Many of us have been wondering, including seasoned traders, what is the best cryptocurrency to buy right now. Or whether anyone at all should invest in cryptocurrency in 2020. This year has been very different to all the previous years we can remember. Besides the pandemic, the market crash and various other challenges and “surprises” 2020 has gifted us thus far, Bitcoin prices are much lower than many crypto investors expected. On the other hand, the consolidation period is not going to last forever, and the current lower prices can work in favour for those who want to invest in crypto coins.
How Many Cryptocurrencies Are There In 2020?
Depending on the source you choose to quote, the total number of available cryptocurrencies on the market exceeds 4,300. CoinMarketCap released a report on June, 10 according to which the total number of available cryptocurrencies is 5,563, while Coinlore lists 4,302 crypto coins.
Let’s not forget that different crypto platforms use different listing techniques, and some platforms may show coins that were abandoned or no longer exist. CoinGecko has 7,671 cryptocurrencies on record, which could potentially mean that one would have to sieve out obsolete altcoins.
Crypto Top 10 In 2020
Despite the plethora of available cryptocurrencies that provide solutions within particular industries, including some niche verticals you wouldn’t even dream of, the top 10 leaders of the crypto world have been pretty consistent over the last couple of years.
Bitcoin (BTC) – Best Crypto To Buy And Hold
The all-time leader in the digital coin race, also being the best crypto to buy and hold, is Bitcoin. It would be practically impossible to imagine today’s world without the very first cryptocurrency that started it all. The title of the best cryptocurrency to mine will belong to this crypto giant for the remnant of the foreseeable future.
In the times of uncertainty and instability, investors tend to drive away from traditional assets, like stocks and bonds. Instead, they know they can always rely on the high demand for Bitcoin and its high value, making it an attractive investment.
Ethereum (ETH) – Among The Best Crypto Bets 2020
Ethereum is one of the most talked about cryptocurrencies this year. When the news to launch Ethereum 2.0 hit the world wide web, the investors put a strong hold onto their ETH coins. As of today, Ethereum is not only among the best cryptos to buy and hold, but also is among the best crypto bets this year. Two reasons. One, this digital cryptocurrency makes a great altcoin investment due to its current price – just over $240 per coin at the time of writing. Second reason, it is estimated that with the release of version 2.0, the price of ETH will surge to a whopping $790 per crypto coin, making it one of the best crypto bets of 2020. Ethereum has already increased by 60% and there is a lot of good potential for further growth in the next 6 months.
Ripple (XRP) – One Of The Best Altcoins For Long Term Investment
Ripple is slow to recover from the crash on May 10 – the day when all the major crypto coins plunged due to a cascade liquidation of short BTC positions on derivative exchanges. However, as long as Bitcoin shows steady signs of recovery, so will XRP.
The strategic partnership between Ripple and MoneyGram was once again reinforced by the total of $11.3 million, reported in February 2020. Its revenue for Q4 was reported to be $323.7 million.
“[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple’s blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows.”
Litecoin (LTC) – One Of The Best Cryptocurrencies To Buy Right Now
Litecoin is among the most sought after cryptos to buy and hold this year. LTC was released in 2011 and secured its place among the best cryptocurrencies as one of the fastest and most affordable. Right now, you can get one LTC coin for less than $40! In February this year, Litecoin announced that it will be integrated to regular ATMs in South Korea through a partnership with MeconCash. This is exciting news for all crypto investors.
Other Honourable Mentions
Neo (NEO) – the project’s vision is to realise a “smart economy” by utilizing blockchain technology and smart contracts to issue and manage digitized assets.
Zcash (ZEC) – a cryptocurrency aimed at using cryptography to provide enhanced privacy for its users.
Stellar (XLM) – supported by a 5013 nonprofit, the Stellar Development Foundation.
Cardano (ADA) – a blockchain platform evolved out of a scientific philosophy and a research-first driven approach.
Tron (TRX) – The Tron Foundation’s 2017 initial coin offering (ICO) created 100 billion TRX and raised a total of $70 million.
Ontology (ONT) – a decentralized network environment that solves key issues of identity security and data integrity.
With the abundance of cryptocurrencies available in 2020 to mine, buy and hold, many altcoins present fantastic opportunities for long term investment.