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The Bitcoin halving is just around the corner, and the cryptocurrency market seems to emerge scarred but undefeated from the COVID-19 crisis. Other financial markets cannot claim a sweeter victory. If there were a good year for investing in cryptos, 2020 would have to be it.
The world of cryptocurrency has been waiting for a long time to achieve mainstream endorsement. Its volatile character has so far put many investors off. However, the next months might show even the most skeptical investors the indisputable advantages of digital money, low transaction costs, and almost instant transfer times.
Today, we look at 6 altcoins that may explode in the next few months. They might be the next digital assets that provide investors with a long chain of silver linings in an increasingly glooming financial future.
The Bitcoin Halving Effects
Before discovering the next altcoins to watch, we should take a second to look at one of the factors that may make their evolution watchable: the upcoming Bitcoin halving.
We should witness the long-awaited halving around May, also known as a halving of the number of new bitcoins that unlock for mining a block. It is the third such event in the history of the most popular cryptocurrency, and it is set to impact the entire market.
Since its birth, the maximum number of Bitcoins available in the world was set to 21 million units. Through mining, a user can unlock new bitcoins and further its evolution towards its pre-set goal. Halvings are the tools used to incentivize miner activity, lower supply growth, and increase demand on the market.
So far, every Bitcoin halving has produced a bullish effect for the top cryptocurrency and the ensuing altcoins. After the 2012 halving, bitcoin prices rose about 8,000% over the following year. The second halving event brought a price increase of 2,000% over the following 18 months.
Many voices in the industry look at past halvings and have a good reason to be optimistic about the upcoming Bitcoin halving in May 2020. Not only can investors look to buy more BTC, but they can also follow the bullish trend that will define the evolution of many altcoins. Here are some of the ones worth watching:
Since its release in 2015, Ethereum has been widely accepted as a rival alternative to Bitcoin. The top altcoin when it comes to market capitalization, Ethereum has remained in the shadow of its bigger, more illustrious brother over the years. However, its much-awaited Ethereum 2.0 version should change the dynamics starting this year.
One of Ethereum’s co-founders, Vitalik Buterin, talked about the upcoming release of ETH 2.0, which should begin with phase zero in the summer of 2020. The new Proof of Stake protocol should eliminate or at least reduce some of the problems with speed and scalability that have traditionally marred the Ethereum blockchain.
After the Ethereum 2.0 launch is official, the blockchain will become available to average Joes everywhere. New users will benefit from an almost complete lack of barriers, improved scalability, and quicker block verification. A staggering increase in ETH trading should have a hugely beneficial impact on the crypto market, and Ethereum will finally be a gem to hold.
XRP is currently the 3rd best-ranking cryptocurrency on the market. It is the native token on Ripple’s blockchain. It enables its users to make payments and transfer digital assets globally with lightning speed and without a central authority’s supervision.
Ripple is a gross settlement system that enables real-time transactions between banks and service providers that partner on its ledger. At the moment, it has ongoing collaborations with 118 banks and 50 other companies (exchanges, money transfer firms, payment providers) worldwide.
The value of XRP should increase in the upcoming months as more financial institutions look to team up with Ripple. At the time of this writing, Ripple’s XRP trades for $0.187.
DxChain Token (DX)
One of the most interesting altcoins to watch in the next few months is the native token of DxChain, which bears its name.
DxChain is a decentralized big data and machine learning network powered by a computing-centric blockchain. Its goal is to use decentralized ledger technology to improve data privacy and storage issues globally.
It may seem like an ambitious project that many companies have envisioned, but few dared to try it. In 2020, data privacy is one of the biggest concerns, and this kind of project may attract plenty of support.
The bullish trend that should follow the Bitcoin halving might see an explosive increase of many altcoins’ values, including the price of DxChain Token, which is now trading at only $0.001356.
Basic Attention Token (BAT)
Another cryptocurrency set to explode in 2020 is the Basic Attention Token (BAT), which proudly wears the shiny badge of innovation.
The BAT developers came up with a way to make internet users want to watch more ads. Today, most companies try to build brand awareness in a short span of 5 seconds at the beginning of every video they latch onto on social media. Most users then tap the “skip ad” button, and an entire advertising campaign loses another potential customer.
What the Basic Attention Token does is enabling companies to pay their viewers in cryptocurrency for the amount of time that they spend watching their commercials. This way, users get paid for watching ads, and the businesses increase their exposure and social media proof.
The project works on “blockchain-based digital advertising,” and its tokens are trading at the moment for $0.153.
For investors who have a bit more to spend, Chainlink is one of the altcoins to watch in the next months.
Chainlink uses blockchain technology to enable the creation, use, and execution of smart contracts between its users. They aim to connect companies with real-world data, events, and payments in an easy-to-use and secure framework.
Since its release in 2017, Chainlink has had a consistently positive evolution. It has been trading in green frequently in the past few months, and it is now valued at $3.39.
Synthetix Network Token (SNX)
One of the most ambitious and exciting projects to appear in the Ethereum landscape in recent years is Synthetix, which aims to shed more light on the cryptocurrency market for investors accustomed to traditional financial markets.
The Synthetix network uses Synths (SNX) tokens that provide exposure to assets such as gold, Bitcoin, U.S. Dollars, TESLA, and AAPL within the Ethereum blockchain.
The Synthetix project started in late 2018, and it has already built a significant following. Its prospects for 2020 look good, and it should increase its current value of $0.689 as most of the altcoins will follow Bitcoin’s potential bullish lead in the aftermath of its imminent halving.