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The Top 5 Trends Defining Crypto in Late 2020

The Top 5 Trends Defining Crypto in Late 2020



What are some trends in the crypto and blockchain space that may take hold and remain ongoing throughout the rest of 2020?

The cryptocurrency field is a place where everything changes in the blink of an eye. New technologies, key market players and trends shift much faster than in any other industry. From the current point of view, many exciting developments seem viable. Still, this chaotic industry can bring more opportunities within the upcoming months, and everything we’ve seen before will be surpassed by something truly outstanding. However, let’s quickly check in.

The shift toward a cashless society

One of the most society-redefining trends of 2020 came unexpectedly. Right after Christmas, the world seemed safe and sound despite dreadful news from China. Later in the winter though, it had been taken over by a deadly virus in the blink of an eye. The COVID-19 pandemic has paralyzed, disrupted and stopped a lot of industries and made people rethink their attitude toward many things in life. Such previously questionable practices like remote jobs or crypto payments have become of significant importance and seem like they will remain present even after the pandemic ends. Why work from the office when everything can be efficiently managed from any spot in the world? Does it make sense to continue to overspend on luxurious offices if there is simply no need for that in the digital age?

Moreover, it’s about time to get rid of cash — we have to take a step toward a new quality of life. Meanwhile, the blockchain field has also blossomed, as a new era requires more professionals in the field of distributed ledger technology. In today’s world, apps for interaction with the crypto world have become advanced and straightforward enough to enable the purchase of digital assets with just a credit card. Stablecoin wallets are in high demand, and this evident trend is no more a millennial-only kind of thing as institutions join the club in substantial numbers.

Crypto is not for geeks anymore

The image of cryptocurrency is changing globally faster than ever. Bitcoin (BTC) and Ether (ETH) are not a bubble anymore, as BTC’s market capitalization is now bigger than Coca-Cola and Intel, and blockchain is integrated into many fields and operations. Moreover, institutional crypto involvement is rising as the demand for Bitcoin soars amid the coronavirus crisis, with Grayscale experiencing a drastic increase in assets this year. More hedge funds are accumulating digital wealth fast — and that is sure to continue this year.

While the Facebook-led Libra project still has many stumbling blocks in the face of the United States Securities and Exchange Commission and other regulators, its launch is continually delayed. Because mixing different monetary policies is questionable for the project’s success, we’re not sure that Libra will ever see the light of the day in the current condition.

One thing is undoubtedly evident: The world of mainstream users needs more convenient interfaces to interact with crypto — and they are coming. The digital divide steadily reduces, as in 2020, it’s easier to open a checking account in dollars or euros than ever before. 

Growing DeFi adoption 

Decentralized finance, or DeFi, has become one of the most prominent trends in crypto since late 2019. The sector has been growing at a fast pace over the past six months, and a new milestone was recently reached by the sector as the total value locked in DeFi hit an astonishing new height of $4 billion.

Many companies that operate in the blockchain field have already introduced their DeFi products. Popular protocols such as Compound, Balancer, Curve and other platforms have opened the door to a whole new world of crypto opportunities for investors looking for deep liquidity, varying risk-reward ratios, and exciting, affordable modern financial instruments.

We’re about to see further adoption alongside user-base growth as institutional capital comes to the digital asset field. DeFi is growing insanely fast, and it’s of crucial importance to have a simple, effective, inexpensive on-ramp and off-ramp solution for this segment.

The advent of CBDCs 

Nowadays, central bank digital currencies, or CBDCs, are either a hot topic to talk about or a solution in development in many countries. China, one of the world’s most extensive tech breeding grounds, has started to engage in creating the local digital asset. It would be exciting to see how a digital yuan launch and implementation could change the crypto world and shift the balance of economic power, taking out the dollar’s status as a global reserve currency. Could this example inspire other leading countries? The competition may be fierce in this field.

Stablecoins initiatives are still massively underappreciated throughout the world — most crypto holders are subject to volatility and counterparty risk. It’s not only global or local bank-lead projects that will be in the space in the future, as private companies are continuing developments as well. Projects such as USD Coin (USDC), Paxos Standard (PAX) and Stasis’ Eurs combine the benefits of blockchain with the reputation and relative stability of fiat. 

Enhanced privacy with blockchain technology

Real progress happens when a crisis looms ahead. Back in the 90s, the internet was something of a miracle, magic or an arcane invention. Today, in the mobile-driven age of social media networks, we can hardly imagine our daily existence without the need to interact or communicate online. But with the growing engagement in digital life, we forget that all the available services, which are being used not only by casual users but also by most well-known CEOs and even presidents, are still too fragile, despite technological advances.

