Predictions for the coming months of the remainder of the year 2020 see the crypto space in domination with printed money deprecating in currency and the inevitability of inflation lurking around the corner due to the pandemic’s massive effect and danger in the world economy.
Bitcoin has been one of the most popular and successful types of cryptocurrency. Experts have claimed that it is going for a ‘bullish run’ in the market, based on the halving that occurs every four years. Some have argued that it is an ideal currency for investments in the next few months of the year. Next to it is Ethereum, trailing behind as one of the best performers in the crypto market. It has been praised for its blockchain ecosystem. Investors for 2020 likely sees it to be the best stake in its Proof of Work (PoW) network to Proof of Stake (PoS) conversion, therefore making the era of currency less complicated. Ethereum currently stands at $272.78 in price, with the midpoint daily trading capacity of $30 519 805 953 and flowing supply of 111 884 129 ETH. Bitcoin, on the other hand, is at $9,580.94, with a trading volume of $0.5 billion per day.
With Bitcoin’s stellar performance in the market, experts believe that its price will rise up to $10,337 by the 30th of September. They also expect prices to reach $12,948 by the end of the year, although some critics have pointed out it might be $2,000 more or less. However, seeing as to how the COVID-19 pandemic is still driving people inside their homes with no hope for a healthy state in the economy, critics have predicted it might drop more in price.
There have been many debates and predictions on whether ETH will be surpassing BTC in the remaining months. Analysts have asserted that ETH might grow at $311.92 based on its volatility index and analysis of patterns and volume profile. Crypto-rating’s price forecasting algorithm predicts that, in the coming six months, Ethereum will boost up to 69.29%. There is also a probability of it reaching $555.11 in the remainder of the year until 2021, garnering a 103.50% increase.
Another cryptocurrency in the waves is the Ripple (XRP). Investors have seen this cryptocurrency company as a valuable asset for investments. It currently holds at $0.207530, most notable for its robust system used in banking, payment, and international commerce networks. Its growth has not been promising. However, it is expected to fall in price at $0.02.
The pandemic has shaped the cryptocurrency market and pointed it in a different direction, with significant fluctuations and changes in exchange and token sales, especially in blockchain companies. In return, they have been forced to apply coping mechanisms to save their firms. However, with the development of blockchain technology, analysts have claimed that it might be the future and the safe haven while the pandemic is still ongoing.