The cryptocurrency market in 2019, made the total market value rose by nearly 50 percent from the same period last year. The market size has increased. But Bitcoin currently holds nearly 70 percent of the market share, up nearly 20 percentage points from the previous year. Many Altcoin saw its market share and price fall despite growth in size of markets.
The cryptocurrency market stood at $194 billion as of Dec. 28, 2019, up 47 percent from the previous year’s $132.3 billion. Bitcoin (BTC) rose about 87 percent to $7,348 from $3,923 over the same period. While Etherium (ETH), a major Altcoin, fell about -7 percent to $1193 from $137.
Despite everything in 2019, Bitcoin may have a positive future in 2020 cryptocurrency market
Bitcoinist said that there are factors that could push the cryptocurrency market back to a new high in 2020. Even though the cryptocurrency market in 2019 did not show only positive signs.
First of all, economic concerns. It has been stemming from political instability and extreme measures to prevent the central bank from going into recession are the grounds.
Recently, central banks around the world have continued to put pressure on financial markets through negative interest rates and quantitative easing. While nominal interest rates continue to fall and countries such as Venezuela and Zimbabwe are experiencing hyperinflation.
Against this backdrop, real estate and stocks are at record highs. And the perception of safe assets and investment in cryptocurrency has risen, instead of assets in the existing market.
In addition, another bitcoin halving is due to March next year. It has also led to a rise in cryptocurrency prices in the past. And while it may have a negative impact on mining profitability, it acts as a boon to the overall market.
Even in Etherium, the possibility of new investments is increasing, including steadily upgrading the network, and the upward trend will occur along with the effect of such investments.