This year makes it 11 years since the emergence of crypto and the industry has gone on to wax strong with nothing less than 300 digital assets making their way into the industry.

Crypto Experts and their top Predictions for 2020

Let's say you invest in an investment, after a while it accrues profit, so is crypto investments, investors are always moved by the amount they get as returns before investing. Just like the capital you need to start a business, the price of the digital asset is one of such factors to be considered when investing. Investors often buy when it's on the low side so when it's on the high side, they sell and take their profit.

With the coronavirus pandemic already making enough damages to the economy as a result of the lockdown restrictions imposed in most countries, cryptos are not left out as they have suffered the brunt too. For example, a trader that needs to get to his store before he makes sales has been asked to stay at home so the spread of the virus will be limited. Bitcoin suffered a massive price decline after it went from about $7,000 to around $3,000.

It thereafter witnessed a steady increase to move back to the previous $7,000 mark. The halving event that occurs every four years happened on May 11 and thanks to this event, Bitcoin price was able to move close to the $10,000 mark. The halving event is an event that occurs every four years where Bitcoin rewards are slashed by half for every block mined. Analysts and influencers alike have been able to make predictions on what to expect in the crypto market in the coming weeks, here are some of the predictions

Bitcoin bulls will break the multi-year trend

Analysts have noted that if Bitcoin should follow the trend and experiences an increase in price and breaks out of the multi-year trend, then a very price increase should be expected.

“I’m still betting on breaking through the upper trend line resistance and price action heading north. No way are my convictions changing because some clowns sold their BTC and price tanked 1 day," an analyst noted.

Coronavirus pandemic affects crypto market

According to recent charts before the coronavirus pandemic, Bitcoin was predicted to go as high as $28,000 but presently, the coin trades at a disappointing $9,400. Volatility possibly due to the pandemic which has slowed the movements of major assets in the crypto market. In the review of the performance of top crypto this week, the majority of them suffered losses.

Major corporations would enter the crypto space

With firms like JP Morgan and Walmart already adopting crypto, experts have predicted that the majority of the firms might turn to digital assets. With the restrictions not allowing people to move around as they want, a business that wants to stay afloat would need to enable the digital assets payment options so it would be easier for their clients.

The most recent instance of this would be PayPal and Venmo. As per the recent report, these platforms are looking to offer buying, selling and holding of cryptocurrency via their platforms.

Top coins will perform well

Asides the volatility that is presently rocking the crypto market, top cryptos have every reason to be bullish and after the volatility wears off, they will enjoy a good ride to make a maximum surge. According to Alex Saunders, he said on his YouTube channel that Bitcoin will end the year with $14,000 while Ethereum will hit $450 before the end of year. 

Major world banks will adopt Blockchain technology

Since the beginning of the year, a small fraction of the world's banks has set their sights on launching their own central bank-backed digital currency. Even with China being the front runner with a pilot test, the majority of the global government is working tirelessly to initiate their own CBDC. Analysts have noted that the implications of the pandemic will make most world banks turn to Blockchain technology.

Institutional investors will be more than the previous year

Last year saw the emergence of little institutional investors with most of them coming into the crypto space very late in the year. According to experts, there will be more institutional investors ready to invest before the year runs out. Binance CEO, changpeng Zhao noted that interests from insitutional investors will drive market.

"We are also seeing an increasing amount of interest from institutional players which also indicates a more bullish market in 2020,” CZ stated.

Blockchain will serve other uses

Analysts have noted that the Blockchain technology might be used for things other than the purpose it was created for. An analyst noted that Blockchain technology will learn to talk to each other through grown interoperability. According to David Gold, the CEO of inter-wallet platform Dapix, 

“Usability will be a major advancement in 2020, fueled by increased interoperability across blockchains. Currently, some blockchains do have the construct of metadata that can be utilized on the blockchain: ie, notes and other information about the transaction. But each blockchain handles it differently and some blockchains don’t have that at all. Efforts to standardize this will enhance wallet functionality that will spur mainstream adoption,". 

Crypto adoption would skyrocket

Since the emergence of crypto, it was witnessed considerable adoption with its growth across the years. A big-time analyst has mentioned that the current coronavirus pandemic will drive a major part of the population to crypto especially Bitcoin.

"Due to the recent coronavirus pandemic, a big part of the population will have no choice other than to adopt crypto", the analyst noted.

Blockchain technology might be used in sports

With the way the world is moving at a fast technology-savvy pace, the Blockchain technology has been backed to be used in sports in the coming years. Even though most industries are still trying to get the hang of things, technology has been predicted to launch in sports before the years close.

One of the leading blockchain firm facilitating its blockchain based service for sports is Chiliz. As a fintech provider for sports and entertainment, the firm also has its own token 'CHZ' and tokenised sports exchange, Chiliz Exchange. 

Crypto will be used for more than trading

Whenever crypto such as Bitcoin or any other altcoin is mentioned, what comes to mind is trading. A trader has noted that crypto would be used generally for things that go beyond trading it. He noted that before the year runs out, Bitcoin and the likes will be used to buy goods and services.

In conclusion, crypto and Blockchain technology have often been generalized as something that belongs just to the financial markets. Things are changing and humans are evolving, and if the recent trend is anything to go by, these predictions might become a reality.