time and transparency as allowed by cryptocurrency. All of that came at a reduced price, compared to common methods of international payment processing.
Ripple has a unique blockchain and smart contract form for validation of process, which is known as consensus ledger. Ripple’s consensus ledger is different from the decentralized ledger of Bitcoin and other cryptocurrencies since it does not demand mining from users.
In fact, every one of Ripple’s XRP tokens had been “pre-mined” prior to the introduction of the crypto. This means that no new Ripple XRP tokens are created with mining, and tokens are just introduced and taken away from the market supply, as dictated by the guidelines of the network.
Investing in cryptocurrencies in this manner, Ripple stands above other cryptocurrencies such as Bitcoin and other altcoins that require mining. Because Ripple’s framework does not demand to mine, it decreases the need for processing power and reduces latency in the network.
Up to now, Ripple has found good results with its existing structure, making it a top contender for cryptocurrency to invest this 2020. Since Ripple is one of the top contenders for cryptocurrencies to invest this year, it continues to be one of the most attractive cryptocurrencies preferred by old fashioned banking institutions.
Ripple is also the third biggest cryptocurrencies to invest in terms of market capitalization, dynamic blockchain technology, with a market cap of 9.2 billion dollars as of Jan 8, 2020, with a per-token price of $0.21. Ripple (XRP) is trading at $0.371334 USD a year ago, $0.241800 USD 6 months ago, and trading today at $0.195015 USD.
4. Tether (USDT)
Tether was among the pioneers and preferred category of “stablecoins” With its namesake, “stablecoins” are cryptocurrencies that seeks to tie up their market value to a currency or other outside reference point in a bid to lessen their volatility.
This is a direct effort to stabilize the volatile nature of cryptocurrencies, which are prone to big episodes of volatility, which does not spare even big cryptocurrencies such as Bitcoin. Tether, as well as other stablecoins, tried to lessen price movements to be able to appeal to customers who are cautious about the volatility of cryptocurrency.
Released way back in 2014, Tether identifies as a platform powered by blockchain, built to assist in the application of fiat currencies in digital form. This effectively allows the cryptocurrency to employ a blockchain system and other associated technologies to work with traditional currencies while reducing the volatility and sophistication of cryptocurrencies. Simply put, stablecoins such as Tether allows traditional currencies to take advantage of the blockchain platform of cryptocurrencies while mitigating its downside (complexity, volatility.)
As of January 8, Tether is the fourth biggest cryptocurrency in terms of market capitalization, with a combined market cap of 4.6 billion, with a per-token price of 1.00 USD. Tether (USDT) is trading at $1.00 USD a year ago, $1.00 USD 6 months ago, and trading today at $0.999644 USD.
5. Litecoin (LTC)
Litecoin was developed by Charlie Lee, a graduate of MIT who previously worked as an engineer at Google. Litecoin is dependent on an open-source international transaction system. This system is not governed by any kind of central authority, similar to Bitcoin. Litecoin requires its own equivalent of proof of concept called “scrypt.” Unlike Bitcoin, Litecoin has a quicker block creation rate and therefore, it has a quicker transaction verification time.
Apart from programmers, there is an increasing variety of retailers and merchants that take Litecoin as payment. By Jan. 8, 2020, Litecoin has a total market capitalization of $3.0 billion and had a per-token price of $46.92. With this, Litecoin is the 6th biggest cryptocurrency. Litecoin (LTC) is trading at $86.77 USD a year ago, $50.36 USD 6 months ago, and trading today at $43.16 USD.
6. Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a very important landmark in altcoins since it is one of the very first successful alternatives to Bitcoin, paving the way for competition to pop up. Within the cryptocurrency community, an alternative to Bitcoin is the consequence of arguments and disputes among crypto developers and crypto miners.
As a result of the decentralized aspect of cryptocurrencies, big changes to the programming of a cryptocurrency should be developed with the agreement of the public. The procedure for this is different, which is dependant on the cryptocurrency being changed.
If the group of developers and miners cannot agree together, it is possible for a cryptocurrency to break up, with the people agreeing with the original cryptocurrency remaining with it, while those who are not satisfied creates a new cryptocurrency of their own, implementing the changes that they want.
Bitcoin Cash was the result of such a split. The disagreement that caused Bitcoin Cash to be created is related to concern for scalability. The original Bitcoin only supports 1 megabyte with regards to the size of its blocks. Bitcoin Cash modified the size allowed, increasing it to 8 megabytes, with the concept that having a bigger block size will result in quicker transaction processing.
Bitcoin Cash also made some changes, like getting rid of the Segregated Witness protocol, which affects the size of blocks. Bitcoin Cash has a market capitalization of 4.4 billion USD and a per token value of $240.80 as of Jan 8, 2020. Bitcoin Cash (BCH) is trading at $385.31 USD a year ago, $221.69 USD 6 months ago, and trading today at $229.86 USD. Bitcoin Cash has experienced a big dip in price in the last 12 months, however, it is currently on a slow rise. Nevertheless, be cautious when purchasing new BCH tokens.
