Digital assets trading platform provider BitMart has released its Cryptos of the Year 2020 report – and considered that while Bitcoin remains on top, altcoins will move forward in 2021.
The study, which reviewed all coins listed on the BitMart platform, cited 10 coins to consider based on popularity with investors, return rate, and potential ROI. The study also garnered opinions from the chief executives of each nominated company – which the press materials curiously cite as ’10 frontline blockchain entrepreneurs.’
The coins were:
- Loopring (LRC), which aims to engineer the best-in-class orderbook-based DEX protocol on Ethereum
- Energy Web Token (EWT), offering decentralised technologies for low-carbon, customer-centric electricity
- Injective Protocol (INJ), layer-2 decentralised exchange protocol
- ShareToken (SHR), an open-source platform with dual token mechanism
- The Sandbox (SAND), monetising gaming experiences on blockchain
- Akash Network (AKT), for decentralised cloud computing
- Apollo Currency (APL), offering blockchain services across multiple sectors
- SparkPoint (SPK), promoting financial literacy awareness for digital payments
- Crust (CRU), a decentralised storage network for the Web3 ecosystem
- SocialGood (SG), which increases its asset value based on usage
In terms of the major coins, Bitcoin is widely predicted by respondents to have a strong 2021. Opinions differed, with some proferring certain peaks and troughs – though not as low as the 2018 crash – and others predicting stability. At time of print, BTC is recovering from a drop having almost touched $30,000 on Jan 8 – currently at $27,380.
Ultimately, enterprise and real-world financial adoption will be key. “Between real enterprise adoption and its growth as a hedge against fiat currencies, we predict that 2021 will be a very good year for BTC,” said Walter Kok, CEO of Energy Web Foundation.
Elsewhere, many of the CEOs argued potentially good years for alternatives. Ethereum 2.0, DeFi and other non-fungible tokens (NFTs) were frequently cited. Naturally, this also involved a fair dollop of self-promotion, but wider ecosystem gains can be seen as a part of it.
“We see true long term adoption from more traditional investors,” said Borget Sebastien, co-founder and COO of The Sandbox. “As companies like ours work to make blockchain more accessible than ever, we’re bridging the gap between consumers and blockchain technology through NFTs and our unique approach to play-to-earn in games, which brings the ‘green light’ to consumers.”
The Covid-19 pandemic was also explored in terms of its effect on the crypto landscape. “I think the pandemic has decreased the value of fiat money and strengthened the use cases for holding crypto,” noted Greg Osuri, co-founder of Akash Network. “The value of the dollar continues to depreciate while the value of Bitcoin and other cryptocurrencies appreciate.
“On a more superficial level, the possibility of using a contractless, immediate and secure payment system like crypto is extremely appealing right now and in the post-pandemic era to come,” Osuri added.
You can view the full report here (pdf, no login required).
Read more: How the global Covid-19 pandemic has ended blockchain market volatility
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Credit: Blockchain News