Analysis: Evolution of the price of Bitcoin, Ethereum and XRP so far in 2020

Analysis: Evolution of the price of Bitcoin, Ethereum and XRP so far in 2020

Undoubtedly, so far in 2020 was very interesting for the digital currency ecosystem, especially due to the fluctuations seen at specific times in recent months, which generated strong expectations and fears among investors who operate within the main crypto markets..

With less and less to conclude the first half of this year, here is a brief analysis related to the evolution seen in the price of Bitcoin (BTC), Ether of Ehereum (ETH) and XRP of Ripple (XRP), the main three digital currencies on the market, which capitalize the largest commercial volume within this ecosystem.

Bitcoin price evolution

We begin this analysis by examining the evolution seen in the price of Bitcoin  this year, a digital currency that appears as one of the main references in the cryptocurrency ecosystem, and which this year will receive its third Halving, a process about which there are many expectations on the part of from enthusiasts and investors.

Commercial performance

As of January 1, 2020, the digital currency opens trading at approximately EUR € 7,221. Arguably, from that moment on, its price begins to increase steadily over the weeks, which led it to trade above EUR € 10,000 during the first hours of February 2.

As such, the brightest price moment for Bitcoin took place exactly on February 12 of this year, at which point it surpassed the barrier of EUR € 10,350 per unit. However, contrary to the aforementioned, its lowest price so far this year was registered on March 16, when it fell to around EUR € 4,727 in the middle of one of the most complex moments of recent times for the markets in general.. That happened after the so-called "Black Thursday" when all markets, not just crypto, fell dramatically.

However, despite the drop seen in mid-March, since that time the price of the digital currency began to increase progressively, approaching again last week the barrier of EUR € 10,000 per unit, the price on which expectations are focused. from many investors and enthusiasts for the Halving moment, which will occur in a few hours.

Notable events

Although the price of Bitcoin was the main news in the digital currency ecosystem these months, the most notable event for the digital currency is the Halving scheduled for today, May 11.

Analysis: Evolution of the price of Bitcoin, Ethereum and XRP so far in 2020

Cryptocurrency analysts and enthusiasts highlight this event as one of the most important for its evolution in the coming years, since said cut in the rewards margin ensures the sustainability of the project by reducing the existing offer in the markets, which It should lead to an organic increase in its base price beyond the speculative aspect.

On the other hand, an event that had and continues to have a lot of weight, both for the digital currency ecosystem and for other reputable exponents, was the drop registered in the main stock exchanges and stock markets of the traditional ecosystem due to the COVID-19 pandemic. This event felt its weight on the price of Bitcoin, especially between March 12 and 19, since during this period it was when the digital currency was quoted at its lowest prices so far in 2020.

Ether price evolution

Below we look in detail at the behavior of Ether, the main digital currency of the Ethereum network, whose protocol will soon incorporate a series of changes that will prepare its ecosystem to fully support the Decentralized Finance (DeFi) ecosystem, modifying the algorithm of consensus and establishing guidelines regarding the amount of current assets in the market.

As such, Ether opened this year trading at around € 130 per unit, and just like in the case of Bitcoin, that value served as a support point for its value to move higher in the following weeks.

In this way and registering an upward trend, the digital currency reaches its highest value of the year for the night of February 14, trading at around EUR € 286 after a fairly positive day. On the other hand, the blackest moment for the cryptocurrency took place at the close of March 12, by which time each unit of ETH registers a value equivalent to about EUR € 99, this being its lowest price during 2020.

As happened in the case of Bitcoin, after the end of the period of decline seen in the price of the digital currency, it began to move upwards again, registering important peaks in the following weeks, followed by progressive falls. So it was until last May 9, reaching the last time this year over EUR € 200 and then falling to EUR € 188 per unit.

At press time, each unit of Ether is priced at € 189.23.

Looking at the beginning of this year, its price increased by approximately 45%.

Notable events

Without a doubt, one of the biggest events that will take place this year has to do with the release of version 2.0 for the Ethereum network, with which the protocol implements important changes adjusting to the needs of the products and services that operate within from your network. The developer team estimates that these changes could take place during the next month of July, and already the network in its test version mined the first block of transactions under this operating scheme.

Another important milestone in the history of the network had to do with the 10,000,000 blocks processed, making the Ethereum protocol one of the preferred networks for developers and programmers, especially for creating solutions that make use of of smart contracts.

However, not everything has been good for the performance of the digital currency, since this year there were major attacks against DeFi protocols, which led to the theft of large amounts of ETH funds and a drop in the price of the digital currency.

Evolution of the price of XRP of Ripple

Finally, we present the evolution of XRP of Ripple in so far 2020. This digital currency is used by products designed by its operating company, which are specifically targeted for the banking ecosystem and remittance services.

Commercial performance

XRP is characterized by being one of the most reputable tokens with the lowest price on the market. By the early 2020s, the digital currency opened at about € 0.19, from which point its value began to rise over time.

As such, the digital currency reached its highest value on the morning of February 15, when trading above EUR € 0.33 per unit, increasing more than 100% compared to the beginning of this year. But as in the case of the aforementioned digital currencies, the XRP  token experienced a sharp drop on March 12, registering its lowest value of the year with a price equivalent to EUR € 0.12.

Given that the event that generated this sharp drop in the price of XRP  and other cryptocurrencies is due to an issue external to this ecosystem, the digital currency also began to recover over the months and showed an evolution similar to that seen with Bitcoin. and Ether. However, after seeing a significant increase in late April, it again declined 10 days later to settle at around € 0.19 again.

Currently, the digital currency is quoted at about EUR € 0.19, and its price is practically at the same level as seen earlier this year.

Notable events

Unlike the Bitcoin and Ether cases, Ripple- related ads revolve more around business alliances for the use of company-designed products, as well as investment mechanisms enabled by highly reputed exchanges.

However, the most controversial event facing the Ripple company is the current lawsuit in court for the alleged sale of unauthorized securities. In this regard, the CEO of the company, Brad Garlinghouse, dismisses the allegations of the plaintiffs, assuring that the token does not qualify within that category, since the creditors do not have any shareholding in the company for possessing XRP funds.

Ripple executives recently filed a lawsuit against the YouTube video platform over a series of advertisements that use the XRP token to perpetuate scams. Apparently, this dispute was extrapolated to other areas due to the closure of the CTO channel, David Schwartz, as a possible retaliatory measure against reputable company employees.