Overview of Promising Altcoins for 2020 (part 2)
Currently, there are more than 2,500 cryptocurrencies on the crypto market, and many more have long ceased to exist. To select promising and fundamentally strong projects from such a vast number of assets is an arduous task. In this article, we will continue to consider three promising projects that have the most considerable development and growth potential in 2020.
EOS is a blockchain for decentralized applications and has raised $4.2 billion during its ICO. To this day, EOS is a leader in the number of active users on the platform.
Based on the latest information from the China Information Technology Industry Development Center (CCID), the EOS blockchain still leads the cryptocurrency ranking by a substantial margin.
The EOS ICO was conducted by the private company called Block.one, which took on the responsibility of developing the EOS platform. Initially, Block.one planned to allocate more than $1 billion for the project. Better, after raising $4 billion during the ICO, they plan to continue investing even more in the further development of the EOS project. Additionally, Block.one recently announced that it would begin to vote on manufacturers. The goal is to become more involved in the management, performance, and competitiveness of the network. Block.one currently holds approximately 9.5% of the total EOS.
EOS has just announced the launch date for the beta version of Block.one Voice social network, which is available for testing. Voice will have an authentication login system that will allow access only to qualified users, thus eliminating the activity of bots.
One of the advantages of using this social network is the ability for users to earn tokens paid as a reward for creating content. Most active users of decentralized applications are on the EOS blockchain. The project has a considerable cash reserve to continue to develop its plan further and remains №1 in the digital asset market.
- Successful consolidation at the level of $3.50
- The main support area is in the range of $3.30–3.40
- Has a two-year uptrend
- A big surge in volume since the beginning of the year, which signals the presence of a large buyer
- The “Golden Cross” figure has formed, which is a positive signal for medium-term growth
- Lack of overbought signs on the RSI indicator
There is more to consider fundamentally about the EOS project than to simply ask questions about short-term speculation. Of course, this project has great potential for the extensive use of decentralized applications. And for long-term investments, an asset value below $3.50–4 can be a pretty attractive opportunity to acquire it.
NEO is one of the oldest projects.
- 2014 — Founded in June under the name Antshares
- 2015 — ICO raised $28 million
- 2017 — Antshares officially changed the project name to NEO in July
The project carefully continues to develop its platform and follow its roadmap. By the end of the first quarter of 2020, the project has planned many network updates and the addition of new modifications.
As a regulated project based in China, NEO has taken advantage of the country’s president’s comments on accelerating the implementation of blockchain technology. NEO Technical Director Erik Zhang noted that China’s plans for digital currency are affirmative, saying: “The new cross-chain technology developed by NEO can simplify the circulation and use of various digital currencies at NEO.”
According to Eric Zhang, the update will process 20,000 transactions per second and make the network suitable for large-scale commercial use. The transition to the new blockchain should be complete before the second quarter of 2020, and the test network will launch by June.
NEO 3.0 is a new version of the blockchain. Its main advantages are increased throughput, improved stability and security. In the future, services such as YouTube, AliPay, and gaming companies like Tencent and Blizzard will work on the blockchain. Neo 3.0 will provide the structure to allow large companies like these to do this.
For other news, Binance.US listed NEO on November 1, now customers in the US can buy and sell it on the exchange. In February, the exchange added support on the futures platform with the ability to trade with x50 leverage. Also, NEO is a candidate for Coinbase and Coinbase.Pro, which will allow the asset to attract American investors.
- Correction is underway after testing the mark of $17
- There is an upward trend line since October 2019
- In January, the Golden Cross figure formed, which is a sign of a medium-term price reversal
- Strong support level in the range of $8–9
- Entering the price range of $10–11 may be an excellent medium-term purchase.
NEO is a fundamentally strong and promising project. With market capitalization and asset value not much of a thought for the developers and CEO of the project, this only implies that the team is not interested in manipulating the course. They are fixated exclusively on developing their platform. If they succeed in realizing their plans, the asset will again be in the top 10 cryptocurrencies, and in the long term — renew its historical maximum.
0x is a protocol with an open source code which was created on the Ethereum smart-contracts platform. 0x was founded by two crypto enthusiasts — William Warren and Amir Banday. They are ex-employees of Coinbase and have great experience in crypto industry. And Fabio Berger is the Chief Engineer.
Here are the main tasks which developers plan to bring to life:
- The creation of innovative public infrastructure on 0x blockchain;
- Token liquidity increase in cryptocurrency exchange;
- Fundamental increasing the capabilities and forward worldwide development of initiative groups which aim to build new financial system.
The main protocol of 0x is a trustless-network (which doesn’t demand trust between the parts), where it is possible to exchange any tokens of ERC-20 standard directly without the external party. Thus, every transaction takes place without any contractor such as corporate exchange.
There are quite famous companies presented in their business partners list:
- Bluzelle is the blockchain project which deals with developing of decentralized databases;
- ChronoBank is the Australian bank which plans to imbed 0x protocol to their projects;
- OAX is the company which produces tokens (which allow to buy membership in DAO;
- Aragon is Ethereum-project which allows the creation of centralized organizations.
Among the advisors we also see interesting personalities — Fred Ehrsam (Coinbase), Joey Krug from Augur project, and David Sacks from Craft Ventures.
After the ending of ICO in 2017 project earned $24 million. The project team started its’ platform successfully. There are many decentralized exchanges launched on the platform. And Ethfinex (which is the unit of Hong Kong’s crypto exchange Bitfinex) is among them. In addition, the platform had updated to protocol v2 successfully.
0x protocol highlights that the team has developed qualitative digital product which is of high demand. And while such projects exist we can consider that decentralized crypto exchanges may become the future of digital trading.
- Long-term consolidation from the beginning of 2019;
- Asset has not still set higher of the resistance level of $0.35;
- The purchase zone is between $0.20–0.22;
- It has upward trend since September. Support line is on $0.20;
- If asset will be over $0.35 it will show strong upward trend up to $0.45–0.60;
The main ZRX team continues to be very active providing new upgrades and having global plans. Considering the constant progress of worldwide crypto market problems, DEXs platforms can be a good alternative in the time of absence of other variants.
The information contains analysis and forecast of the crypto-currency market, which are associated with high risks. This information is presented for informational purposes and in no way should be construed as a recommendation to buy or sell these assets. You must conduct your own thorough research before making any investment decisions. All risks, losses and expenses associated with investing, including the complete loss of the main deposit, are your responsibility.