The latest Twitter hack compromised many high-level politicians, celebrities and individuals in technology. The problem leads to the question of what to do next. Discussions on blockchain-based improvements have heated up in a blink of an eye. We may see more problems, as hacking activity and ransom demands in crypto will not vanish anytime soon. Still, DLT will surely be noted when developing a shield for this particular dagger.

Looking into 2020 and beyond

Many analysts make distant forecasts for the crypto field and the price of Bitcoin, envisioning the further possible trends of the next decade. It’s undeniable that this once niche field is set to transform into a global mainstream ecosystem. Be sure to expect more price records, more inventions and more adoption.

What will the world be like in 10 years? Back in the 20th century, this question was much easier to address, but any predictions made today will highly likely become obsolete after a year. However, we can be sure that decentralized technologies and DLT-driven services will shape humanity’s further progress and development.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Gregory Klumov is a stablecoin expert whose insights and opinions appear regularly in numerous international publications. He is the founder and CEO of Stasis, a technology provider that issues the most widely used euro-backed stablecoins with a high transparency standard in the digital-asset industry.

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9 protocols criticize LayerZero’s ‘wstETH’ token, claiming it’s ‘proprietary’

Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router issued a joint statement criticizing the new token.
A new…



Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router issued a joint statement criticizing the new token.

A new bridged token from cross-chain protocol LayerZero is drawing criticism from nine protocols throughout the Ethereum ecosystem. A joint statement from Connext, Chainsafe, Sygma, LiFi, Socket, Hashi, Across, Celer, and Router on October 27 called the token’s standard “a vendor-locked proprietary standard,” claiming that it limits the freedom of token issuers.

The protocols claimed in their joint statement that LayerZero’s new token is “a proprietary representation of wstETH to Avalanche, BNB Chain, and Scroll without support from the Lido DAO [decentralized autonomous organization],” which is created by “provider-specific systems […] fundamentally owned by the bridges that implement them.” As a result, it creates “systemic risks for projects that can be tough to quantify,” they stated. The protocols advocated for the use of the xERC-20 token standard for bridging stETH instead of using LayerZero’s new token.

Lido Staked Ether (stETH) is a liquid staking derivative produced when a user deposits Ether (ETH) into the Lido protocol for staking. On October 25, LayerZero launched a bridged version of stETH, called "Wrapped Staked Ether (wstETH)" on BNB Chain, Avalanche, and Scroll. Prior to this launch, stETH was not available on these three networks.

Since any protocol can create a bridged version of a token, LayerZero was able to launch wstETH without needing the approval of Lido’s governing body, LidoDAO. In addition, both BNB Chain and LayerZero announced the token’s launch on X (formerly Twitter), and BNB Chain tagged the Lido development team in its announcement. Members of LidoDAO later claimed that these actions were an attempt to mislead users into believing that the new token had support from the DAO.

On the same day that LayerZero launched wstETH, they proposed that LidoDAO should approve the new token as the official version of stETH on the three new networks. They offered to transfer control of the token’s protocol to LidoDAO, relinquishing LayerZero’s administration of it. In response, some LidoDAO members complained that this move was intended to create a fait accompli to pressure the DAO into passing the proposal when they otherwise wouldn’t have.

Related: LayerZero partners with Immunefi to launch $15M bug bounty

“There appears to have been a coordinated marketing effort between Avalanche, BNB, and LayerZero with a series of twitter posts and slick videos implying that LidoDAO has already officially accepted the OFT standard,” LidoDAO member Hart Lambur posted to the forum, adding “How is this possible when this is just a proposal?”

Some members also argued that the new token could pose security issues. “Layer Zero is a super centralized option that exposes Ethereum’s main protocol to an unprecedented catastrophe,” LidoDAO member Scaloneta claimed, arguing that a hack in the protocol’s verification layer “would imply that infinite wsteth will be minted.”

Cointelegraph reached out to the LayerZero team for comment through Telegram and email, but did not receive a response by the time of publication. In April, LayerZero raised over $120 million to help build more cross-chain functionality into the Web3 ecosystem and partnered with Radix to bring cross-chain functionality to the Radix Babylon network.

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Price analysis 10/27: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC

Bitcoin is taking a breather after this week’s strong rally, but select altcoins may be getting ready to breakout over the next few days.



Bitcoin is taking a breather after this week’s strong rally, but select altcoins may be getting ready to breakout over the next few days.

Bitcoin (BTC) has been trading above $33,600 for the past two days, indicating that the bulls are not rushing to the exit. After a sharp rally, if the price does not give up much ground, it may cause FOMO and ignite another round of buying.

That could push the markets further into overbought territory. However, such rallies are rarely sustainable. They eventually turn down and retest the breakout levels. Hence, Bitcoin’s drop to $32,000 can not be ruled out.

