The 5 Biggest Trends In Cryptocurrency For 2020

Speculation is at the heart of the cryptocurrency market. Obviously, price speculation is present across all assets, but most thriving cryptocurrencies have survived largely thanks to speculation about their anticipated applications and promised potential.

Of course, this speculative quality has also been at the heart of the volatility in the crypto market. Bad actors and shady token schemes flood the space, new blockchain or contract technology is overhyped or undelivered, financial markets struggle to figure out what crypto means for them, all lead to the kinds of massive spikes and dips that the market has come to be known for.

While 2020 might not calm the crypto market down, it does promise to deliver some important developments that will help the new asset mature and provide a sense of how it might become a core feature in the future of finance.

Based on ongoing and upcoming trends in the cryptocurrency market and through conversations with industry veteran and co-founder of cryptocurrency tracking and tax software company Accointing Alex Lindenmeyer, Benzinga has compiled a list of five of the most notable cryptocurrency events, trends, and developments that are likely to shape the digital asset market through 2020.

The Halvening

The most concrete event that will take place in 2020 is the bitcoin halving in May, which will reduce the number of bitcoins rewarded for successfully mining a block in the digital ledger by half, from 12.5 to 6.25 BTC. Even though it sounds dramatic, it’s happened twice before and each event saw some interesting price action. In the months surrounding the 2012 halving, bitcoin price went from less than $10 to more than $100 while in 2016 the currency surged from $400 before the halving to more than twice that by the end of the year.

At its face, halving introduces new scarcity to the market and bitcoin traders are already anticipating similar supply-side price growth…

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