Although ETH has strong fundamentals and is the spine of the decentralized finance ecosystem, its price action has been sharply underperforming BTC for a few weeks now. ETH’s price is now below its peaks in 2020, while BTC’s price is at its highest levels since the massive bull run of 2017.
We’re now well into Q4 2020, and Bitcoin is currently the star of the show in the cryptocurrency market. The world’s largest cryptocurrency has been on a tear recently, and sentiment is overwhelmingly bullish. Besides Bitcoin, we’re also featuring a popular privacy coin that’s about to have its first-ever halving, as well as an ambitious blockchain project focused on scalability and interoperability. Without further ado, here’s our top 3 coins to watch this week.
Bitcoin has been on an absolute rampage this month as the cryptocurrency managed to increase by a strong 42.6% to break $16,000. Although this is positive news for the industry, it is still yet to seep into altcoin. Over the past month, Ethereum has surged by 23.4% but XRP has barely moved as it climbed by a tiny 1.34% in comparison.
Binance is the world’s largest cryptocurrency exchange by trade volume. The platform earned its popularity by listing a wide variety of altcoins, and providing in-demand products such as Binance Coin, futures contracts and lending. According to Binance’s terms and conditions, users from the United States are not allowed to use the platform.
Nouriel Roubini, a professor at New York University’s Stern Chool of Business, is one of the most prominent critics of Bitcoin. Roubini has been on a warpath against Bitcoin for years, and he believes BTC is related to internet frauds and criminal activities. He considers blockchain as a theoretical concept that is not practical.
The second generation of Ethereum, also known as Ethereum 2.0, is currently in development. Ethereum is moving over to Proof-of-Stake in order to circumvent the downsides of Proof-of-Work consensus designs. Proof of Stake (PoS) saves more energy, provides better performance and doesn’t need expensive hardware and equipment.
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Veteran investor Bill Miller says that all leading banks and prominent investment firms will ultimately have exposure to BTC or a similar asset. He believes Bitcoin is here to stay, and is growing stronger and stronger. BTC’s fundamentals have attracted a lot of attention, and now people like Bill Miller are optimistic about it.
As we make our way through Q4 2020, several cryptocurrency projects are making upgrades to their platforms and other changes that could arouse the interest of the broader cryptocurrency community. With all eyes on Bitcoin and Ethereum, this week’s selection of top 3 coins to watch aims to shine a light on some smaller market cap cryptocurrencies, which look set for some interesting price action.