The rally of the past few days pushed Bitcoin’s dominance to 54%, its highest level in 30 months. The rise in market dominance shows that Bitcoin is leading the charge higher, which is a positive sign. This suggests that traders are favorably viewing the cryptocurrency space and select altcoins may join the party soon.

Daily cryptocurrency market performance. Source: Coin360

Veteran trader Peter Brandt said in a post on X (formerly Twitter) on Oct. 26 that Bitcoin’s bottom is in but he warns that new all-time highs may not happen until the third quarter of 2024. Meanwhile, Brandt predicts Bitcoin to enter a “chop fest.”

Will Bitcoin enter a corrective phase over the next few days or continue its upward march? Will altcoins join the party higher?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin is facing resistance at $35,000 but the bulls have not given up much ground. This suggests that the buyers may soon try to resume the up-move.

BTC/USDT daily chart. Source: TradingView

The risk to a further rise is that the relative strength index (RSI) remains in the overbought area. This indicates the possibility of a minor correction or consolidation in the near term. If the price slides below $33,679, the BTC/USDT pair could retest $32,400 and then $31,000.

However, it is not certain that the overbought levels on the RSI will cause a correction. Sometimes, during a trend change from bearish to bullish, the RSI tends to remain in overbought territory for a long time. That is because the smart buyers continue to accumulate on every intraday dip.

In this case, if the price turns up from the current level and breaks above $35,280, it will signal the start of the next leg of the uptrend. The pair may then skyrocket to $40,000.

Ether price analysis

Ether’s (ETH) long wick on the Oct. 26 candlestick shows that the bears are aggressively protecting the minor overhead resistance at $1,855.

ETH/USDT daily chart. Source: TradingView

The rising 20-day EMA ($1,674) and the RSI near the overbought zone indicate that bulls have the upper hand. If the price turns up from $1,746, the bulls will again try to shove the ETH/USDT pair above $1,855. If this level is surmounted, the pair may skyrocket toward the psychologically important level of $2,000.

If bears want to prevent the up-move, they will have to quickly send the price back below the breakout level of $1,746. The pair may then tumble to the 20-day EMA.

BNB price analysis

BNB (BNB) turned down from $235 on Oct. 24, indicating that the bears are active at this level. The sellers tried but failed to sustain the price below the strong support at $223.

BNB/USDT daily chart. Source: TradingView

This indicates that buyers are fiercely attempting to defend the support at $223. If the price rebounds off this level with strength, the BNB/USDT pair could once again try to rise above the overhead resistance at $235. If that happens, the pair may climb to $250 and subsequently to $265.

Contrarily, if the price once again turns down from $235, it will suggest that bears continue to sell at higher levels. A slide below $223 will tilt the advantage back in favor of the bears. The pair may then oscillate between $203 and $235 for a while longer.

XRP price analysis

XRP (XRP) has been witnessing a tough battle between the bulls and the bears near the overhead resistance of $0.56.

XRP/USDT daily chart. Source: TradingView

The bears are trying to pull the price to the 20-day EMA ($0.52) which is an important level to keep an eye on. If the price sharply rebounds off this level, it will suggest that every minor dip is being bought. The bulls will then again try to kick the price above $0.56.

If they succeed, it will signal the start of a new up-move. The XRP/USDT pair could then soar to $0.71. This positive view will be negated in the near term if the price turns down and plunges below the 50-day SMA ($0.51). That will indicate a range-bound action between $0.46 and $0.56 in the near term.

Solana price analysis

Solana (SOL) has been trading near the pattern target of $32.81 for the past few days. The bulls have not ceded ground to the bears, indicating that they anticipate another leg higher.

SOL/USDT daily chart. Source: TradingView

The RSI remains in the overbought zone, indicating that the SOL/USDT pair may spend some more time in consolidation or witness a minor dip. If the price stays above $30, the possibility of a rally to $38.79 increases.

On the other hand, if the price skids below $30, the bears will attempt to yank the price to the 20-day EMA ($27.20). If this support gives way, it will signal that the sellers are back in the game.

Cardano price analysis

Cardano (ADA) has been trading above the $0.28 level for the past few days but the bulls haven’t been able to start a strong relief rally.

ADA/USDT daily chart. Source: TradingView

Buyers tried to start a new up-move on Oct. 26 but the bears sold at higher levels as seen from the long wick on the candlestick. Encouraged by this, the sellers will try to tug the price back below the breakout level of $0.28. If they can pull it off, the ADA/USDT pair may slump to the 20-day EMA ($0.26).

