The year 2020 is over and after the holidays were probably very quiet for most of our loyal readers, as the lockdown still limits our every day’s life, the cryptocurrency market has entered a bullish phase.
In today's article, we will take a look back at the three most important events of the past year and review them briefly.
Bitcoin tops 20,000 US dollars
It took quite a while for the Bitcoin price to really tackle its all-time high from 2017. Along the way, there was some confusion in the media and contradictory reports about the event.
This may certainly have been due to the fact that BTC also fetches different prices on different trading venues. And thus, the all-time high was reported earlier in some cases. Most market observers and analysts could not really agree until the magic limit of $20,000 was reached.
When this was reached, it didn't really matter where the last all-time high had been. Incidentally, Bitcoin owes its price growth, which continues to this day, to the influx of institutional investors.
Ethereum 2.0 has started successfully
Ethereum is set to change and, in principle, reinvent its entire blockchain once again. The project was heavily debated throughout 2020, not least because the integrity of running smart contracts was also up for debate.
In the end, however, there was a roadmap, and the kick-off of the multi-year journey was to be the launch of the Beacon Chain. This start came with a drum roll, as it was only shortly before the deadline was met that the necessary minimum number of validators came forward and brought their Ether into staking.
Since then, ETH2 has already received quite a bit more in the way of popularity, and the number of validators has also continued to grow. Thus, Ethereum laid the foundation for its further development in 2020.
XRP fights for survival
While not a joyous event, it is more than worth mentioning. Ripple and two of its founders are facing a law suit by the SEC, casting doubt on XRP's legal status. The U.S. market is suspending trading for the time being, and no one can yet say for sure what the outcome of the proceedings will be.
Should XRP be considered a security or not? This question also arose in 2020 and is expected to be resolved only in 2021. This is important not only for XRP, but also for other cryptocurrencies that meet similar requirements.