Posted November 19, 2018 06:11:49 A new cryptocurrency is gaining traction among investors as bitcoin cash, a new alternative to bitcoin, surges in value.
Coin analysts at the CoinDesk cryptocurrency research team said the currency, which has the potential to be a significant financial hit if the value continues to surge, will be trading for more than $10.00 per bitcoin by the end of 2020.
CoinDesk analysts said the cryptocurrency is currently trading for less than $1.00 in 2020.
“Bitcoin cash is an interesting altcoin that is also gaining traction and is now trading for about $10 per bitcoin,” said Michael H. Lee, CEO of CoinDesk.
“The cryptocurrency is still a relatively unknown entity, but its value is rapidly rising.
Its trading price in 2020 has more than tripled to more than double in the past year.”
Coin analysts said that if bitcoin is the next major cryptocurrency, it would be a major win for investors who are looking for a safe haven asset to store their money.
“I am betting that bitcoin cash will outperform bitcoin and become a major crypto,” Lee said.
“I expect bitcoin cash to be worth more than a billion dollars by 2020.”
Lee also noted that bitcoin has a low market cap, meaning that the price of bitcoin will be significantly higher in 2020 than it is now.
“As bitcoin cash grows, it will make its way into the millions of dollars range.
Its value is currently at around $3.50 per bitcoin.
If bitcoin is still trading at its current levels, bitcoin cash would be worth about $20.00 billion by 2020,” Lee added.
In a blog post, CoinDesk analyst Adam Lashinsky said that bitcoin is currently the most popular cryptocurrency among investors.
“Investors are buying into bitcoin because of its strong valuation, and its low cost,” Lashinsky wrote.
“Bitcoin is a perfect medium for bitcoin cash.
It is easy to use, it is fast, and it is not tied to any particular currency.
There is also little risk associated with buying bitcoin, which makes it easy to store.”
Bitcoin Cash’s value has increased since the cryptocurrency’s launch in February, and Lee said that its value has continued to grow.
“It has seen more and more growth in the last year and has now reached a price point where it is trading for $10 in 2020,” he said.
The CoinDesk analysis team believes that bitcoin’s market cap will reach $60 billion by the start of 2021.
The cryptocurrency’s market capitalization is currently about $4.6 billion, which is higher than the $4 billion mark set by bitcoin as of December 2016.
The crypto is also one of the most volatile cryptocurrencies on the market, as investors have been taking the currency’s value into account when buying and selling cryptocurrencies.
“While the market cap of bitcoin has been declining over the past two years, the cryptocurrency has been gaining value as investors look to store the value they receive for their investment in the form of virtual currencies,” said Lashinsky.
“Although the market value of bitcoin is increasing, it does so at the expense of bitcoin cash and other altcoins that have been gaining traction.
Bitcoin is now the most traded cryptocurrency in the world.”
Lee said that cryptocurrency investors have recently been purchasing bitcoin for pennies, which he described as a “tipping point” in the market.
“Many investors are taking the risk of buying bitcoin for lower than the current price of $1,” he added.
“As bitcoin’s value increases, investors will be able to hold onto their bitcoin as they are able to store value in the virtual currency and avoid volatility.”