This year has arguably been the strangest and most unpredictable in recent history. The unexpected assassination of an Iranian general by a drone strike, an unprecedented global pandemic that has brought world economies to a standstill, the DeFi boom, the crypto selloff and of course the US Presidential Elections.
There were many more influencing events in the world of cryptocurrency as well. Bitcoin (BTC) had its highly anticipated halving event, as did other forked coins like Bitcoin Satoshi Vision (BSV) and Bitcoin Cash (BCH).
The launch date of Ethereum 2.0 has also been officially announced, and the crypto sphere is awash with enthusiasm this morning as the only task at hand seems to be identifying which digital assets are making the most significant gains.
Today, we take a closer look at five cryptocurrencies that are currently booming. A few are leading coins that have us on the edge of our seats, and a couple has surprised us, having the potential to show incredible growth in the short to mid-term.
Without further ado, let’s jump straight in.
#1: Bitcoin (BTC) Blast Off
Of course, our list must begin with the pioneer of them all, Bitcoin. After the March selloff, many investors held faith awaiting the halving event that took place the following May. However, as with the halving events that came before, the growth of the coin did not begin immediately.
One big surprise that Bitcoin brought to the table this year was the resistance that it held against the global pandemic. While commodities such as oil and stocks were hard-hit, the leading cryptocurrency has shown some unexpected stability.
Yesterday, Bitcoin reached its highest recorded price of 2020, flying past the resistance barrier to hit $14,560. The bulls have maintained the momentum today, as Bitcoin continues to rise toward the $16k mark, bringing along most other altcoins in its wake. The new end of year bull wave seems to have begun.
#2: Ethereum (ETH) Delirium
The Ethereum community is absolutely buzzing with excitement and speculation over the recently announced official date of the 2.0 upgrade. This event will see the second-largest cryptocurrency switch from its Proof of Work (PoW) consensus to a Proof of Stake (PoS) model.
Proof of Work is the protocol that blockchain was first founded upon, allowing miners to solve complex mathematical problems through a computer to earn a reward in cryptocurrency. As the use cases for this innovative technology have continued to evolve, so have the proposals in which a network can achieve consensus.
Holders of Ethereum will now have the opportunity to stake their investment in order to earn more ETH. There is no risk of losing coins – but potentially high rewards. However, a minimum amount of 32 Ethereum is needed in order to participate in staking.
Although there has been some difference of opinions concerning whether or not the upgrade will be good for Ethereum in the long-term, this minimum requirement to stake coins is sure to have many investors stocking up; promising to cause a surge in price for the short to mid-term.
#3: The Strongest LINK
Chainlink has been one of the great success stories of 2020. Starting the year at a value of around $2, this versatile token rose to trade above $19 just eight months later.
As a lower cap coin, LINK certainly experiences very high volatility, but the surprise has come with how it has held its value around the $7 mark, even when the markets have been facing a downturn across the board.
Chainlink has an interoperable network that can communicate and interact with other blockchains. For the investor with a keen eye, this presents quite a unique opportunity. You see, whether we have DeFi taking off, Ethereum leaping forward, or the mighty Bitcoin setting new heights; LINK will likely ride the tailcoats of success, having a use across multiple platforms. Today, Chainlink is approaching a value of $12.
It is very hard to speculate on a volatile altcoin, but I personally feel that Chainlink has many more exciting surprises to give us.
#4: The Ripple Effect (XRP)
The Ripple network has had a somewhat difficult year, with disappointments far outweighing small victories. Today could, however, mark a change in the wind for this long-standing coin.
XRP is nearing $0.25 at the time of writing. Only a couple of days ago, respected trader and crypto analyst Michael Van de Poppe reported to his Twitter followers that if XRP could hold its price between $0.22 – $0.23, a new rise could see this coin “rally to as high as $0.40 in the next cycle”.
It is worth mentioning that Crypto Michael has around 80,000 followers on Twitter, and if he is right about this, the Ripple will continue to grow bigger.
#5: The Age of Synthetix? (SNX)
An unexpected but worthy addition to our list today is Synthetix. In a world where most currency (including fiat) is held in a digital form, this derivatives liquidity ERC20 token “enables the issuance and trading of synthetic assets”.
It tracks the price of external synth assets, which include fiat currencies, commodities, cryptocurrencies and more, supporting any with a clear price and providing on-chain exposure to real-world assets. Using a smart-contract infrastructure, Synthetix is a token that is tailored towards active traders and investors.
This Ethereum token may only be positioned at #42 in the top 50 ranking coins, but it has shown incredible growth recently: Rising over 15% from only yesterday. If you are looking at potential short-term investments, SNX is one of today’s great winners.
Cryptocurrency is proving to be an extremely exciting and lucrative marketplace. Although this year has been very unpredictable, it has also been eventful and promising for these digital assets. The train may prove to be a rollercoaster, but personally, I am excited to take the ride.
Disclaimer: The information presented in this article is only the opinion of the individual who wrote it. This article in no way offers any investment advice, and you should exercise caution when investing in volatile cryptocurrencies. Learn all that you possibly can and never invest more than you can afford to lose.