The world is changing and there is a massive shift from traditional currencies to digital currencies. Presently, several people are investing in cryptocurrencies and there are a lot of options in the market. As of now, there are over 4000 cryptocurrencies in the world with people investing in different coins. The drive towards cryptocurrencies is really massive. In 2020, about 3% of people trade with digital currencies. Presently, about 15% of people in the world do their transactions with digital currencies.
Despite the popularity of cryptocurrencies, there is a need for extreme care when investing. Investors have to carefully evaluate the future of a cryptocurrency before investing in it. Examining the progress of a digital currency is not entirely easy. This is why we have this post as a guide for identifying the best opportunities in the market.
We will look at the top 5 cryptocurrencies to consider if you want to invest in a digital currency. This post will also examine the recent trends as well as the advantages of purchasing digital currencies.
Top 5 Cryptocurrency to purchase this year
Here are the five best cryptocurrency to invest in this year. Let’s check them out one by one.
According to many crypto investors, Bitcoin is the oldest digital currency. This coin is not just old (12 years), it is also one of the most sorted cryptocurrencies. Just like other digital currencies, Bitcoin has its ups and downs. However, a careful evaluation of the market helps its investors to make money with it. As of 2019, Bitcoin sells for a little above $10,000. Presently, according to prices.org, one Bitcoin is selling for above $55,000. Thus, we can see a massive increase for investors within the past two years. Investors of 2019 can currently sell off their investment for about five times the price. If you want to play safe, Bitcoin may just be the “safest” crypto to invest in right now.
Over the past few years, there have been no significant losses with Bitcoin investors. This is true for those who are patient enough and didn’t hurry to sell off when it hits one of its lows.
Ethereum gets its drive from a popular dApp processing platform. In terms of investment safety, this crypto is less safe than Bitcoin. In fact, its statistics over the past six years have been pretty unstable according to Statista. However, those that got this coin in 2015 when it was selling for just over $1 are currently making a fortune as it is currently selling for over $1,700.
However, considering the brief spike in the price of this coin in 2018, many are still skeptical. Recall that in January 2018, this coin sold for over $1,000. Predictions were that its price will continue to increase but this was not the case. By March 2018, it was already selling for just over $400 and by October 2018, it sold for just over $100. Throughout 2019, the price of this crypto remained low and this caused a huge loss for some investors, especially those that invested between July 2017 and March 2019.
However, Ethereum fortunes changed from May 2020 and its price has been pretty high since then. However, looking at the progress of this coin, it will be an uphill task to reach Bitcoin’s level. Nevertheless, considering its latest performance, it is worth giving a look.
Litecoin has been around for a long time but its price tag remains low. This is exactly the reason why we believe that it is still yet to hit its full potential. Investing in Litecoin will be an opportunity for many but it will also be a serious risk. Over the past five years, its price has been quite volatile thus potential investors need to be really careful.
However, the opportunity here is that the investment risk is not very high. This coin presently costs less than $200 according to live price tracker thus, the investment risk is not high. Secondly, to become a global transaction network, Litecoin has technical…