Since the Bitcoin appeared on the market as part of the free and open exchange market, many followed its steps. The result is that today there are a lot of different, and cheaper, cryptocurrencies to invest in. All of them share some similarities, with a few different factors.
Experienced investors say that the basic, number one rule when investing is to diversify; meaning not to put all eggs in the same basket. Following this golden advice, you’ll be able to protect your investment regardless of the circumstances on the market, or at least the majority of it. Without further ado, we bring you the list of cryptocurrencies worth investing in besides Bitcoin.
Ethereum, ETH, is considered to be a better option for long-term investment and the main rival to Bitcoin. ETH holds the value of around $400 which makes it more affordable for the first-time traders, just to get the feel of the cryptocurrency open market. It’s also more stable making it attractive for the investors and building trust between creators and the users. Ethereum’s main advantage over other digital coins is that it’s backed by major companies like Amazon, JP Morgan, and Microsoft. Its value is predicted to rise substantially in the future, with some going as far as claiming that it will be the foundation for the new decentralized internet, start the revolution in data security and finance industry. So far, we can say that Ethereum is a strong cryptocurrency showing a steady rise in value.
Litecoin, LTC, is one of the favorite coins among users. With its value of around $60, it’s a perfect start-up currency. It’s affordable without major fluctuations in value. Litecoin was created by Charlie Lee, a former Google employee and an MIT graduate who wanted to make a simple peer-to-peer cryptocurrency that will be fast and simple to use. He managed to achieve all of it, and today Litecoin is accepted as a form of payment more than any other digital coin.
Tether, USDT, was created as the stablecoin with the task of stabilizing the volatile open market of cryptocurrencies. It’s backed by fiat, in this case, the US dollar, hence the symbol USDT. 1 Tether is worth $1, and there is a market cap of $15 billion USDT available. The majority of Bitcoin transactions happens in Tether, which only adds to the market’s stability and dependability. Allowing Tether to enter the market, even though it’s supported by the US dollar, proved to be a good move since it attracted more investors who were doubtful about the sustainability of the cryptocurrencies.
Ripple, XRP, is the real-time global payment network. Most of its transactions are business-to-business based. However, there is much more to this cryptocurrency than just being a payment hub. If you never invested before, Ripple is your best bet at 30c per coin. Many predict a bright future for this cryptocurrency, speculating that it will reach a value of $25 in the next three years. For now, Ripple is truly making waves in many portfolios because even with its low price, with enough investment, the return could be substantial. If on top of that, you’re investing in the long run, buying and holding the coins, the return could be massive in a few years.
If you’re looking for the ultimate anonymity while trading with cryptocurrencies, Monero, XMR, is your kind of coin. It’s based on peculiar ring signature verification making the transactions bullet-proof private and untraceable. On the other hand, Monero has become a synonym for criminal activities exactly for the before-mentioned reasons. The completely unidentifiable investors and traders abused the platform on which Monero is based on to make illegal transactions. Monera’s reputation was never confirmed or denied, so it’s all based on speculations. However, it’s undeniable that Monero has stellar identity theft and fraud protection in place which draws people to invest at $80 per coin as of today.
NEO was created by two Chinese programmers as an answer to strict government rules that eventually outlawed Bitcoin trading, as well as initial coin offerings and cryptocurrency exchanges. The duo was able to pass through all the hoops and find loopholes in the law to maintain digital coins trading. NEO is the most influential digital coin in China, a foundation that keeps the Chinese cryptocurrency market open. Because it distributed an economic system where users can buy, sell, or trade coins without the use of the middleman, it has been named the Chinese Ethereum. Despite all the bans and hurdles imposed by the Chinese officials, cryptocurrencies in China are still going strong. The current value stands at $20 for 1 NEO.
Binance coin, BNB, is a coin of one of the biggest cryptocurrency exchanges in the world, Binance exchange. It has a cap of $3 billion, but its true value lies in the fact that it has more than $200 million trading volume every day which impacts the liquidity of all cryptocurrencies on the market. Binance coin is a very straightforward digital currency that allows users to quickly and safely buy, sell or trade on the open market. One of the perks is that if you spend 5 years or more on the market, the Binance exchange will reimburse all your transaction fees ever charged. Binance coin has a steady value of $23 per coin.
Tezos, XTZ, took a backseat for a while and it was almost forgotten up until this year when it reached an all-time high of a bit over $4. This might seem like not much, but Tezos has some very good forecast of reaching $9 in the next couple of years, which is more than double the value. Also, it introduced the new idea of letting users controlling the rules of the network directly. All of this made XTZ a desirable coin for investors.
Chainlink proved to be one of the best investments in the past year. Exactly a year ago, in September of 2019, it was worth around $1.5, and in August of 2023 reached a price of almost $20 per coin. Many investors are curiously keeping an eye on the Chainlink with speculators predicting a bright future and the spike in price. It’s one of the cryptocurrencies that will continue to intrigue the traders.
Mark Zuckerberg released a blank paper on Libra earlier this year. The coin itself is still in its infancy and hasn’t been released yet but it’s certainly one to look out for. The Facebook owner and creator has been known as one of the most creative people, so the cryptocurrency community has high expectations from Libra.
Bitcoin is undeniably the pathfinder in the open exchange markets and will continue to be one for a long time. However, there are other options to consider besides just focusing on one coin. The markets are volatile, no doubt about it, but some investments can be predicted with a reasonable amount of certainty. For more information on investing and future forecasts of Bitcoin, value visits https://bitcoin-southafrican-system.com.