As you may know, the crypto industry is one of the fastest moving and most rapidly-expanding industries in the world. Moreover, that brings announcements and news of new projects or partnerships practically on a daily basis. With so much going on, it can be hard to keep up. Not to be worried, this article breaks down some of the top trends in crypto in 2020, so you’ll get a basic understanding of what is hot right now in this booming industry.
For anyone new to cryptocurrency, plus those who are interested who are already in the market, we have broken down a list of the top trends in crypto to watch in the upcoming 2020 and 2021 market, possibly even going into the 2030’s.
In this article, we discuss the biggest subjects of the year so far and take a deep dive into them a little bit further. This article is an introduction to the different trends that are beginning to flourish as we enter the third quarter of 2020.
After reading this you will have an idea into the different sides of cryptocurrency and the many different services ad tools available in the space, of course with the knowledge and education of the top trends in cryptocurrency that many people are looking into for their latest and greatest investments.
As always, if you are looking to learn even more about cryptocurrency and the top trends in cryptocurrency during 2020 and moving on, please consider enrolling in Ivan on Tech Academy. Join over 20,000 students already learning about blockchain and crypto! Also FOLLOW THE BLOG!!
DeFi is generally used covering many different aspects of financial tools that are now available on a decentralized network such as lending, borrowing, and trading. To learn a more in depth understanding of Decentralized Finance, Ivan gives a great understanding.
As of September 1st, 2020, the amount of money locked up in Defi has reached over $9.5 billion dollars. DeFi has grown to become the leading sector of cryptocurrencies in 2019 according to Consensys research.
Decentralized exchanges are seriously competing with centralized exchanges right now. Recently, trading volumes on the Uniswap platform alone were larger than those of Coinbase Pro, IN LESS THAN A YEAR! With the decentralized exchange gaining more than 10x in just a month. This was a huge achievement for the DeFi space. With competition popping up left and right, Uniswap seems to be the go-to-dex….. For now.
Despite record transaction fees on the Ethereum network, Uniswap is the exchange of choice as the platform gives users early access to many of the hidden gems before they reach the larger exchanges such as Binance, Coinbase, or Kraken. Though $50 gas fees will surely price some people out of the market, many are still willing to pay to get exposure to a promising token early!
Non-fungible tokens came to prominence with the release of Crypto Kitties in 2017.
Crypto Kitties is an Ethereum-based blockchain game where players can purchase, collect, breed, and sell virtual cats. NFT’s allow for assets to be held on the blockchain in a way that can guarantee authenticity and proof of work at the origin of creation. This is extremely useful for unique and rare in-game(such as a Diamond Pickaxe) items and defeats the concept of stealing someones stuff or destroying an item, for the action would have to be examined first by the original creator. AWESOME RIGHT!
Fast-forward to 2020, NFT’s now are used for many purposes. NFT’s allow assets to be tokenized on the blockchain. Fungible cryptocurrencies such as Bitcoin or Ethereum are interchangeable, meaning that 1 BTC in my pocket is the same as 1 BTC in your pocket, and there is no difference between Bitcoins. A non-fungible token can store personalized data referencing to an asset or property on the blockchain, in an immutable and transparent way. Once again defeating the concept of meddling with a transaction of goods.
NFTs are used for digital art, certifications & licensing, and gaming, with potential future use cases in healthcare and real estate… maybe within everyday grocery items!
As there are so many other trends and sectors within cryptocurrency, These are just some of the top stars… For now…