7. EOS (EOS)
EOS is one of the newer cryptocurrencies on this list. It was released back in June of 2018. The cryptocurrency was launched by Dan Larimer, a cryptocurrency pioneer also known for founding Bitshares, a crypto exchange, and Steemit, a social media platform focusing on cryptocurrency.
Similar to other cryptocurrencies presented in this list, EOS was built with Ethereum in mind. As such, it also provides a platform in which application programmers can Create decentralized programs. However, EOS is noteworthy for several additional reasons.
First of all, they had a long and profitable initial coin offering, generating a total of $4 billion, which set a record in the cryptocurrency industry.
EOS provides an assigned proof-of-stake process aimed to provide scalability that is better than its competitors. EOS includes EOS.IO, which serves as the operating system of the cryptos. It also functions as the blockchain network for the cryptocurrency and its tokens.
Additionally, EOS is also innovative since it doesn’t have a mining procedure to generate coins. As an alternative, block makers produce blocks, which are then compensated with EOS tokens. The number of rewarded EOS tokens is depending on their generation rates. EOS features a complicated guideline to oversee this procedure, with the notion that the cryptocurrency market will eventually become more decentralized and unrestricted compared with traditional cryptocurrencies.
By Jan 2020, EOS has a market capitalization of $2.7 billion, and a per token price of $2.85. EOS was trading at $5.81 USD a year ago, $2.67 USD 6 months ago, and currently trading at $2.50 USD today. We currently don’t recommend trading EOS tokens at the moment, unless if you have much confidence that this particular crypto will increase in value soon.
8. Binance Coin (BNB)
Binance Coin is unique in that it is provided by a cryptocurrency exchange platform, Binance. Binance exchange was formed back in 2017, and within the last three years, it experienced massive success, becoming the biggest exchange cryptocurrency in the world when it comes to trade volume.
It is always a good idea to purchase Binance Coin tokens, as it will allow you to have access to numerous cryptocurrencies and altcoins available in the Binance exchange platform. BNB is utilized to assist in transaction charges within the exchange.
Additionally, you can use Binance Coin for paying for goods and services. As of January of 2020, Binance Coin has a total market capitalization of $2.3 billion and has a token price of $14.71. Binance Coin (BNB) is trading at $30.71 USD a year ago, $16.45 USD 6 months ago, and trading today at $16.40 USD.
The price of Binance coins has dipped almost 100 percent 12 months ago, however, it is somewhat stable today. With the varied use of Binance Coin in purchasing other cryptocurrencies and the standing of Binance as the top crypto exchange of the world, it is never a bad idea to purchase Binance Coin.
9. Monero (XMR)
Monero is an open-source cryptocurrency touted for its great security, protection of personal info. Monero was released back in April 2014, and eventually, it got the attention of many crypto enthusiasts and investors. The creation of the Monero cryptocurrency is supported entirely with donations, and with the help of the community. Monero was introduced with a formidable dedication to decentralization as well as scalability. It also achieved its privacy, identity protection, and untraceability with the help of a specialized method known as “ring signatures.”
Ring signatures use multiple cryptographic signatures on every transaction. All of those signatures are valid, however, there is only legitimate one out of all the signatures. As such, it is impossible to identify the real signature. As a result of the outstanding protection mechanisms of Monero, the cryptocurrency has gotten an undesirable status of being linked to criminal operations internationally.
Having said that, regardless of its good or bad usage, there is no doubt that Monero was able to produce an important privacy measure to the crypto community. Monero currently has a market capitalization of 994.0 million USD, with a token value of $57.16. Monero (XMR) is trading at $81.69 USD a year ago, $52.55 USD 6 months ago, and trading today at $62.21 USD. Monero has experienced a dip in value, however, it is now currently on the rise, although it hasn’t recovered much.
10. Bitcoin SV (BSV)
Bitcoin SV is another fork of Bitcoin. However, it originated not from the original Bitcoin, but rather it was a derivative of the Bitcoin Cash altcoin. As such, it is considered as a fork of the original cryptocurrency.
The “SV” in Bitcoin SV stands for “Satoshi Vision.” Bitcoin SV started its life when a planned system update for Bitcoin Cashback in November 2018 caused a prolonged argument between Bitcoin Cash miners and developers within the BCH community.
This eventually led to the Bitcoin SV fork, which restored the original method used by Satoshi Nakamoto, the developer of Bitcoin. This altcoin is unique in the sense that it allows new advancements to improve the stability of the cryptocurrency, and to improve scalability. The developers of Bitcoin SV also prioritizes the development of safety measures as well as quick processing times of transactions.
Bitcoin SV has a total market capitalization of $2.1 billion as of Jan. 2020, and it has a per-token value of $114.43. Bitcoin SV (BSV) is trading at $97.75 USD a year ago, $96.25 USD 6 months ago, and trading today at $197.08 USD.
Now that you have a general idea of which cryptocurrency to buy, you might be wondering where to get one. You can purchase cryptocurrency through exchanges. Some of the leading exchanges of cryptocurrencies include Coinbase, Binance, Kraken, and Bitfinex.