Cryptocurrencies that will challenge Bitcoin in 2020

2019 was a pretty good year for Bitcoin overall and it made a return to form after a somewhat disappointing 2018. Bitcoin finished the year on a high overall and recorded a decent level of performance in 2019.

But trading crypto is not all about Bitcoin – there are actually up to 1,000 other digital currencies you could trade as well. While you may not have heard of some of them, this does not mean you cannot make money from investing in them.

Whether you use the Bitcoin loophole robotic trading software to invest with or use your own knowledge to place trades, it is crucial to know which other coins are worth noting. While Bitcoin is still undeniably top of the pile, the following could mount a serious challenge in 2020.

Facebook Libra

One of the newest digital currencies is Libra which has been developed by Facebook. As with all other cryptocurrencies, it is a totally digital form of money to trade. Many think that Libra could really mount a challenge to Bitcoin this year as the world’s most popular cryptocurrency. Although it has not yet hit the market, many predict it will at some point in the next year and could prove a big challenger thanks to the Facebook backing it would have.

Libra also offers a unique take on cryptocurrency compared to Bitcoin with features like there being no need to mine coins and it being controlled centrally by a Libra group. This could see it become popular with the general public and to ride the wave of optimism surrounding digital currency at the moment.

Ethereum

Although this coin is nothing new in terms of the crypto market, it could well have a year to rival Bitcoin in 2020. It must be noted that past performance does not bode well as this currency has been pretty quiet for the last few years. Some people who like to invest in crypto predict that the $15.8 million market cap and positive sentiment around Ethereum could see it explode in 2020 and beyond. With internet usage particularly prominent as a use for its network, the next 12 months could really see it start to emerge as a contender for the Bitcoin crown.

Litecoin

This coin was first developed as a fork from Bitcoin and was seen as Silver to BTC’s gold. Over the years though it has performed consistently well and has been on the radar of many an investor in this sector. This is a coin which also trades well in terms of volume but also does well even in quiet times. Even in slow times, it is estimated that 25,000 transactions are made each day. This is good news if you plan to trade the global financial markets with crypto as it means there will always be price movement in the market to profit from. Litecoin is also making a big push to be the premier real-world digital payment solution. If it pulls this off at the expense of Bitcoin in the coming year, it would mount a serious challenge to its older brother.

Tezos

New kids on the block are always trying to take Bitcoin’s crown and Tezos may be about to give it a real go. It has survived a shaky start to look a much more stable investment. It raised over $230 million for its ICO and is all set to make a big splash in the whole crypto sector. Essentially, it is aiming to become the dominant platform for smart contracts and decentralized apps. While this does not compete in the same tech space as Bitcoin, if it succeeds, as many predict it could, then it could do very well in 2020 to challenge Bitcoin. You know this is an up and coming coin when the Winklevoss twins add it to their investment portfolio.

Monero

With a market cap of over $1 billion and a trading volume in the $80 million region, this is one coin that could match Bitcoin in the next year. Essentially, Monero has become popular as a highly secure digital currency which is impossible to trace. This gives it a major use in terms of people using it to pay for things, both on and offline. With a low inflation rate and a strong year predicted for this currency, it could well give Bitcoin a run for its money.

2020 could see Bitcoin come under pressure

As we have already noted, Bitcoin has reigned almost unchallenged for the last few years as the cryptocurrency of choice. While it will never go away and always be a major name, many think that some other digital currencies are ready to challenge it in 2020. From Libra to Litecoin and others above, this could see 2020 being a very exciting year for digital currency.