Is there still time to Invest in Cryptocurrency?
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Is there still time to Invest in Cryptocurrency?
The media is full of news about cryptocurrencies for numerous reasons. Even after all this time, there is a lot of talks it is a bubble, and no one should consider investing in cryptocurrencies. However is this the truth? Is there still time to invest?
Bitcoin Price Drop
It is true the value of BTC has dropped. This though isn't necessarily the fault of Bitcoin as trades can happen so quickly and are not governed by any time restrictions a reaction can snowball before anyone has a chance to thoroughly examine all of the information.
As BTC is the current number one, this has a direct link to all the other altcoins in the marketplace.
Buying at the right time
For investors who have studied a few cryptocurrencies the best chance to invest could be now.
Although which cryptocurrency to buy is another question which is hard to answer. While prices are lower, there is a high likelihood they will go up, and as an aside, any coins which don't have a reliable and robust chance of succeeding can quickly fall out of sight.
What are Crypto Possibilities?
There are many cryptocurrencies which show potential, although sifting through these might mean you miss your chance. Here are five to keep your eyes on.
Bitcoin
Love it or hate it, BTC has past form that it can achieve what many consider impossible. As part of a diverse portfolio it still has potential, and due to its significance, and investors can see it won't vanish from sight. Most alt-coins are traded against BTC, so there is always going to be a demand.
Ethereum
This is number two and is not far from BTC in performance. Although the value is very different, any gains which might be made can be comparable or better than BTC.
Smart contracts are also introduced with ETH rather than only being a financial service. Although number two in the rankings ETH differs in its use compared to BTC.
Ethereum miners work to earn the fuel of the network. This is used by application developers to cover transaction and service fees on the network.
Litecoin
This coin was created to take the best of BTC and make it quicker for the everyday person to use for daily transactions.
To understand all of what LTC is about it is imperative to understand the ins and outs of BTC as they are identical in certain aspects.
Litecoin has a very different mining procedure and which can be the most significant difference between the two.
Litecoin began using Segwit as a parallel blockchain which runs alongside the BTC Blockchain. This lowers load on the chain and prevents the numbers of orphaned blocks to be created.
All of the above still have plenty of potentials. There is always going to be a demand for BTC so it shouldn't be avoided and thinking it has passed its best.
A proportion of anyone's portfolio should be made up of coins which have potential and solid performers which have some stability against wild fluctuations.
As for asking if there is still time to invest in cryptocurrencies? Compared to the run up to the New Year, there has never been a better time than now.
All opinions in this article are those of guest author Mick Ive, you can find more of his thoughts on his website Cryptoive.com