2020 Cryptocurrency Trends
The blockchain and crypto market is far from slowing down as the momentum is gradually picking up 2020 Cryptocurrency Trends
2019 was a notable year for the global cryptocurrency market. Despite the long-standing bear market, it still involves new mergers, new transaction solutions, and many emerging and mature blockchain protocols. In addition, global regulators are losing concerns about cryptocurrencies and are developing their own blockchain infrastructure. In fact, China is also participating in global competition, which has promoted wealthy innovation. In short, as the momentum gradually accelerates, the blockchain and cryptography markets have not slowed down.
Let’s look at the market situation in 2020 and the outlook for next year.
By all measures, 2020 is likely to be an incredible year for the blockchain and crypto space. The birth of new alliances, new cryptocurrencies, Bitcoin and Ethereum trading products has survived the bear market, and many blockchain protocols have matured and developed. Finally, the US Congress and foreign central banks are paying close attention to the benefits of blockchain and digital assets. Even China has spent billions of dollars on innovation and seriously participated in blockchain competitions. The world’s largest financial companies rely on blockchain, and this trend has not slowed down.
With the launch of public multi-client test nesting, Ethereum 2.0 Phase 0 has entered the final testing phase. Fortunately, the teams that lead customers and component development pay special attention to community feedback. We also actively provide the latest development information. This creates confidence for the innovative Ethereum blockchain. Partial launches were observed in 2020.
Decentralized Finance system
Decentralized finance, often called DeFi, is a way to move forward with its huge advantages. It naturally became a breeding ground for innovation. The DeFi project is currently worth more than $ 650 million. Years ago, it was incredible that the unreliability and security of financial services provided new tools for loans and margin swaps. Traders can easily switch between different debt positions. Market operators such as Babel Finance also help large miners make use of large capital by retaining cryptocurrencies as collateral.
In the past two years, Wyoming has passed about 13 blockchain and cryptocurrency laws. Suddenly, the least populous state in the United States has become the global headquarters of cryptocurrency companies. In effect, these regulations involve digital banking services and divide digital assets into three different categories. Not surprisingly, other US states and regulators have followed suit. We can expect other regulators to do the same next year.
It turns out that the Lightning Network is a boon in disguise for crypto traders. It is a second-tier payment protocol implemented on a blockchain-based cryptocurrency. Clear the way for instant Bitcoin transaction payments. The protocol uses off-chain data to speed up transactions and reduce related costs. Next year, you will witness the establishment of nodes, channels, and applications based on the Lightning network infrastructure, which will give you a glimpse of the unexpected efficiency of the market.
The size and accessibility of cryptographic derivatives have increased significantly. Previously, there were few exchanges available, but investors can now trade futures as well as large cryptocurrency options. With more trade in 2020, this development will make the market more competitive.
Facebook Libra Launch
Facebook’s payment network plan has grown slowly, avoiding media attention, and has been strongly resisted by US and European regulators. The GitHub repository has validation and regular development activities. Hopefully Libra will launch in a single jurisdiction with very limited coverage, partners and capabilities. What we initially promised was not payment tracks or boarding cars, but we still see signs of progress.
In recent years, issuers have tended to symbolize fiat currencies and use them as a simpler exchange mechanism to exchange cryptocurrencies. We will see an increase in stable token adoption. J.P. Morgan’s Finality and Stablecoin projects will be launched. However, the USDT bond is the most volatile cryptocurrency asset.
Finally, 2020 will be very important for blockchain technology and the entire ecosystem. Most experts believe that the secular bull market will exist in 2020, and the period of integration seems to be disappearing. Digital assets have become a consideration, and it will be interesting to see what happens next year.