Many of you think XRP will struggle to bounce back, and that Bitcoin has plenty of room to run.
Over the Christmas and New Year period, CoinMarketCap has been taking a step back — reflecting on the world of crypto in 2020, and what’s around the corner in 2021. Subscribers to our newsletter have also been given the chance to share their views on the stories that have dominated the past year, and offer their predictions for the future.
Thousands of you got in touch — thanks to each and every one of you! — here’s a look at what you had to say.
More all-time highs are coming
In our recap of Bitcoin’s biggest moments, we asked whether BTC is headed for new all-time highs in 2021. We’re only four days into January and 68.6% of you have been proven right — over the weekend, BTC dramatically surged above $34,000. However, 8.7% of you still believe that a 2018-esque crash is a real possibility. That was the year when BTC plummeted by 80% after managing to hit $20,000 for the first time.
Many of you felt that Bitcoin managing to continually break records in the second half of December was proof that this cryptocurrency’s march is unstoppable — with institutional adoption set to continue in 2021. But one of you warned: “It will reach new highs, many will buy in, then it will crash — starting the cycle all over again.”
There’s a lot of optimism around Eth2
As our Ethereum recap noted, work has now begun on a dramatic upgrade to a Proof-of-Stake consensus mechanism. In our poll, 56.7% of you said that Eth2 will have a positive impact on ETH’s price going forward. One reader said what Ethereum is to blockchains and smart contracts is what Google was to browsers in the 1990s.
Significant highlights for readers included DeFi’s explosion in popularity, and how ETH managed to outperform BTC. One optimist predicted: “If Eth2 really is what it’s supposed to be, then ETH could get to $5,000.”
XRP has a tough battle ahead
With light comes shade, and as our recap of the worst crypto news stories in 2020 showed, there were a lot of things that didn’t go to plan. In December, we reported on the bombshell news that the SEC is suing Ripple over the sale of XRP tokens.
Overall, just 47.1% are extremely confident that XRP’s price can bounce back from this legal drama — and 12.2% of you believe that it won’t. Indeed, as BTC, ETH and LTC surged as 2021 got into full swing, XRP remained in a rut and stuck at the $0.22 mark on Jan. 3.
Can DeFi repeat 2020’s success?
There have long been claims that DeFi is a bubble that’s fit to burst — nonetheless, this burgeoning sector continued to defy expectations in 2020. Looking ahead to next year, 49.2% of you predicted that DeFi will continue to grow at the same pace in 2021… but 6.7% of you think that things have gotten as good as they’re going to get.
You’re wary about predictions
There are so many high-profile crypto heavyweights making bold predictions about where Bitcoin is headed in 2021. Here are just 10 of them. Our newsletter poll revealed that just 37.7% of you have found a prediction that you trust, while 14.1% of you said there are no forecasts that you’d feel comfortable relying on.
We then asked your opinion on where BTC will head in the next year. Some of you believe that $50,000 is achievable — and many are adamant that six figures is on the horizon. Several of you mentioned that you’re big fans of the stock-to-flow model produced by PlanB on Twitter, which anticipates Bitcoin hitting $100,000 by December.
Your verdict: 2020 was an amazing year...
When we wrapped up all of the good crypto news stories of the past year, newsletter readers were brimming with optimism. Overall, 56.7% of you concluded that it was an amazing year for the industry — pointing to PayPal’s new crypto service, Bitcoin reaching $20,000, and the sheer number of businesses and financial institutions that have started to embrace crypto.
...but 2021 will be even better
Reflecting on the key trends for next year, 70.6% of you think 2021 will be an even better year for the crypto industry. You told us that Bitcoin’s rally will continue to dominate the news agenda, as will the Ripple lawsuit and continuing adoption by retail investors and institutions. One of you predicted that we’ll see an 80% market cap dump in September or October.
