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The valuation of cryptocurrency this year has tripled after witnessing a huge fall in 2018. The price speculation is present across all assets, but most booming cryptocurrencies have survived majorly because of speculation about their expected applications and promised potential. Most technology companies worldwide have explored the capabilities of leveraging cryptocurrencies to enhance and secure their transactions.

In the year 2020, the crypto market will also continue to grow as it does promise to deliver some significant developments that can support the new asset mature and might become a core feature in the finance sector.

Let’s see here the top 4 trends driving the Cryptocurrency market in 2020.

Corporate Giants Moving Toward Crypto

Major tech giants and multinational finance companies have shown their interest in stable coins. For instance, the social networking platform Facebook and JPMorgan Chase introduced their own native token this year. Facebook’s Libra and JPMorgan’s JPM coin are projected to launch by the end of next year. The release of these coins from both companies will enable international trade and commerce. Also, it will be interesting to see how other companies will follow the suit and release their own stable coin.

Governments Step In

The increased use of cryptocurrency and blockchain has enticed the attention of most governments and agencies. In one hand, some have been fearful of adopting the technology, as they voiced more systemic concerns over the decentralized cryptocurrency's potential to destabilize or undermine the authority or control of central banks. On the other hand, countries like Venezuela set to introduce their own tokens to dodge a weak local economy and escape international sanctions.

The Rise in Token-Based Apps

Token-based applications such as Brave Browser, Steemit, Alluva and more have seen amplified user counts alongside a slew of new features and developments. According to the reports, Brave excelled 8 million users this month, and teamed with Everipedia, while Steemit announced its new cryptocurrency, Smart Media Tokens, designed to digital content entrepreneurs. Looking at these advancements, the token-based applications are full-fledged in years to come.

Development in Altcoins

In the modern digital age, a large number of Altcoins are rising in the market. As the initial exchange offering (IEO) is the most popular crypto-based crowdfunding platform, the Binance Coin is anticipated to increase in demand. Many other cryptocurrencies like Bitcoin, Litecoin, USDT and Bitcoin Cash are considered as the top coins for payments. Conversely, Ethereum (ETH), Tron, EOS, and NEO are reportedly the most popular for DApp. Also, several new coins need to offer another utility with the aim to shine in the market.