Top cryptocurrencies in February, March 2020
There is serious volatility in crypto markets in March 2020.
The three top currencies – Bitcoin, Ethereum and Ripple have been even more unpredictable than usual. For a more in–depth look at the top cryptos, as well as to see the cryptocurrency outlook ahead for March, read on.
In the second half of February BTC rose to new highs after a large drop of 10 per cent on February 19. This drop happened in just one hour and hit the low of US$9,250, although in typical BTC style, the currency recovered to reach US$9,725 two days later.
At the moment Bitcoin is trading at A$13,242, down almost $100 in seven days. Bitcoin chart below from Coinbase.com.
Some commentators are saying investors should expect Bitcoin’s halving event in May to bring BTC’s price down further.
Ethereum didn’t quite live up to its hotly–anticipated high of US$300 or above in February and this disappointment lost it some fans, with an eight per cent fall mid–February.
Ethereum is now trading at A$339, up $8 for the week. Ethereum price chart from Coinbase.com:
ETH hit a low of US$256 but recovered to US$286 on February 19 and this crypto may well see some buoyancy throughout early March at least as traders rally round again.
February was a good month for XRP as it rose by 1.25 per cent over the month, reaching a yearly high of US$0.34 towards the end of February.
Today Ripple (XRP) is trading at A$0.36, up 1 cent for the week. XRP price chart from Coinbase.com:
It’s looking good, but there’s not much movement, which could mean a plateau followed by a slight downturn for Ripple’s token in the next couple of weeks. This slump might be short–lived, however, with XRP reaching and possibly breaching US$0.35 throughout March and April.
Bitcoin Cash (BCH)
February hasn’t been a great month for BCH, with prices falling from US$420 to US$400 in the middle of the month, then falling further to US$380.
Bitcoin Cash (BCH) is now trading at around A$487, up A$14 over seven days. Bitcoin Cash price chart from Coinbase.com:
Some commentators are expecting BCH to fall again to around US$370, with no real pointers to a recovery any time soon.
Bitcoin Satoshi’s Version (BSV)
BSV was possibly February’s best crypto, rising from US$250 to US$330 during the course of the month. This is a growth of 15 per cent for this BCH fork and this huge spike dwarfed BTC’s modest rise of 0.33 per cent for February. Towards the end of February BSV rose further, reaching US$384, which is almost four times what it was worth at the start of the year.
BSV is now trading at around A$354, up more than A$300 from around A$90, 12 months ago. BSV price chart, of last 12 months, from Coinbase.com:
There’s quite a lot of support and buoyancy for this crypto, with it holding steady between US$350 and US$380.
There seems to be confidence in the cryptosphere so most currencies are making gains, even if they’re small.
There’s also a lot of volatility, so there’s the chance of big losses as well as big gains. It’s likely that things will be bullish for a few weeks yet, but as ever, there’ll be one or two surprises.
Which crypto should I buy in March 2020?
Ultimately, the crypto you go for in March will be dictated by your interests, your aims and your budget. These are the leading cryptos by market capitalisation:
Top ten cryptocurrencies, March 2020
Bitcoin (BTC) – A$242.7 billion total market cap.
Ethereum (ETH) – A$37.6 billion
Ripple (XRP) – A$15.6 billion
Bitcoin Cash (BTC) – A$8.9 billion
Litecoin (LTC) – A$5.9 billion
EOS (EOS) – A$5.1 billion
Tezos (XTZ) – A$3.4 billion
Chainlink (LINK) – A$2.5 billion
Stellar Lumens (XLM) – A$1.8 billion
Ethereum Classic (ETC) – A$1.4 billion
Cryptocurrencies: InfoChoice’s editor’s pick
Ripple could win big in 2020
XRP is gaining traction in the conventional banking world, with many banks and platforms adopting it.
Ripple (XRP) may never reach the dizzying heights of Bitcoin but it could be a safe long–term investment for the more cautious among us.
Bitcoin halving could lead to huge gains, or not …
The BTC halving event, which will reduce the reward for mining a block from 12.5 BTC to 6.25 BTC, means that Bitcoin’s output will rise by just 2.5 per cent in 2020, causing an expected spike in demand.
This 2.5 per cent rise is an all–time low, and it’ll be even lower – two per cent – in 2021, so investors could be in for an explosion in value. The first halving event in 2012 led to an 8,000 per cent growth in value over the subsequent 12 months, with the second, in 2016, causing a 6,000 per cent increase.
These precedents, combined with the fact that BTC is almost mainstream and widely–accepted by individual merchants and some banks alike, makes this old favourite a possibly good prospect going forward.
Is BSV a good investment?
The confidence around Bitcoin Satoshi Version could make it an attractive investment, despite an expected dip later in the year. Many cryptocurrencies have a history of falling prices in the second half of calendar years.
The halving of BTC is going to create waves throughout the entire market one way or another.
Keep up to date with the latest news on cryptocurrencies at InfoChoice.
This article is general news and information, not financial advice. Seek personal advice before making investments.
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