Undoubtedly, cryptocurrencies have ushered in a flourishing new market for investments. The interest and enthusiasm towards investing in cryptocurrencies have skyrocketed primarily owing to the unbelievable opportunities they offer in garnering significant ROI. However, consumers need to carry out thoroughly with due diligence before investing. Here are five most important things you should consider before venturing into cryptocurrencies.
Doing your research – Review and verify the companies’ presence in social media and be convinced about their experience and legitimacy in the cryptocurrency orbit.
Being responsible – Cryptocurrencies, which have high-risk potentials, can find a place in any investment portfolio. We suggest investing only 10-20% of your entire portfolio into crypto ventures.
Being realistic – Cryptocurrencies are scandalously oversold with their rags-to-riches stories and enormous gains. However, avoid hinging your investment strategy on this point. It’s very crucial to diversify your crypto portfolio with different blue-chip labels like Bitcoin, Ethereum, Litecoin, etc. which have profound quality, flexibility, and reliability.
Being vigilant and borderline paranoid – Avoid potential hacks and security issues by choosing the right Blockchain Company to handle your investments. Be extremely careful in refraining from sharing your private keys, using reputed exchanges and wallets, and occasionally moving off funds from exchanges to wallets.
Tracking your profits and losses – Cryptocurrency is yet not classified as a “real investment.” Therefore, many claims that measuring capital gains becomes extraneous. Regardless, regular tracking of your portfolio performance is advisable for gaining personal knowledge.
A plethora of exceptionally popular cryptocurrencies is available in the market. Now the trickiest question is which of these should you start tracking? Here’s a list of three top-of-the-line cryptocurrencies that are poised to whip up a roaring storm in 2018.
- Bitcoin (BTC)
- Price: USD 9176.50
- Market Cap: USD 155984321830
- Volume (24h): $11893700000 USD
- Circulating supply: 16996237 BTC
- Maximum supply: 21000000 BTC
- Creator: Satoshi Nakamoto
Bitcoin was invented in 2009. It’s the first cryptocurrency that eventually propelled others to make gallant entries by using Blockchain technology. Its value and popularity have grown by leaps and bounds. People are now accustomed in including Bitcoin in their portfolio as the entry and exit points for their crypto market. In 2017, Bitcoin grew by a whopping 600%. Its market price is expected to reach $40,000 by the end of 2018. Being the first and foremost cryptocurrency with a huge market cap, it is less risky than its peers to invest in 2018.
- Ethereum (ETH)
- Price: USD 633.82
- Market Cap: USD 52772135120
- Volume (24h): $4272740000 USD
- Circulating supply: 99038107 ETH
- Creator: VitalikButerin
Ethereum was launched in 2015 with approximately 12 million pre-mined ETH coins. It is proficient in creating decentralized applications that can be governed seamlessly without any intervention from a third party. It also has negligible possibilities of any downtime or fraudulent circumstance. It has massively grown by 40 times in the past couple of years. Ethereum experienced a great spike last year with a burgeoning 13000% growth in value making. Being the highest market capped crypto after Bitcoin; Ethereum is supposed to be having a growth potential of over 1000% that can surpass Bitcoin in 2018.
- Litecoin (LTC)
- Price: USD 149.61
- Market Cap: USD 8414674365
- Volume (24h): USD 634589000
- Circulating supply: 56243688 LTC
- Maximum supply: 84000000 LTC
- Creator: Charlie Lee
Litecoin was released in 2011. If Bitcoin is the gold, then Litecoin is recognized as the silver of crypto. Litecoin’s USP is its quick transaction as it is capable of processing a block every 2.5 minutes. Also, it has relatively smaller transaction fees. Litecoin will continue to be a major player because of its proximity to Bitcoin.