Bitcoin’s meteoric rise makes many wonder if they have come too late to the cryptocurrency party. Since inception in 2009, Bitcoin has risen from zero to nearly $20,000. Propelling its overall performance and public visibility stratospherically upward.
In 2017, it rose from less than $1,000 to $19,000. With returns surpassing most every other investment, millions were eager to jump on board. Since Bitcoin can be purchased in any fraction, no barriers stopped them. Those who bought at the height of the run up have seen a drastic decline from $19,000 to less then $10,000, though the same percentage loss has impacted many high-flying stocks.
Many experts feel Bitcoin remains overvalued. Whether you are a blockchain fan or not, it is impossible to deny that cryptocurrencies are having a huge impact. Crypto derivatives are now sold on mainstream exchanges and governments are creating regulatory frameworks. Cryptocurrency clearly has staying power, which means there is money to be made.
As with any type of investment, diversification is key. If you think Bitcoin may have hit its peak, or if you feel you ought to split your time and money between cryptocurrencies, you want to consider these up-and-coming coins — many of which may see Bitcoin level increases soon. Margurita M Cheung, of Blue Ocean Global Wealth, recommends several cryptocurrencies that have real potential.
As of May, 2018, Ethereum’s market cap is already catching up to Bitcoin’s, with a value of $72 billion, compared to Bitcoin’s $144 billion. Despite being the younger sibling (started in 2015), Ethereum’s platform provides increased sophistication, allowing for applications beyond peer-to-peer transactions. Academics, technology companies, and entrepreneurs have caught on to these applications, making Ethereum a good bet.
As an even smaller sibling, Ripple still holds a large market cap at $32 billion as of May, 2018. It also offers an attractive purchase price of just 83 cents. It does not take a mathematician to imagine what an investment is Ripple might be worth if it rose to Bitcoin levels. Ripple offers the advantage of faster trading speeds, lower fees, and a centralized structure that makes it safer. However, it is not considered a good option for day-to-day transactions. Its future likely lies in the realm of asset trading. It also can only be purchased with other cryptocurrencies.
The general consensus amongst cryptocurrency experts is that Litecoin remains undervalued as of May, 2018. It is perfect for day-to-day transactions, making it a potential Bitcoin rival. It also has 4 times the processing speed of Bitcoin, providing lower fees and far easier mining capabilities. With superior design and lower transaction fees, Litecoin stands a great chance of becoming another Bitcoin.