Instead, if the price turns up from $0.28 and rises above $0.30, it will signal that the bulls have flipped the level into support. The pair may then start its northward march toward $0.32. This level may act as a stiff barrier but if cleared, the next stop is likely to be $0.38.

Dogecoin price analysis

Dogecoin (DOGE) has been in a strong recovery for the past few days, indicating aggressive buying by the bulls.

DOGE/USDT daily chart. Source: TradingView

Buyers pushed the price above the nearest resistance of $0.07 on Oct. 26 but the long wick on the candlestick shows selling at higher levels. The bears are trying to pull the price back below $0.07 on Oct. 27. If they succeed, the DOGE/USDT pair could slide to the 20-day EMA ($0.06).

On the contrary, if the price turns up from $0.07, it will suggest that the sentiment has turned positive and every minor dip is being purchased. That could propel the price to $0.08.

Related: FLOKI price soars 140% in a week — Are memecoins like DOGE, PEPE finally waking up?

Toncoin price analysis

Toncoin (TON) found support at the moving averages in the past few days but the bulls failed to start a strong rebound off it.

TON/USDT daily chart. Source: TradingView

That may have attracted selling by the bears who have dragged the price back below the moving averages on Oct. 27. The TON/USDT pair may slide to the crucial support at $1.89. Such a move will suggest that the pair may consolidate between $1.89 and $2.31 for a few days.

Contrary to this assumption, if the price turns up sharply from the current level, it will indicate that the bulls are buying on minor dips. That will improve the prospects of a break above $2.31. The pair may then surge to $2.59.

Chainlink price analysis

Chainlink (LINK) has been facing selling near the $11.50 mark as seen from the long wick on the candlesticks of the past few days.

LINK/USDT daily chart. Source: TradingView

A minor positive is that the bulls have not given up much ground. This suggests that the buyers are in no hurry to book profits as they anticipate the uptrend to continue. Sometimes, when an asset breaks out from a long consolidation, it may remain in the overbought zone for an extended period. That is a possibility with the LINK/USDT pair.

The important support to watch on the downside is $9.50 and then the 20-day EMA ($8.97). Buyers are expected to defend this zone with vigor.

Polygon price analysis

Polygon (MATIC) broke above the $0.60 resistance on Oct. 22 but the bulls are struggling to maintain the up-move. This suggests hesitation to continue buying at higher levels.

MATIC/USDT daily chart. Source: TradingView

The important level to watch on the downside is $0.60. If the price rebounds off this level with strength, it will signal that the bulls have flipped $0.60 into support. That will increase the likelihood of a break above $0.67. The MATIC/USDT pair may then soar to $0.77.

Meanwhile, the bears are likely to have other plans. They will try to sink the price back below the breakout level of $0.60. If they do that, several aggressive bulls may get trapped and the pair may plummet to the 20-day EMA ($0.57).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Call for Papers: JMIR Neurotechnology

JMIR Neurotechnology, published by JMIR Publications, welcomes submissions from researchers, clinicians, caregivers, and technologists that explore novel…



JMIR Neurotechnology, published by JMIR Publications, welcomes submissions from researchers, clinicians, caregivers, and technologists that explore novel diagnostic and treatment tools for neurological disorders, particularly those leveraging the potential of neurotechnology.

Credit: JMIR Publications

JMIR Neurotechnology, published by JMIR Publications, welcomes submissions from researchers, clinicians, caregivers, and technologists that explore novel diagnostic and treatment tools for neurological disorders, particularly those leveraging the potential of neurotechnology.

The scope of the journal includes but is not limited to:

  • Neuroradiology
  • Advancements in neurosurgery
  • Innovative diagnostic tools and techniques
  • Cutting-edge neurotechnology for therapeutics
  • Data sharing and open science in neurotechnology
  • Code transparency and reproducibility
  • Neurorehabilitation
  • Cognitive enhancement
  • Challenges and ethical considerations
  • Neuroimaging and brain-machine interfaces
  • Neurotechnology and artificial intelligence (AI).

For a limited time only, JMIR Neurotechnology is offering a 50% APF discount on all manuscripts accepted for publication with the use of an active promo code. For more information, please visit

Please visit our website for more information on submission guidelines and the peer-review process.



About JMIR Publications

JMIR Publications is a leading, born-digital, open access publisher of 35+ academic journals and other innovative scientific communication products that focus on the intersection of health, and technology. Its flagship journal, the Journal of Medical Internet Research, is the leading digital health journal globally in content breadth and visibility, and is the largest journal in the medical informatics field.

To learn more about JMIR Publications, please visit or connect with us via Twitter, LinkedIn, YouTube, Facebook, and Instagram.

Head office: 130 Queens Quay East, Unit 1100, Toronto, ON, M5A 0P6 Canada

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