What are the best Cryptocurrencies to invest in?
Cryptocurrencies can be overwhelming with their ever-growing numbers. You see the difference between fiat currencies and cryptos is that cryptos have no cap. Pretty much everybody can make their own and market it in order to grow it. For a country to randomly introduce a new official currency is not impossible, but very costly. Can you imagine the time and money it would take to take one currency out of circulation in order to replace it with a new one? The recycling, the exchanges and the inflation the country would face is not a good economic decision unless it’s absolutely necessary.
The uncapped number of cryptocurrencies creates some confusion with traders as to which cryptos should they invest in? Should they just go for the popular ones or try their luck with the brand new ones? Well, here we will discuss some various strategies you can try to make profits with cryptos.
The Big Boys
We refer to top cryptos as the Big Boys. Cryptos like Bitcoin, Ethereum and Litecoin. Now they are completely different from their prices, Bitcoin being by far the most expensive, but they all share a few features. For example, these cryptos have become a lot less volatile over the months after the big craze last winter. Most of them have gone down in price by more than 200%, making them a more risky investment.
It is safe to say that short-term trading with the Big Boy cryptos is becoming redundant as more and more funds are required to achieve actual, good profits. The more you invest the riskier it becomes so why should you do it? One big reason, safety. You see although the profitability of these cryptocurrencies has gone down, it’s safe to say that they are still not going anywhere. Bitcoin is sure to remain the biggest crypto out there during our lifetimes and after that, you don’t need to worry anyway.
You see these cryptocurrencies are a great long-term investment as they will most likely slow down in their price increases over the years, making your profits grow at a slower pace. Making huge amounts of money with Bitcoin and ICOs is a thing of the past, there’s no reason to cry over spilled milk, there are different options now.
Newer cryptocurrencies are the ones you would see at the very bottom of coinmarketcap. You know, the ones that cost 1/100th of a cent and so on. Now, these cryptos have the potential to gain you a lot of profits down the line if you know which one to invest in. For example, investing $100 in a new cryptocurrency that is super cheap, could easily land you a $1000 profit, while a $100 investment in a Big Boy crypto could land you about 20-30 Dollars.
However, these cryptos have a lot of problems. The fact is that they are very unpopular, which makes their large price increase quite unrealistic. Not only that but those cryptos could sometimes prove to be just scammed from people trying to sell faulty cryptos to anyone willing to buy them.
Nevertheless, these smaller cryptos continue to be a good option for smaller budget investments.
Specific cryptocurrencies are coins that are made for an individual industry. For example one of the newest additions was DENT when it was introduced as a means to buy Mobile Data. There are numerous other cryptos and tokens out there that are designed for the same purpose. These kinds of cryptos hold a lot more value for traders as they are actually usable.
One of the most common users of specific currencies are online gambling operators. They create their very own currency, make it purchasable with fiat currencies or Bitcoin and allow players to bet with them. The comparison of crypto betting operators shows the differences between their crypto platforms, some opt for tokens forked to Ethereum and some just directly create their very own like Unikrn.
Best crypto to trade right now
Arguably the best crypto you could trade at this point is Ripple. This coin was popular in the very beginning, being the primary crypto that banks would use. At this point the crypto is sitting somewhere in the neighborhood of $0.50, making it a cheap investment actually. Other than that, it is quite a popular crypto, which enables a steady increase in its price over time.
Additionally, information has been confirmed that Ripple will most likely become the flagship cryptocurrency for the U.S Government in order to oppose Bitcoin and Ethereum giant China. Being a popular crypto it offers better liquidity, higher volatility because of the price and most importantly, higher profitability again because of the price.
In conclusion, there are a lot of different types of cryptocurrencies out there on the market. Almost every trading style is covered by them and it is up to you to decide which one to go with. You could go safe with fewer profits, risky with more, neutral or specific, there’s pretty much no boundaries. We’ll keep an eye out for newer, noteworthy cryptos.