Top 5 cryptocurrencies in March 2020: safe haven or risky investments?

 

While the cryptocurrency market remains diverse and full of surprises, considering investments in the most actively traded cryptocurrencies is a strategic move. According to insights from trading community, here are the top five most traded cryptocurrencies:

1. Bitcoin (BTC/USD): As the pioneer of cryptocurrencies, Bitcoin continues to dominate the market. With a market cap exceeding $145 billion, Bitcoin is often referred to as digital gold. Its price is anticipated to rise further in 2020, making it a prime choice for traders.
2. Ripple (XRP/USD): Also known as Ripple, XRP is the second most traded cryptocurrency. It has gained recognition as a leader in banking infrastructure and has established itself among the top cryptocurrencies globally. Despite its current value of $0.208, XRP has the potential to revolutionize the international banking sector.
3. Ethereum: Ethereum, created by Vitalik Buterin, is the third most traded cryptocurrency. Its blockchain capabilities have driven demand, and its value is expected to increase with upcoming fork updates and the implementation of the proof of stake algorithm. Ethereum’s ecosystem supports decentralized applications, making it more than just a cryptocurrency, and it’s currently priced at $195.23.
4. Tron (TRX/USD): Tron, abbreviated as TRX, is fourth on the list of most traded cryptocurrencies. Launched by Chinese entrepreneur Justin Sun in 2017, Tron initially aimed to bring distributed storage technology to digital content. However, it has evolved into a broader platform, competing with Ethereum in the decentralized applications space. TRX’s current value is $0.0152.8, with recent technological advancements improving its standing in the crypto realm.
5. Bitcoin Cash: Last on our top five list is Bitcoin Cash, a prominent Bitcoin fork. Bitcoin Cash employs smaller block sizes to enhance its viability as a spendable currency. While BCH analysts generally hold a bullish outlook, recent market fluctuations have seen its price drop from $313 to $263. This decline is attributed more to the global increase in COVID-19 cases than any inherent issues with BCH’s structure.

In summary, the cryptocurrency market remains dynamic and offers a wide array of options. While these five cryptocurrencies are currently the most traded, the crypto landscape is always evolving, and investors should stay vigilant and well-informed when making investment decisions.

Get back to Seikom News 🤓