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Following a remarkable 2020, the global economy plans to attain greater heights in 2021, especially with blockchain and cryptocurrencies. But there are still visible obstacles that could derail these plans, such as delayed administration of Covid-19 vaccines to prevent another economic lockdown. However, the delay could be a good sign for the crypto industry, just like we have encountered in 2020. And with cryptocurrencies being a worthy investment alternative, the trend will likely continue in 2021.
The four top cryptocurrencies on our list that could skyrocket in 2021 are Bitcoin, Ethereum, Bitcoin Cash, and EOS. Let us take a closer look.
Bitcoin is currently the crypto market leader and will continue to be one of our highly recommended cryptocurrencies. Though it had a rocky start this year, the cryptocurrency has given an early Christmas present to all by reaching all-time high levels. This month alone, the cryptocurrency has risen by a staggering 170%. Many crypto experts and analysts also believe that, despite the market volatility, the price would likely go beyond $50,000 in 2021. Others suggest that the price could reach $100,000 by August 2021.
Are these just empty numbers, or are there facts to back this up? Well, one thing guarantees these figures – institutional investors. This year (2020) has recorded a consistent inflow of institutional investors taking advantage of the market. Fidelity also surveyed 800 institutional investors in the second quarter of the year, and above 36% owned crypto assets.
In addition to that, CoinShares reported that investors bought $429 million worth of Bitcoin and other crypto-assets within a week. Grayscale got a whopping $336 million out of the $429 million. Let us not also forget MicroStrategy’s recent announcement that they have raised $650 million to buy more Bitcoin, which brings their total exposure to $1.1 billion.
In all, this is commendable for Bitcoin. And with a steady inflow of institutional investors, Bitcoin is fast becoming one of the world’s most valued assets. Hence, it looks very resilient and ready to grow further in 2021.
As much as Bitcoin has recorded a surge in price this year, Ethereum has also kept its head high. It is currently safe to expect a repeat of Ethereum’s growth or even more in 2021 due to the Ethereum 2.0 upgrade and DeFi.
The Ethereum 2.0 upgrade guarantees several new features entering the smart contract protocol. The first among them is proof-of-stake (PoS). Recall that Ethereum has faced a lot of backlash due to poor performance. However, this is going to change with Ethereum 2.0, which will come with more sophisticated functionalities.
As such, we believe that Ethereum will continue to validate its position as the premier DeFi platform in 2021. The ever-growing DeFi sector will also be significant in determining the price of ETH next year. A little less than $15 billion is currently locked up in DeFi contracts. But this number was less than $700 million at the beginning of 2020. This explains that the DeFi sector is booming at a rate faster than the crypto market cap.
Therefore, it would be beneficial to read up on how staking works in Ethereum and know how to gather enough coins to participate in the proof-of-stake algorithm.
Bitcoin Cash became a thing in August 2017 because of a hard fork in the Bitcoin blockchain. It was initially created to address scalability issues with Bitcoin. But the coin has gained the unflinching support of many prominent cryptopreneurs and exchanges since its inception. Bitcoin Cash has also established itself as one of the biggest cryptocurrencies – currently amongst the top ten by market cap.
But the value has dropped since the beginning of 2020, after reaching a market cap of $9 million. Nonetheless, the decline seems to be a worthy reason to consider Bitcoin Cash as part of your investment portfolio in 2021. Bitcoin Cash also has certain advantages over its predecessor, such as high transaction speed and low fees.
This is another popular altcoin that took after Ethereum, focusing on creating a fast blockchain that can support decentralized applications. EOS developers believe that their platform provides a combination of the best features of both Bitcoin and Ethereum – security and versatility. It also promises to be one of the most scalable cryptocurrencies in the crypto market.
Although this sounds impressive, EOS’s potential depends on market sentiments and the mainstream adoption of blockchain technology. However, its features are an indication that the value could skyrocket. EOS currently has a market cap of around $2.7 billion. It is also among the top-performing cryptocurrencies to watch out for in 2021.
Disclaimer: This list does not downplay the impact of other cryptocurrencies or assets in the global economy. And as such, LightBlocks Media will not be held accountable for any loss due to wrong investment choices or market volatility.