Cryptocurrency Profits 2020: Bitcoin and Ethereum Top the List

Cryptocurrency trading and investment have been gaining significant traction since the outbreak of COVID-19 pandemic. As people found themselves locked down and jobless, seeking for any additional source of income became a pressing need.

Despite the price volatility causing huge losses after the Black Thursday event, the recent bullish trend also allowed for record profits for traders and investors, as prices of major cryptocurrencies increased by more than 100% since the collapse. Although many investors choose various altcoins according to their needs and capabilities, the top-5 cryptoassets that are most attractive in the market seem to remain unchanged.

Bitcoin (BTC)

The first world’s cryptoasset Bitcoin remains the giant leader in the blockchain and digital currency market. It has managed to maintain this position since its inception in 2009 by Nakamoto Satoshi. At press time, BTC’s market cap is over $208.6 billion, with a value of around $11,687 per coin.

There are about 18.45 million BTC in circulation, as per the data by CoinMarketCap. No other coin has ever matched this current price of BTC. The high/low price of Bitcoin this year is $12,036.99 and $4,106.98, respectively. The trend continues to bring hope that before the end of this year, BTC could break the record of its all-time high of $20,089 that it recorded on December 17, 2017 – the crypto-bubble.

In the second quarter of this year, Square, a financial service firm recorded around $875 mln in revenue from BTC, and also generated about $17 mln in gross profit. This is just one company in a forest of exchanges trading Bitcoin, that has managed to reveal its profits. It is hard to get the total amount of profits generated by Bitcoin, however, it is also hard to imagine how big it could be, considering the formidable results of a single firm.

Ethereum (ETH)

Comparing with other years, ETH, the world’s second-biggest cryptoasset has witnessed a massive lift in interest from sellers and buyers in 2020. This could be due to Covid-19 pandemic that forced a lot of people to make payments using digital means including cryptocurrency.

Over the last 14 days, the price of ETH broke out of consolidation and registered an upward shift to hit a 70% lift from about $233 to $399. As a major incline temporarily interrupted ETH’s trend, at the time of writing, it was changing hands at around $394 and was reaping extraordinary returns for merchants.

Ethereum cryptocurrency has strode higher in value since the start of this year and in the short-term, from the look of things, investors are reaping big as more than 90% of circulating Ethereum supply is in a positive state of profit. Ethereum is going to set a record. The last time the price of Ethereum reached this high was in Feb 2018, when it hit $925. The coin is speculated to be in preparation for another bull run, and that’s one of the reasons why traders can’t get tired of dealing with ETH.

Ripple (XRP)

After trading $0.32 on 1st August, Ripple saw a quick fall below the $0.30 edge and upheld consolidation slightly above $0.25. Currently, XRP/USD is valued at $0.29 after recording a 5.6% increase over the past 24 hours.

The highest and lowest price of XRP in 2020 has been $0.343972 and $0.115093, respectively. The coin has a market capitalization of $13.4 billion, and XRP has managed to remain in the 3rd place according to its popularity.

Bitcoin Cash (BCH)

BCH started to be mined on Aug 1, 2017 (3 years ago). In these 3 years of existence, the coin has got a circulating supply of more than 18.48 million BCH and an overall market capitalization of over $5.36 billion, making it to be placed in the 5th position of CoinMarketCap rating.  At press time, the value of BCH/USD is standing at just over $290, according to the data by CoinMarketCap. In 2020, BCH reached a high and low of $493.03 and $139.22, respectively.

As per the data by TradingBeasts, the BCH price is estimated to hit $247.806 by the beginning of the next month. The anticipated highest value is $306.181, bottom price $208.203. The Bitcoin Cash price prediction for the end of August is around $244.945. If the trend does not go south, the coin is expected to touch the $237.633 level.

Litecoin (LTC)

Looking at the 1-year price chart, Litecoin, the 7th largest crypto by market cap, has not managed to recover above $93.74. However, it also dropped and saw a price of $25.57 in mid-March.

At press time, LTC/USD price is at $58 and there are more than 65.174 million LTC in circulation. Before the plunge, the coin was changing hands at $64.8, and the 9.24% downtrend saw it fall to below $59.

Relative Strength Index (RSI) for LTC is now at around 54.7, but low over the past 48 hours. Before the move to more than $62, Litecoin’s RSI was over 85.8, and this was its peak in the last few months, and this shows that coin was ‘overbought.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.