Searching for the best cryptocurrency to buy in 2020?
We’ve got plenty of picks for you. And don’t worry, 2020 is still a good time to buy cryptocurrency for exactly one reason:
The price is low.
Remember, cryptocurrency had existed for nearly a decade before the last major frenzy in 2017. Crypto is here to stay, so you may as well enter the market now when prices are low.
Anyway, this article will cover some of the best cryptocurrencies to buy. We’re mostly focusing on popular coins that are in a little bit of a slump.
What to look for in a cryptocurrency?
This section will cover some of the factors you should consider before purchasing a cryptocurrency.
Our crypto picks took all these factors into account, but it’s worth noting if you want to choose your own cryptocurrency.
Read the Whitepaper
First of all, you want to read the whitepaper on any cryptocurrency that you purchase. More importantly, you want to know how to properly read the whitepaper.
Basically, the whitepaper should tell you what problem the cryptocurrency solves, how it will solve it, the team, and some basic architecture.
If the problem, solution, team (very important!), or architecture appears bad, then you should pass on the cryptocurrency.
This is a judgement call, so you will have to rely on your own intuition when reading a whitepaper. However, you can often find good resources online that explain whitepapers in simple terms.
Market cap refers to the amount of coins available multiplied by the value of the coins.
It’s an extremely important metric because it gives you good indication of the value and popularity of the coin.
A high market cap is generally better than a lower market cap. Of course, the market cap will increase as the coin becomes more popular, but small market cap coins are much more susceptible to pump and dumps than large market cap coins.
You should look for coins that have a high volume. What does a high volume indicate?
It means you can exit your position when you want. If the trading volume is very low, then you might not be able to realize your gains.
Low volume coins are also very susceptible to pump and dumps. It’s at the point where you shouldn’t even touch a low volume coin because it’s almost always a pump and dump scheme.
Effect of Coronavirus on Crypto
It’s worth mentioning that cryptocurrencies took a huge hit due to the COVID-19 pandemic. The exact reason for the decrease in price remains unclear. However, COVID-19 will eventually come to an end and cryptocurrency will return to a higher price.
Now is the time to buy.
Top Cryptocurrencies to Buy Now
Here are the best cryptocurrencies to buy right now. These are what we like to call blue chip coins.
They’re popular, have a high market cap, high trading volume, and have real world uses. These are the coins that will rise in price when the next cryptocurrency craze takes place.
Now, there are some new coins released, but most of these have terrible metrics and not much publicity.
We do not recommend purchasing a coin that is not well established in the current environment.
Cryptocurrency recently crashed due to the Coronavirus outbreak. Many poorer quality coins did not recover from this crash.
Dash is not one of those coins.
It has been on a tear ever since Coronavirus because it has solid fundamentals and is rather useful. Dash also has a very low circulating amount of coins – slightly less than 10 million.
A low circulating supply of coins makes a coin much more resilient to market disruptions.
With that in mind, you can’t go wrong with adding some Dash to your portfolio. Still skeptical of Dash?
Most of the smart and big money has moved into Dash, and there’s no sign that money will stop flowing into Dash.
Monero has a great reputation in the cryptocurrency community for one reason:
Monero is the best coin when it comes to privacy. Cryptocurrency was originally created for privacy, but Bitcoin has not lived up to the privacy expectations it had when first created.
Fortunately, Monero has lived up to those expectations. Privacy conscious people actually use Monero, so you can rest easy knowing that this coin has some real-world use.
As for the price, Monero hovers around $100/coin. However, it could serve as the next replacement to Bitcoin, which makes it a coin that you should strongly consider adding to your crypto portfolio.
No list of the best cryptocurrency to buy would be complete without mentioning Bitcoin.
Yes, it’s old and not particularly useful.
However, all cryptocurrency is denominated in Bitcoin. In fact, a lot of the smaller coins can only be purchased with Bitcoin.
In other words, it’s the most reliable cryptocurrency and not going anywhere. It will always be popular, and it’s reasonable to assume that Bitcoin will rise in price during the next crypto craze.
Ethereum is a similar coin to Bitcoin because it’s popular. There is one major difference:
Ether (the platform behind Ethereum) allows users to build other coins on top of it.
This is a huge positive because it means the success of other coins relies on the success of Ethereum. The price of Ethereum has fallen a lot from Coronavirus, but it will rebound when the Coronavirus panic eventually ends.
With that in mind, it’s a perfect time to buy Ethereum.
To sum it up, here are our top picks for cryptocurrencies to buy right now:
You can choose other coins. However, those four coins are the top coins you should consider purchasing right now.
Keep in mind that they might not go up immediately after you purchase them. But they should go up over a long enough timeline.