- As 2020 has been full of turbulence for cryptocurrencies (bitcoin and altcoins) in the global market wherein the ending is almost like a fairytale in which Bitcoin broke above its ATH and Ethereum registering its new year-to-date high
- However, as these crypto-assets prices are now over the odds and too dear for investors, there could be a shift of paradigm to altcoins
- So far, some of the altcoins (mostly Top 20 coins) have shown significant positive momentum throughout the year but there are still some undervalued coins that are expected for a boom in 2021
As the year 2020 was one of the most demanding years in terms of global and financial market consisting of a global pandemic, lockdowns, and panic of the global recession, both retail and institutional investors’ belief also took a wild change and fled towards cryptocurrencies as a possible alternative for ideal investment avenue or classic hedging tool in such a volatile financial market. Therefore, we can say that the year has been of cryptocurrency adoption which can bring a massive change in the existing financial system.
With increasing interest and volume pulling up in the cryptoverse, Bitcoin broke above its ATH and almost providing an 83% return rate on its year low. No one would have expected that the year with so many downsides will be the year for BTC to rise and shine. On the other hand, Ethereum also provided a rate of return of around 85% on its year low and making new year-to-date high. However, these crypto assets might have become too dear for retail investors to jump in now as a form of investment and have odds to get trapped in FOMO, we present you to the top 5 multi-bagging which could be well designed in portfolio management.
Swiftness in the transaction speed is what defines Ripple’s XRP. This crypto asset has the real potential to build a bridge between the gap of both fiat currencies and crypto and also facilitating cross-border payments. The main adopters of Ripple are large financial institutions as its main purpose is to facilitate transactions beyond borders. On the chart, the price levels have shown consolidation throughout the year but the closing has been a volatile one or we can say that the coin has started to show its real potential in terms of pricing.
Litecoin has always been considered as an alternative to Bitcoin since its inception in 2011. The main cause for calling it an alternative is that Litecoin uses a POW consensus mechanism called Scrypt which is said to be more efficient than the algorithm employed by Bitcoin. It is also faster and cheaper and showing full potential to become the industry leader in the near future. On the chart, Litecoin has given a quick indication for buying opportunity by crossing above $100 while its RSI reaches overbought region for the year.
Bitcoin Cash (BCH)
Bitcoin Cash was rolled out in 2017 as a faster and more scalable blockchain that has the capability of handling more transactions than its forebear – Bitcoin. In simple language, it means that this crypto asset has the potential to become the main blockchain for making online payments. On the chart, Bitcoin Cash hasn’t still recovered its pre-year levels till now and still 70% down from its bullish 2017 level. Hence, we can say that BCH is still presenting a buying opportunity in the market.
Tron was introduced with the aim of revolutionizing the entertainment industry and make content creation autonomous. The team also has high profiles partnership which includes Samsung, oBike, and Baofeng (Chinese Netflix). Its ecosystem works as a content-sharing platform in which users who create and share content get rewarded with TRX. The rise of dApps could be the prime reason for TRX’s uptrend in the market. On the chart, RSI is looking positive for a climb to the overbought region, and MACD moving strong with a bullish crossover.
Filecoin is among the few decentralized assets altcoin which provides cloud services in the world. The cloud computing market is already getting bigger and growing at a very good pace which involves centralized bodies like Amazon, Microsoft, and Alibaba. However, in the decentralized section, Filecoin might be coming as the sole performing in this sector. On the chart, the price levels haven’t shown any significant movement (excluding the downfall due to the DeFi bubble) but the RSI is simultaneously showing positive nature. However, the crypto asset has a new listing and need some time in the cryptoverse to perform well.
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