Towards the end of last month, Jerome Powell, Federal Reserve Chair, made a speech that aimed to raise inflation in the U.S. to aid faster economic recovery. The idea didn’t go down well with many proponents of cryptocurrencies since the move is likely to weaken the U.S. dollar. Anthony Pompliano, Partner at Morgan Creek Digital, is quoted saying the economy and the central bankers overseeing it need to be more pain tolerant, “Just as Paul Volcker was willing to sustain the short-term pain of two economic recessions in pursuit of a strong economic foundation, we should be willing to withstand the current environment without succumbing to the urge of intervention.”
But, it’s not all bad news for Bitcoin and other cryptocurrencies since the move is likely to push their value up.
Below are the lists of the best cryptocurrency to invest in by the end of 2020 if you want to take advantage of this situation.
Bitcoin is one of the best cryptocurrencies to invest in, according to PrimeXBT. Bitcoin has a long history, meaning that it is well established and is the most popular digital currency.
Additionally, Bitcoin is the most liquid digital currency, the most decentralized, and is a pure example of an asset that gains value consistently.
Bitcoin was the first cryptocurrency to be created, and the current popularity of many cryptocurrencies are linked to this digital currency. Its rapid growth had a positive impact on other coins, which were created after it.
Initially, the cryptocurrency was created as a currency or a digital cash system. However, its revolution in the past decade has it more on the digital asset side, and has, for a long time, been called “Digital Gold.”
Moreover, many cryptocurrency experts and enthusiasts in this industry have predicted major gains in the future. According to PrimeXBT, the growing adoption and reduced deflation and scarcity may see the coin’s price reach an all-time high of $1 million in the next decade.
Other more optimistic cryptocurrency figures such as Mike Novogratz predict Bitcoin’s price may easily reach a market cap of $7.5 trillion in one decade.
Ripple is the fourth-largest digital currency by market capitalization. XRP is also the most promising digital currency. The solid technology behind this coin, together with the new opportunities in different industries, including international commerce, payment networks, and banking, continues to boost the cryptocurrency’s adoption.
MoneyGram earned over $11 million from XRP in 2019 using the cryptocurrency’s payment solutions. The remittance giant stated, “MoneyGram continues to expand its strategic partnership with Ripple as the first money transfer company to scale the use of Blockchain capabilities.”
Another company that has partnered with Ripple is Azimo. Azimo is a European money transfer service that uses Ripple’s on-demand liquidity to increase transaction speed.
The list of companies looking to work with Ripple continues to increase. This is one of the main factors that makes it’s token quite promising.
LTC is also one of the best cryptocurrencies to invest in. Litecoin is a fast and affordable digital currency with regards to payments. Litceoin has a technology-forward profile that places it in the top ten by market capitalization.
Litecoin shows huge potential, with a more affordable price level. Similar to Ripple, Litecoin also has received massive adoption. Thanks to its investors and supporters, the digital currency is on a good and promising path. With more adoptions, Litecoin will see an increase in value, and this is something you don’t want to miss. Also, an upcoming security update on the network promises to inspire a rally in the digital silver.
By the end of 2017, Ethereum’s price was around $720, with a total market capitalization of $70 billion. By 2018, the cryptocurrency’s price had reached $1423, with a total market capitalization of $138 billion. The coin’s price increased by 3000%, to become the second-largest digital currency.
Currently, Ethereum is the most influential cryptocurrency because it enables other projects to develop on it. The strength of Ethereum is closely related to its network. Ethereum has many decentralized applications and ecosystems relying on it. While it’s unlikely the digital asset matches Bitcoin’s price, many experts see a huge potential in the coin’s price.
Unstable monetary policies led to the birth of cryptocurrencies and still keep fueling the growth of these digital assets. If the Fed decides to increase the level of inflation for quantitative easing, then expect the move to weaken the US dollar. But this is good news for cryptocurrencies as their value is likely to rise. Therefore it makes sense to take advantage of the situation by investing in some coins today. However, the process can be overwhelming, but by doing your own due diligence and applying the tips we have offered, you will be good to go.