Cryptocurrency has now become a major decentralized form of financial technology. We cannot say that it will completely wipe off the traditional currencies, which is indeed not possible, but somehow, it has laid its importance among the businesses and investors across the world. Nowadays, people are showing greater interest in updating themselves with the latest ICO news, and other topics on sites like Cryptoknowmics. Today, I will mention some of the top cryptocurrency trends of 2020.
One cannot imagine the cryptocurrency market without speculation. It is especially prevalent in terms of analyzing the prices of digital currencies, not only for the present aspect but also for the future. The speculation of booming cryptocurrencies proving their worth and expected implementation, has been one of the reasons for their existence.
It is obvious to notice that the quality of conjecture has been a part of the uncertainty in the market of cryptocurrency. Other than that, there have been token schemes of suspicious nature, and troublemakers filling up the crypto space. There have been instances wherein new digital ledgers, blockchain has been hyped excessively, or been out of reach. It seems very hard for financial markets to have the idea about crypto since this market has been popular for its unexpected heaps and bounds.
No matter, it is not expected that the current year (2020) would pacify the market of cryptocurrency, but it does ensure some notable changes. This would become the reason for the growth of new digital assets, and will also indicate how it might become the core part of the financial world in the upcoming scenario.
However, according to the present and new crypto market trends, and discussion with the industrial experts, it is possible to observe some remarkable cryptocurrency trends that are going to bring changes in the digital monetary assets in 2020 and beyond.
One of the noted cryptocurrency trends that had happened in the current year in May is Bitcoin halving. This will result in the reduction of BTC numbers, acknowledged for successful block mining. It is not the first time we are seeing this. Bitcoin halving had taken place before with compelling action in the price of BTC.
In the months of 2012, the price of the dominant cryptocurrency, Bitcoin, went below $10 and rose above to $100. The top cryptocurrency then leaped in 2016, rising from $400, before halving took place, two times by the year-end.
Emergence Of Facebook Currency
The emergence of Libra is also one of the top cryptocurrency trends that took place in 2020. For your information, Libra is the cryptocurrency of one of the popular social media platforms, Facebook. The announcement of this stable coin was done in the current year, but its availability is not possible until it passes the mandatory regulations.
Even though the new coin has got support from prominent platforms including Vodafone and Uber, still, the uncertainty sticks to it. A section of this unpredictability prompted in moving out of interested parties like eBay and others, from cryptocurrency.
Coming Of Federal Agencies
With the growing interest of tech firms surrounded by controversies over the crypto game, the cryptocurrency organizations might expect to see the rural and national governments paying heed to digital assets, depending on their approach. According to a crypto expert, if you observe the complete rulings of taxing pronouncements, they aren’t much opposed to cryptocurrency.
Rather they are much developing with countries including Portugal and Singapore, paving progress for crypto. Although there have been no specifications regarding their policy, tax payment is still demanded by the government. In the new year, there can be more clarity, mainly on staking and the latest airdrops.
Growth Of Cryptocurrency
In the broader sense, the conception of all these cryptocurrency trends shows the growth of cryptocurrency and finding its importance in its utility, other than speculative ones. The launch of Facebook cryptocurrency, Libra, does not determine merely upon then value and mandatory need but seeing it becoming a valuable asset.
The cryptocurrency market has witnessed a major cryptocurrency trend of innovations, with examples like Libra, which is backed by so many financial technology firms. The year 2020 was estimated to be the rise and fall of cryptocurrency from last year. It emphasized their performance in showing their worth or getting faded away. Although, the persisting situation of COVID-19 did affect the cryptocurrency.
So these were some of the cryptocurrency trends that have been speculated from the last year. However, the persisting global pandemic, coronavirus did affect the crypto industry. It is already facing critical issues related to regulations, scams, and liquidity. Although many new companies have come up with the launch of compelling products, still, there is not much clarity on the status of Bitcoin. Even though it won’t be wrong to term it as a mainstream asset, despite it, the dominant crypto coin needs to be authorized. If you are interested in knowing about the cryptocurrency upcoming events, then keep exploring the Cryptoknowmics site.