The cryptocurrency market gained an impressive 85% in 2019 after a subdue 2018. The yearly high was set in June when the market peaked at more than $389 billion.
At the beginning of 2020, we are presented with countless opportunities to invest in. In this article, we pick three of the best cryptocurrencies that may outperform the rest of the cryptocurrency market in January.
Bitcoin is the safest pick when it comes to crypto. You shouldn’t see this as a surprise as Bitcoin currently commands nearly 70% of the total crypto market. As such, Bitcoin usually leads the rest of the market in gains and losses.
In 2019, Bitcoin increased in value by almost 94%, significantly higher than the entire cryptocurrency market. As the expectations are that the crypto market will continue to recover from the difficult 2018 year, Bitcoin is expected to grow at a higher rate than the rest of the market.
A break of the initial $7700 resistance should open the way for more gains. The level of $9000 is seen as the next target for the bulls in January.
The world’s largest coin should be monitored closely in the first week of January if you’re considering buying bitcoin. Based on the historical performance, Bitcoin has rallied every first week of the new year in the previous three years. For instance, Bitcoin gained 11.8% during the first week of 2019.
Basic Attention Token (BAT)
One of the altcoins that received a great amount of following in 2019 was the Basic Attention Token (BAT). The BAT ecosystem includes Brave, a privacy-centered browser designed to block trackers and malware.
The team behind BAT reported an increase in Brave’s active users to 10.4 million in December, which is quite impressive for a start-up. It has also been reported that Brave has recorded more than 100 million downloads.
This rise in users has coincided with gains in the market where the BAT token increased around 30% in value. BAT’s success doesn’t come as a surprise given the company’s CEO is Brendan Eich, co-founder of Firefox and Mozilla.
Should you decide to follow our recommendation and invest in BAT, the levels to watch for on the upside are $0.2050, $0.2300 and $0.2800. Any of these levels should enable you to make profit buying BAT, as it currently trades below the $0.20 mark.
Unlike Bitcoin and BAT, IOTA had a poor 2019, if you judge by the performance of its native IOTA token. It hit a 2019 low of $0.1485 in December, before it started to move higher.
However, on the project side, IOTA recorded a strong and successful year – with more people than ever wanting to buy IOTA. Over 25 new partnerships were established in 2019, including those with DELL, Jaguar Land Rover, the Linux Foundation etc.
Hence, many believe that it is a matter of time before the IOTA coin starts to deliver as well. Given the scale of underperformance in 2019, there is a great amount of room for success in the market.
The first level to watch for is $0.2100, which is around 30% higher than the current market price of $0.1620. Furthermore, levels such as $0.2350 and $0.2700 should also have an important role to play if IOTA finally starts to move higher.
Before investing in cryptocurrencies, it is of crucial importance to understand the project that is behind the selected coin, including its features and potential in the long turn. In this article, we presented three digital coins that we believe may start to move higher in January 2020.