As 2019 comes to an end, we turn our attention to 2020 with hope and renewed confidence as we keep an eye on the altcoin markets and blockchain projects that are making headway in development with purpose-built functionality. As such, we’ve highlighted the short list of five altcoins that Nik Patel has recommended; each with the potential to outperform Bitcoin next year.
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Since Bitcoin seems to hold sway across all cryptocurrencies, especially with regard to market movement, we see altcoins driven by hype in a speculative market. Lately, Bitcoin’s price action has caused a surge in altcoin prices since the historic bull run of 2017, and outside of Coin Market Cap’s top ten cryptocurrencies, most of the top-performing altcoins on the market offer very little value or utility.
Are they really driven by hyped up promises?
The dream of outperforming Bitcoin is often too enticing of an opportunity for crypto investors to pass up, often loading up on obscure altcoins with the hope of a moonshot token that will garner riches. While the “next Bitcoin” may not exist, many altcoins very well could outshine the granddaddy of cryptocurrency. Nik Patel, an expert altcoin trader and published author on the subject has shared his list of five cryptocurrencies that have a strong chance of outperforming Bitcoin in 2020.
Patel blogs regular cryptocurrency market updates with a penchant to focus on the more obscure altcoins that he believes will grow in value and market dominance. Using a combination of insight into the fundamentals with technical analysis for an overview of each asset, his list includes the following altcoins: Komodo (KMD), New Kind of Network (NKN), V-ID (VIDT), Fantom (FTM), and Constellation (DAG).
KMD
Komodo describes itself as an open, composable multi-chain platform promoting itself as scalable and business-friendly. With its roots in development going back to 2014, it is reportedly one of the pioneers of multi-chain architecture in the blockchain space. As of August 2019, Komodo is focused on providing business-friendly blockchain solutions that are secure, scalable, interoperable, and adaptable.
Currently trading at $0.700916 USD (-5.57%) with a $81,896,668 USD market cap.
NKN
Launched in January, 2018, New Kind of Network bills itself as a ‘new kind of P2P network connectivity protocol’ that’s powered by a public blockchain and offers decentralized networking. Its infrastructure is ‘open, efficient, and robust’, thereby enabling application developers to build within the decentralized network.
Currently trading at $0.028862 USD (0.19%) with a $13,468,883 USD market cap.
VIDT
V-ID (VIDT), a blockchain-based solution for file protection and validation. In layman’s terms, their idea is to prevent document fraud by adding a layer of blockchain-based validity and verification of documents, digital files, or anything that can be published.
Currently trading at $0.081418 USD (-1.74%) with a $2,467,389 USD market cap.
FTM
A smart contract-focused network that aims to solve scalability issues found in Ethereum and other network protocols, Fantom’s mission is to provide compatibility between all transaction bodies around the world, and create an ecosystem which allows real-time transactions and data sharing with low cost.
Currently trading at $0.014218 USD (5.15%) with a $25,786,684 USD market cap.
DAG
Launched in 2017, Constellation raised over $35 million through a private sale. The Constellation project works within “big data” markets to help businesses monetize the data streams while increasing security and efficiency in data transfers. It is a distributed network that has recently garnered a strategic partnership with the United States Air Force.
Currently trading at $0.022811 USD (3.94%) with a $19,811,238 USD market cap.
Do you agree with Nik Patel’s assessment of these five altcoins? Whether these assets can actually outperform Bitcoin is a matter of speculation, but smart investors who are looking to diversify their cryptocurrency portfolios may want to dig deeper into these projects to see if they are sound investment opportunities.
- Current trade price and market cap were retrieved a the time of writing this piece.
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