“Bitcoin” The Most Valuable Cryptocurrency
Bitcoin, which is the most valuable cryptocurrency in the world today, is also the very first that was created. According to Coinmarketcap, the website that tracks cryptocurrency values and trading, It’s market capitalization has crossed more than $278 billion. In fact, after the launch of Bitcoin Futures, the entire cryptocurrency market has seen a huge gain.
The challenge is this – with it’s stratospheric rise in the last one year, where it has gone from a mere $800 to today’s price of more than $16,000, is it too late in the game to invest in this cryptocurrency? Here is a short analysis of the Bitcoin and other cryptocurrencies and how viable their investment returns are.
Before we talk about anything else, a warning that needs to be given is that the cryptocurrency market is extremely volatile and trading in it is extremely risky – prices fluctuate from minute to minute and you could end up losing your entire investment. News reports about cryptocurrency volatility are an everyday occurrence.
Having warned you of the dangers, let’s take a quick look at some of the most valuable cryptocurrencies in the market today.
Bitcoin still is number one. The burning question we asked earlier was whether it was too late to still invest. The answer is a “maybe”. You see, It is the most actively traded cryptocurrency in the world today and is also the most volatile. However, the latest news report says that Bitcoin could exceed $100,000 by 2018.
If you are looking at more stable alternatives, then Ethereum and Litecoin are better bets. There are more than 4,400 cryptocurrencies in circulation today, however, not all of them make the grade. In fact, here is a list of the most valuable cryptocurrencies today.
Litecoin was launched in 2011 and is often referred to as “the silver to Bitcoin’s gold”. Litecoin has a better transaction time than Bitcoin. Besides developers, more and more merchants are beginning to accept Litecoin as an alternate method of payment.
Ethereum is the world’s second most valuable cryptocurrency after Bitcoin. The cryptocurrency is currently trading at $475.36 and is expected to grow steadily in the future.
created in August after a split in the Bitcoin block chain took place – is the world’s third most valuable cryptocurrency despite the fact that it is also the youngest.
The other cryptocurrencies that you can explore are Iota, Ripple, Dash, Bitcoin Gold, NEM and Monero. These, along with Bitcoin, Litecoin, Ethereum and Bitcoin Cash make up the top 10 cryptocurrencies in terms of market capitalization.
While some investors feel that it is not necessary to bet on it as other cryptocurrencies can also offer huge returns, this may not quite be the case. Just like any other traded commodity or share, the price volatility will follow the market leader. Therefore, if it rises, other cryptocurrencies will rise, and if it falls, so will the rest.
Remember, the cryptocurrency market is extremely volatile. While many have made millions, many more have lost more than millions.