Bitcoin is affecting a reversal and taking the whole cryptocurrency market with it. Read on for the four cryptocurrencies you need to own that aren’t Bitcoin.
A Rising Tide Lifts All Ships
They say a rising tide lifts all ships and that is true, for ships. As an adage for the market is relatively true but comes with a few risks. The first is that not all assets will rise at the same rate within a bull market. Some are better than others, some under-perform the broader market while others outperform the broader market making it a necessity to choose the best assets to get the best returns. Why is this important today? Because Bitcoin is affecting a bullish reversal and taking the entire cryptocurrency complex with it.
Because Bitcoin is the world’s reserve cryptocurrency, has the largest following and widest acceptance it will naturally lead the market. With tokens trading near $8,200 and the all-time near $20,000 there is quite an opportunity for those willing to take it. If you already own some BTC or would rather invest in a more affordable coin for enhanced leverage, there are some other choices traders should be aware of.
Ethereum is to Bitcoin what a smart phone is to an all rotary phone, light years ahead. Where Bitcoin allows transfer of wealth Ethereum allows smart contracts and will power much of future blockchain based technology. Analysts are expecting to see a number of new businesses and applications based on Ethereum over the next 12 to 24 months which will provide additional catalyst for the token. The current price target is near $1,500 and the all-time high, nearly 300% above today’s price.
Litecoin is a lighter, faster version of Bitcoin better suited to daily financial transactions. It has been growing in use over the past year at a rapid pace and this is expected to continue with the roll-out of new technology later this year, technology designed to streamline transactions and further enhance the coins value. This token is trading near $130 with targets near $250 and $325 in the near to short term. Once the market comes back to retest the all-time highs a break to new highs is likely.
OmiseGo is an Ethereum powered blockchain technology designed to seamless link all forms of financial transaction across currency and borders. It is set to go live sometime this year and so far, all indications are positive. The token has seen one of the largest rebounds in recent days, nearly 100%, and is likely to lead the market in terms of percentage points gained over the next few weeks and months.
Ripple is another next-generation type blockchain technology growing in popularity. It is an enterprise level blockchain based payments solution for business and industry. It is intended to grease the rails of the global payments system streamlining and increasing its speed. While still in its infancy it is building a client base and growing in use.
The good news for traders is that it can be bought for less than $1.00 with a chance of producing returns rivaling that of Bitcoin.Trade crypto now
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future
GENERAL RISK WARNING
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
76% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.