Cryptocurrency price outlook 12 February 2020
All major cryptocurrencies are surging in 2020.
The New Year’s crypto price rise has continued into February with Bitcoin, Bitcoin Cash and LiteCoin, Ethereum and other alt-coins all rising strongly.
Uncertainty about the global world economy and even the coronavirus are feeding into recent crypto prices but there could be more to it than that. Scroll down this page to get an update on recent major crypto prices and a quick outlook for the future.
Bitcoin adds A$3,000 in January
The price of one Bitcoin has risen more than 30 per cent or AUD$3,000 in one month.
This chart, below, from Coinbase.com, shows the price of one Bitcoin today, 12 February is trading around $15,348.00.
Bitcoin Cash surges as halving imminent
Bitcoin Cash is up almost 80% in the last month. The BCH price is now around AUD$700, up more than $300 since mid-January 2020.
Bitcoin Cash miners face an imminent halving event in April 2020, where rewards for mining will be halved.
Other cryptos are also rising
Most major cryptocurrencies are rising fast at the moment. The price of Ethereum is up more than 70 per cent in the last four weeks.
Ethereum up 70% in one month
The above chart from Coinbase.com shows the Ethereum price is now trading at around 365 Australian dollars, up $146 since mid-January 2020.
XRP price is making waves
XRP (Ripple) has added 38 per cent in four weeks to 42 Australian cents, up 12 cents. XRP is the cryptocurrency coin token used by the Ripple cross-border payments network. XRP (Ripple) FAQs answered here.
Lumens enjoying a stellar run
Stellar Lumens, like Bitcoin and Ethereum, relies on blockchain networks but the user experience is said to be more like cash. Stellar is cheaper and more energy-efficient than Bitcoin and is enjoying a lucrative bull run in 2020.
The price of one Lumen is now about 11 Australian cents, up more than 4 cents (56%) over the price one month ago.
Find out more about Stellar Lumens at InfoChoice.com.au.
EOS puts on large scale price rise in 2020
EOS has added 75%, almost AUD$3.50 to its price since mid-January 2020. EOS is now trading at $7.89 on 12 February 2020. EOS has started 2020 by announcing a $200K developer prize. The first exercise in the prize competition is to improve the way EOS handles Ethereum apps.
Anyone can earn EOS by watching videos online. This EOS price chart (below) is from Coinbase.com.
What is EOS?
EOS is designed to support large-scale applications. EOS pays for itself by issuing new EOS to the entities that run the network. EOS says this effectively substitutes inflation for transaction fees.
Why are crypto prices rising in 2020?
Yesterday US Federal Reserve Chairman Jerome Powell gave testimony to the U.S. House Financial Services Committee that may be behind a price jump overnight. Mr Powell implied that open ledgers may not be preferable in the US, but markets could be interpreting the comments for support for blockchain in light of the strength of China’s Yuan.
Besides Powell’s comments, there is growing demand from banks and ordinary people for cryptos – and Bitcoin faces a new halving event.
When is the Bitcoin halving?
Bitcoin mining returns to miners are slashed by half every four years. Bitcoin has a new halving event coming up in 2020.
Bitcoin Cash and Bitcoin SV halving events will reportedly occur during April 2020.
After these two events, the Bitcoin halving is expected in May 2020.
2019 and early 2020 have also seen plenty of improvements to the blockchain. More of that is coming and ETH, possibly Bitcoin and others will be even more useful and competitive for moving money around.
These improvements partly explain the price rises – especially as banks adopt blockchain.
What is blockchain?
Blockchain is the tech that most cryptos are built upon, including Ethereum and Bitcoin. It’s essentially a digital ledger that’s shared between a network of thousands – or millions – of computers and it’s updated every time there’s a transaction. A block is a series of transactions and the information about these transactions, because it’s held in a network of computers, is publicly available and decentralised. It also can’t be changed, making it secure and (in theory) unhackable.
Keep up to date with the latest price outlook on cryptocurrencies at InfoChoice.
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