Bitcoin is the first successful digital cryptocurrency that has made space for many other cryptocurrencies like Etherium, Ripple, Litecoin, Monero, and many new cryptocurrencies. 2020 was a significant year for Bitcoin as the crypt currency entered a new bullish cycle, and the price repeatedly has reached new heights throughout the year.
Furthermore, Bitcoin topped $20,000 in December, which marked a new milestone for investors. The upward trend of the Bitcoin’s price has also sparked interest in other cryptocurrencies and prompted investors to find the next best investment in 2020. But, with over 2,000 cryptocurrencies available, how is it possible to find the next ‘Bitcoin’ in 2020? With that in mind, we have picked four other important cryptocurrencies in 2020.
Bitcoin Cash
Bitcoin Cash is a fork of bitcoin created in 2017. Some of the differences between the original and Bitcoin Cash is that it has a bigger block size of 8 MB than Bitcoin, which means transactions on the network are processed quickly, and also generally, there are lower transfer fees. Another difference is that they have removed the Segregated Witness protocol. Anyone that is looking to learn more about different cryptocurrencies should check out reliable platforms like is learncrypto.com.
It features in-depth information on cryptocurrencies, blockchain technology, future applications of crypto, and more. Otherwise, Bitcoin Cash has a market capitalization of approximately $4.2 billion, and the price of Bitcoin Cash was around $323.75 in December 2020. Further growth is predicted of the cryptocurrency toward 2022, with a high price of $529.
Ethereum
Ethereum is the second-largest cryptocurrency by market cap after bitcoin (it has a market cap of around $40.6 billion in 2020), and it is also actively used around the world. It was created by Gavin Wood and Vitalik Buterin and launched in 2015. Ehterium is a decentralized, open-source platform that allows users to build ‘DApps’ (decentralized digital apps). The decentralized digital applications are used to facilitate transactions directly on the platform without the interference of third parties.
When it comes to the price of Ethereum, it also had a vertical climb in 2020 and has had an average price of $635.37 as of December 2020. Otherwise, it’s expected the price to reach $1,000 in 2021, while it’s estimated that it will be worth $35,000 in 2025.
Litecoin
Litecoin was released in 2011, and it’s one of the first cryptocurrency launched after Bitcoin in 2009. Litecoin has a market cap of $2.7 billion. Some appealing characteristics of Litecoin are that it has lower transaction fees than bitcoin, faster processing speed, and there is also a greater number of Litecoins available, around 84 million than BTC.
Litecoin is considered a major cryptocurrency, and the price has also increased, and it was around $47 by the end of 2020. Despite the slow rise of Litecoin, there are experts that predict that it will approach a price of $10,000 by 2023.
Monero
Monero is an open-source, decentralized cryptocurrency that was launched in 2014 by Nicolas van Saberhagen. Currently, Monero has a market cap of $2.58 billion and an average price of $167.16. It’s expected that the price to rise in the following period and surpass $1,400 by 2025.
Final Thoughts
Crytocurerneis are here to stay, and we’ll likely see an even greater number of digital cryptocurrencies developed by prominent brands in the future. In fact, Facebook, Air Asia, Mitsubishi UFJ Financial Group are working on developing their own digital cryptocurrency.
But, if you want to invest in cryptocurrencies, it’s always important to keep in mind that they are still considered volatile assets. However, the spectacular rise of Bitcoin in 2020 has definitely prompted a lot more businesses, institutions, and people to learn more about cryptocurrencies and start investing.
