In this article, we will be talking about long-term potential cryptocurrency. Although the performance of cryptocurrencies has been debatable since 2018, still it has grabbed the attention of potential investors in 2020.
Those who want to invest in cryptocurrency try to look for the long-term potential cryptocurrency. everybody wants to be a millionaire these days so people are very concerned about their investments.
Cryptocurrency investments can confuse the newbies so our purpose is to provide you with the best information to make your investments easy.
before jumping to any direct advice, let us first have a look at the cryptocurrency market. All of us know that this market is never constant. It can be extremely high one time and can be extremely low at the other time. The fluctuating nature of the cryptocurrency market makes it interesting but risks are also associated with them.
If you do not have much knowledge about trading then there are a lot of chances that you may lose all your investment.
Bitcoin, which is the first cryptocurrency was built in 2009. It gained recognition somewhere in 2013. Most of the people were unaware of it in the beginning. People had no idea that this could be the best cryptocurrency in which they could invest.
There has been a huge growth in the cryptocurrency market after 2013 and more than 1500 cryptocurrencies currently operate in the market. No matter how many cryptocurrencies exist, we are concerned about their potential that whether an investment in these cryptocurrencies will be beneficial for us in the long run or not.
Cryptocurrencies blew up in the year 2017. There was an exponential increase in the crypto market cap by 4000%. In March 2017, the market cap of the combination of all cryptocurrencies was somewhere around $21 Billion, but now it has gone one to be $454 Billion. Now, this is a HUGE change.
Altcoins or we can say variants of bitcoin also exist such as Ethereum, Ripple, Litecoin, etc. many of these can be labeled as the best cryptocurrencies to invest in.
Blockchain technology is the main reason due to which the popularity of cryptocurrencies is increasing. This technology is the backbone of all cryptocurrencies. It was used first by bitcoin. Direct investment cannot be done in the blockchain technology. However, we can invest in the cryptocurrencies which use blockchain technology.
If we talk about the cryptocurrency which has long-term potential and is not going away anytime soon then the first recommendation is Bitcoin. Bitcoin is the biggest cryptocurrency in the world at the moment. The share of bitcoin in the market cap of total cryptocurrencies is 40%. Despite being the oldest, the market is still dominated by bitcoin. Bitcoin has been increasing since 2017 so it may be the best choice for one to invest in bitcoin due to its long-term potential.
The fluctuations in the bitcoin price are unpredictable. There have been many highs and lows in recent years.
The price of a single bitcoin in 2013 was around $76 however, it reached $20,000 in 2017. This is huge and crazy too. But it again dropped to $6,000 in 2018. This amount is lesser than $21,000 but it is still a huge amount.
The price of bitcoin has been fluctuating since that time.
A split took place which divided bitcoin into two cryptocurrencies
- Bitcoin cash
One must stay updated with the latest trend and news if they want to invest in bitcoin. You can think to buy bitcoin when there is a decrease in its price and this is the best time to invest in any cryptocurrency when their prices become low.
Bitcoin is the best cryptocurrency to invest in and has long-term potential. It is said that the last bitcoin may be mined somewhere in 2140. So it is a better cryptocurrency as compared to others because it has been in the market for a very long time but still has the same charm.
So, we hope now you are clear about the long-term potential cryptocurrency myth.