Cryptocurrency market cap 2020 – What’s new?
The cryptocurrency market continues to grow at an astounding rate. In 2018, the market was valued to be worth an impressive $856.36 Billion. Forecasters predict that by 2024 the industry will be worth an incredible $1.40 Billion, with growth increasing each year.
The fact that major companies like Santander and Walmart are partnering with blockchain technology and crypto companies to improve services has also boosted the market. Appeal is growing and its likely that many people will continue to invest in crypto to make profits.
That’s why with the crypto market growing and rapidly changing, it’s important to follow the trends to try to predict what will happen for 2020.
In this post, we’ll examine 3 of the most important cryptocurrency trends for 2020 that are worth following. By staying aware of the trends, you can try to make the best out of any crypto investments.
Cryptocurrency Market Cap 2020: New Regulations
This is a common topic that often comes up, but Government restrictions on cryptocurrencies can have ripple affects in the market. Because most coins are completely decentralized, such as Bitcoin or Ethereum, Governments have no control over them.
Learn more about Ethereum: https://tradingonlineguide.com/cryptocurrency-trading/how-to-invest-in-ethereum/
The result of this is that some countries have completely banned cryptocurrencies, or they do not know how to deal with them legally.
For example, China was one of the first countries to start a clampdown, firstly by banning crypto-coin exchanges and forbidding citizens to own any.
However, for 2020 it looks as though China’s position will change as it appears that the Chinese Government is planning to launch a state owned cryptocurrency. This marks a swift change in tone, and already China has prepared for the launch by removing internet pages that say that blockchain is a scam.
Seeing that Chinese citizens already pay digitally via apps like AliPay, they are likely to shift to a Yuan-based state crypto very easily.
The news has already positively affected the crypto market, with the recent Bitcoin price surge being attributed to the Chinese announcement. President Xi Peng also said that China must ‘seize the opportunity’ of blockchain technology and boost its development.
All investors should closely follow China’s embrace of digital currencies and blockchain technology in 2020. Mainly because the world’s 2nd biggest economy is adoption is likely to boost the crypto market.
Cryptocurrency Market Cap 2020: Best Companies
Many important members of the fintech industry and finance world have stepped into the crypto sector.
With Blockchain focused companies emerging as key investments for many progressive investors, 2020 looks to continue that trend by attracting further venture capitalists.
For example, Bakkt Trust Co LLC is one important one, especially as they’re an affiliate of Intercontinental Exchange who own the NYSE.
Bakkt announced that for the first half of 2020 they’ll develop and test a new consumer app for digital assets. They plan to launch this app with their first official partner Starbucks Corp.
Other important coin exchanges such as Coinbase and Kraken have also targeted well-known investors within the USA. This trend is worth taking notice because traditionally institutional investors have not been interested in cryptocurrency.
Now that has completely changed with many, many investors investing. This is likely to effect the crypto ecosystem and change prices when bigger financial companies get involved. Let’s watch what happens with the Bakkt and Starbucks Corp partnership next year.
Cryptocurrency Market Cap 2020: New Coins
It’s likely that you’ve heard about Facebook’s own digital currency project which is called Libra.
The social media giant announced their project this year, and they plan to launch Libra sometime in 2020. Their aim is to introduce cryptocurrency to the mainstream. With Libra, user’s will be able to transfer digital funds to each other and spend the cryptocurrency at selected commerce stores.
Besides Facebook, the famous bank JPMorgan Chase has also announced their intention to release their own JPM Coin as a new crypto coin.
With both of these multi-billion businesses launching their own coins, it seems likely that other major companies will do the same.
There has been no other announcements as yet but 2020 will probably see the trend of other companies releasing their own stable coins. As an affect this is likely to bolster general crypto prices, especially when Libra is finally launched. The Libra project has already attracted a lot of media attention and is likely to introduce the concept of cryptocurrency to a whole new audience.
We’d recommend that you keep track of announcements regarding Libra’s launch in 2020 to benefit from market movements.
Author of this article and founder of Tradingonlineguide.com
My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.
In my spare time I enjoy cooking and travelling.
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