Top cryptocurrencies to invest in April 2020: can crypto be the saviour during the pandemic?
11:37, 31 March 2020
Investing in cryptocurrencies has always been a hot trend among traders around the world. However, it may be rather difficult to choose the best cryptocurrencies to invest in especially for beginners. According to CoinMarketCap, there are approximately 5,266 digital coins to choose from though not all of them are worth investing.
To make it easier for you, we have compiled a list of the top cryptocurrencies to invest in April 2020 based on their latest developments, price performance and analysts predictions.
The latest crypto market overview
The coronavirus (Covid-19) has affected the entire financial market. Even the crypto industry could not escape from the outbreak, witnessing the leading cryptocurrency Bitcoin shedding 58 per cent and falling from $10,500 to $4,679. Shortly after the sudden decline in BTC price, search engines such as Baidu and Google saw an increased interest in buying Bitcoin.
Meanwhile, Changpeng Zhao, the CEO of Binance, said in an interview that he disagrees with the fact that the virus caused the crash, putting the blame mainly on the overall market sentiment and adding that the coin’s fundamentals still look strong.
Luckily, the market started recovering again, and, at the time of writing, BTC traded at $6,298.
Meanwhile, global crypto conferences have either been cancelled or postponed to stop the spread of the pandemic. Consensus 2020, one of the largest events in the crypto industry planned for this May, will now be held virtually, giving attendees from all over the world the opportunity to participate online at no charge.
Apart from the coronavirus, there is a piece of good news about crypto regulation in some countries such as India, Iran, and Venezuela, which at first were against the adoption of crypto but are now finally embracing it. Also, Zimbabwe’s government appears to be interested in legalising digital money to improve its financial sector. Moreover, according to the latest data from Statista, the popularity of cryptocurrencies is rapidly growing in Colombia, making the country the third-largest zone of crypto users.
On the other hand, Facebook's infamous Libra project has seen its members leaving the Libra association and joining its key rival known as Celo’s “Alliance for Prosperity”.
What is your sentiment on EA?
The best cryptocurrencies to invest in April 2020
Now that the markets are anything but stable, you are probably wondering what crypto to invest in today to make it a somewhat safe long-term bet. To answer that question, we have prepared a fundamental analysis of the cryptocurrency market to make a list of the top 5 cryptocurrencies with the most attractive potential.
Bitcoin (BTC)
Bitcoin still retains its position on top of the most popular and profitable digital assets.
Although it suffered a temporary setback when its value dropped from $10,000 in mid-February to $4,000 in mid-March, the coin has still managed to gradually appreciate back to $6,298.
According to a famous cryptocurrency and Bitcoin investor Tyler Winklevoss, the digital asset is expected to gain more in value as people across the globe get over the initial shock of the deadly pandemic.
According to Michaël van de Poppe, a full-time swing trader in cryptocurrencies, the market is not bullish yet as Bitcoin did not touch the $6,900 level. He explained: “I don’t feel that Bitcoin is in any bullish market right now, given that we’ve lost pretty substantial support and we didn’t reclaim anything at all.”
However, BTC seems to have the natural tendency to spike up whenever "it bottoms out”. Thus, it is expected that the coin will live up to its reputation once again in the coming months, making it the top crypto to invest in April.
Ethereum (ETH)
Ethereum has always maintained its status as another profitable digital coin for investors. At the time of writing, it traded near the starting point of the $125.00-$131.59 range. Analysts are predicting that it is not going to remain at this level for long, expecting the coin to see another uptrend sooner than later.
Between December 18, 2018, and February 6, 2020, Ether has experienced an almost 100 per cent appreciation. It climbed from $115.95 up to $220.81 per coin within the period, making it a great choice for crypto enthusiasts who have invested in this altcoin at the right time.
There are two major factors that are likely to contribute to this asset’s potential growth, making it one of the best cryptocurrencies to invest in April 2020. These are:
Projected ETH2.0 launch.
The crypto industry is expecting Ethereum to launch the 2.0 version in July 2020, with the project’s researcher, Justin Drake, being very optimistic about the event finally happening.
An increasing number of miners are accumulating this coin.
Santiment's founder, Maksim Balashevich, expressed his views saying that the alarming rate at which miners are accumulating the coin is proof of the level of confidence they have in it. This may also continue to push the crypto's value up in the coming months and years.
Ripple (XRP)
Unlike most digital currencies that target individuals, Ripple was created as a payment alternative to banks and other large financial institutions. Although Bitcoin remains the number-one digital currency, XRP is another popular investment option among modern traders.
Currently, XRP is trading between $0.16640-$0.18019. Analysts are predicting a bull run to $0.21608 if the price goes above $0.17468.
Since 2012, Ripple has served its purpose as a reliable payment method. Several banking institutions around the globe have chosen to utilise its innovative blockchain technology. From Banco Santander (SAN) to SBI Remit, J. P. Morgan (JPM) to Bank of America (BAC), Ripple has taken over some industry’s behemoths.
Isn’t it ironic that the institution that was determined to see the end of digital currencies, Ripple inclusive, is at the forefront of its usage? That is one of the significant reasons why investing in this digital asset may not be a bad idea.
Tron (TRX)
Tron is one of the newest kids on the block. It was created in 2017 and has continued its astronomical appreciation since its launch.
At the time of its launch in September 2017, it was sold for 1 cent and had a market capitalisation above $70m. It quickly attracted many cryptocurrency investors, boosting its price to 6 cents three months later.
In 2018, the project became a huge success, as evidenced by the impressive market cap that ranked it among the top 15 cryptocurrencies in the world.
On March 27, 2020, the price of TRX reached $0.0119. Some analysts anticipated that it could achieve the $0.012 level. At the time of writing, it traded at $0.011.
Recently, Tron has partnered with Metal Pay, a cryptocurrency service provider, which indicates a more frequent purchase of TRX in the United States.
Some investment experts predict that the coin would hit $40 by the year's end. Going by its appreciation history, that may come to pass.
Bitcoin Cash (BCH)
Bitcoin Cash is a member of the Bitcoin family. It is another worthy investment option if you are looking for crypto to add to your portfolio. It was introduced as a Bitcoin fork in 2017 and has since justified its creation.
Bitcoin Cash makes the list of cryptocurrencies to invest in April 2020 and beyond. This is because of its potential to appreciate significantly during this year.
Although the digital currency started at $204 at the beginning of January, it currently stands at $217 while experts forecast a rise to $350 at the end of the year.
Crypto market forecast for April 2020
Cryptocurrency experts around the globe are almost unanimous in their predictions. A lot of them believe that all the major cryptocurrencies will be back on track soon, living up to their bullish forecasts. Meanwhile, the latest crypto market review indicates some positive trends and news that are likely to boost the valuations of digital money too.
Hence, digital asset investors can leverage this potential for the appreciation to invest in the top cryptocurrencies mentioned above.
The bottom line
Over the past few years, the crypto market has experienced multiple ups and downs. For that, when choosing which cryptocurrency to invest in, it is always crucial to consider the latest news, market trends, expert opinion and technical analysis.
We always recommend you to arm yourself with as much knowledge as possible.
Read more: Ethereum Classic news: things you need to know before investing in this cryptocurrency
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