Top 3 Altcoins for 2020
Bitcoin is currently showing the best start to a year in seven years, having reached $10,300 by mid-February while beginning January around $7,000, the king cryptocurrency has already risen in price by 40%. And further growth may continue at the end of the first quarter due to expectations for the upcoming event — Bitcoin halving in May 2020.
Due to rapid growth, the “digital gold” is losing a significant part of its dominance in the market, that is, part of the capital from Bitcoin goes into trading altcoins. The loss of only a few percent of domination often indicates the beginning of the alt season.
So that we can all enjoy the long-awaited alt-season, we tried to select fundamentally strong projects that could bring substantial returns to investors.
Ethereum is one of the promising and exciting projects. And most likely, it will reinforce its position after the upgrade of Ethereum 2.0. We should see even more growth upon the resolution of its scalability issue. For five years now, companies and projects have launched their platforms or business projects on the Ethereum blockchain.
Ethereum is now “…stronger than ever,” recently announced Vitalik Buterin on his Twitter account.
Ethereum is currently in the process of transitioning from the PoW (Proof-of-Work) consensus algorithm to the PoS (Proof-of-Stake) algorithm and is now testing its new PoS blockchain through its test network. Proof-of-Stake is when crypto holders store their assets in a specified compatible wallet or platform to help manage the network. In exchange, the holder will receive a passive income based on the amount of assets in the approved wallet.
Also, the prototype of the Ethereum 2.0 deposit contract interface has recently hit the network, which describes in detail the process of connecting validators to the Beacon Chain PoS network. We expect to see an Ethereum 2.0 audit report in mid-February.
As a result, the modernization of the main network will bring more benefits to ETH owners and the ecosystem as a whole. This upgrade should strengthen the position of Ethereum as a leader in networks designed for decentralized applications and, as a result, cost growth.
- ETH has an uptrend since December 2018
- The asset overcame the resistance of $240, and it appears to have successfully turned it into support
- Based on increased trading volumes, ETH may continue to grow further until it reaches the next key area of resistance at $290
- The main support area is in the range of $220–230
- Primary resistance levels are at $290 and $363
- Due to the high correlation with Bitcoin, the king coin can also play an essential role in continued growth for ETH
- In the case of a small price rollback, buying in the range of $200–220 may be a good entry point
In general, bullish mood prevails over ETH, if the price rises above $250, the bulls will aim to test the $300 mark soon thereafter, as evidenced by the positive news background and the expectation of a new network update.
VeChain (VET) is actively partnering with major Chinese manufacturers and is gradually introducing its blockchain into business practice.
In January 2020, Chinese President Xi Jinping and a delegation tested Limousin Label Rouge Beef. Using VeChain technology, they tracked beef outside the country.
VeChain, in collaboration with the DNV GL food certification group and the supply specialist ASI Group, introduced the Floodgates project. This blockchain solution was created for intercontinental transportation in the field of food and drinks.
VeChain is introducing new products at significant events such as China International Import Expo 2019 (CIIE), which has attracted the attention of 250 Fortune 500 partners with 3,000 companies from around the world. With the support of its government and president, VeChain is getting the assistance it needs to become a food tracking solution for large companies working with China.
In the coming days, Binance Futures expects to add VeChain with an unlimited VET / USDT contract and leverage of up to 50x.
VET shows positive technical features for further growth. After the formation of a price low at the level of $0.0057 in early February, the asset maintains a bullish mood.
- VeChain has a short and medium-term bull trend
- On the daily timeframe, there was a successful breaking of the triangle with fixing at the level of $0.007
- Continued growth to match the recent December 2019 high, then consolidation in the range of $0.0081 may be the catalyst for a breakthrough to the next significant resistance level at $0.01
- A tremendous surge in volume in VET signals the continuation of an uptrend
- Indicators show a lack of overbought assets on the Relative Strength Index on the daily timeframe
VeChain is designed for the mass integration of blockchain technology into business. Thus, the project seeks to develop elements that will simplify the real use of technology in business. Collaboration with large companies will allow VET technologies to get mass application, which will naturally affect the future value of the asset.
Tron Foundation CEO Justin Sun has recently become the top newsmaker in the crypto industry. All of his “announcements of announcements” are finally beginning to bear fruit, and one can’t help but notice the TRON Foundation team is actively continuing to develop its projects.
Tron is one of the most active and ambitious projects among the leaders of the crypto world. Last week, it became known that the developers of the project are working on an update that will allow members of the TRON ecosystem to carry out confidential transactions. The new feature will allow anyone to issue TRC-10 and TRC-20 standard tokens, suggesting increased privacy.
Another recent announcement that got people excited was that the BitsaCard would soon support Tron cryptocurrency.
BitsaCard is a debit card that allows you to spend cryptocurrency throughout Europe and works in the same way as VISA. Thus, thanks to the BitsaCard, TRON cryptocurrency will let Justin Sun, shine, even among the youngest market participants.
This news may contribute to the massive adoption of TRX, especially for a method of payment. Justin Sun is surely interested since Tron cryptocurrency is already in use on some platforms.
- December 18, 2019, reached its lowest level in the last few years
- Huge interest from buyers caused a surge of growth after the fall, and it was able to gain a foothold at around $0.023
- A Double Bottom pattern has formed, which may indicate a trend reversal
- The local support level is in the price range of $0.0225–0.0215
- Price successfully fixed at 55 EMA
- If the bullish mood continues, we can expect the next resistance level at $0.028 and the next critical level at $0.04.
The Tron project is famous for its aggressive marketing, and each upcoming event often accompanies an increase in the price of the asset. Justin Sun is actively developing the project and is doing everything possible to attract attention to his projects and the crypto industry in particular.
This information contains an analysis and forecast of the cryptocurrency market, which is 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.