While the 24-hour news cycle is littered with stories about cryptocurrency, it can be difficult for someone coming into the market to know where to start or even what’s out there. For many people, cryptocurrency and Bitcoin are one and the same, but did you know there are a number of cryptocurrencies available to buy and some of them are actually more promising than even Bitcoin? In this article, you can a small step in the direction of a starting point to begin to know what it is you can and should be investing in within the realm of cryptocurrency.
The elephant in the room, of course, is Bitcoin. Unless you avoid the news altogether, you probably read how 2018 has been an interesting year for the pioneering crypto coin. It ended 2017 with such a steady incline, people made the news because of how rich they had become in such a short amount of time. There was one case where a man claimed he had turned $5 into over $100,000 in as little as a month. Then, when 2018 hit, you saw a rapid decline in value. Many economists said that this was because of all of the good press that Bitcoin was getting. People bought in and instead of raising the value, the faith in the cryptocurrency dropped and in turn dropped in value. The rise, however is something to keep an eye out on and if you’re going to start investing in cryptocurrency, Bitcoin is a starting point you’ll wat to keep an eye on and buy when it’s in a low point.
Another cryptocurrency out there and ready to be invested in is Ethereum. It definitely has a far superior name, conjuring up images of dragons and fantasy novels, but the value is still significantly lower than Bitcoin. The good news is that because the value is low, it’s easier to buy in now. Ethereum, like most other popular cryptocurrencies, has followed along the curve of Bitcoin, making it stable enough to trust for a beginner investor. While Ethereum grew by a whopping 3000% in 2017, the risk involved remains the same, as values fell from $1,200 to $800 in the matter of 60 days.
If you’re looking for something in the smaller denominations, the best starter cryptocurrency to watch and invest in is definitely Ripple. Floating around $1.00 per share, it’s much easier to buy in now, but keep in mind it’s potential. Ripple rose from nearly nothing in such a short period of time, it gained 36,000% in 2017 alone!
Like any investment, though, research and market knowledge is key. Set up some alerts and up your game in the finance world by doing some research and deciding which currency is best for you to invest in. Any of these three are sure to make the news again this year, so keep your eyes and ears peeled and listen for what’s happening in the wonderful world of cryptocurrency.