There’s more to cryptocurrencies than Bitcoin
This week I’ve been suggesting that crypto investors look to expand their outlook beyond onlyBitcoin.
I say this because the one cryptocurrency everyone talks about is Bitcoin. It is the world’s largest digital currency by market cap, following by Ethereum (second) and Ripple (third). Litecoin is fifth and Dash is tenth.
However, despite Bitcoin’s impressive performance in 2017 (1,300 per cent), it underperformed its lesser known rivals, such as Ethereum (8,500 per cent) and Ripple (~30,000 per cent).
As such, I believe investors need to widen their outlook on cryptocurrencies and look beyond Bitcoin. This is the main reason we launched the current deVere Crypto promotion.
This week deVere Crypto, available on the Apple Store and Google Play, is giving away 15 free Ripple coins to those who complete the app’s registration process.
Last month, two new cryptocurrencies, Ripple and Dash, were added to deVere Crypto. Users can now buy, sell, store, transfer and exchange Bitcoin (BTC), Ethereum (ETH) Litecoin (LTC), Ripple (XRP) and Dash (DASH) on the app.
Demand for digital currencies continues to grow, and I fully expect this momentum to increase over the next year, predominantly because more and more people are becoming aware of cryptocurrencies, and have a better understanding of them.
In addition, demand will also rise because regulators across the globe are looking to regulate cryptocurrencies, providing investors with even more protection and confidence in the market.
Indeed, as a concept, digital currencies are becoming mainstream, and regulation, to my mind, is now inevitable.
All digital currencies have distinct core characteristics, strengths and advantages, which is why they’re of value in different ways to different individuals and businesses.
This is the main reason why I would strongly urge investors to look further afield than Bitcoin and be diversified across the main digital tokens. Not doing this means they are exposing themselves to unnecessary risks and missing out on key opportunities.
Of course, as with every type of investing, diversification is crucial to mitigate potential risks and make the most of the opportunities that come to light.