Nov 23, 2018 at 15:23
Nov 23, 2018 at 15:23 UTC
In our earlier article, we have answered your question regarding which is a better alternative to money: Bitcoin to Altcoin? While Bitcoin came off at the top in that debate, we had emphasized on how the altcoins were giving the pioneering cryptocurrency some stiff competition. Now, if the questions of profitability and investment potential are raised, it seems that the tables are on their way of turning in favour of altcoins completely? How is that? What is more profitable right now: Bitcoins or altcoins?
You May Also Read: Best Altcoins To Invest In, In 2018
A Peek At How the Bitcoin Price Has Performed Over the Years
If you look at our coverage on Bitcoin price history, you’ll see how the cryptocurrency has fallen since its mercurial rise sometime around this time and especially the month of December last year. It reached close to the price point of $20000 last year and right now, at the time of writing, the Bitcoin downward spiral, that has continued through most of 2018, has taken the price point to $4296. The current price point is honestly pitiful compared to all that was made of Bitcoin during the boom it enjoyed in its 2017 dream run.
Of course, if you are to compare Bitcoin’s initial price to the present one, the profit point still remains extremely high. However, unless you invested in Bitcoin long ago, around 2015-16 perhaps, and benefitted from the 2017 spike, Bitcoin investment at this point might disappoint you quite a bit because of its bearish outlook. For example, if you bought Bitcoin sometime last month, you would have bought it for a market price of around $6000. Now that the price has fallen so low, your crypto portfolio would have taken quite a hit. As we reported and opined a few days back, this Thanksgiving, talk of Bitcoin’s plummet is best avoided.
You Can Also Read: How To Buy Bitcoin Using Your Bank Account?
Altcoins: The Price Potential
Have the altcoins doing well this year? Well, it really depends on what altcoin you’re going for. Ripple (XRP) has been having a momentous run of late, with rising prices and second highest market cap in the crypto market. Bitcoin Cash, despite its recent fork and resulting hash wars, has been seeming to have a good enough price outlook as of now. More importantly, the differences between the initial price (or the price about a year ago) and the price now of these different altcoins present a far brighter picture than Bitcoin, especially in absolute terms. Since altcoins are usually lighter and cheaper alternatives to Bitcoin, the dent in your invested amount in case of a market collapse proves to be lower. Since the altcoin market is so diverse, it is hard to give a one-size-fits-all judgement regarding the overall profitability of these coins. It basically boils down to WHICH crypto coin you are choosing for yourself. If you do read our list on the most investment-worthy altcoins this year (linked above in this article), you will find some great options to go for. Many of these are priced quite cheaply now and show promises of breakthroughs in the newer future.
What’s The Verdict?
The verdict is simply that since Bitcoin isn’t performing too well of late, it is a good idea to go for some of the promising cryptocurrencies, but definitely not without completing a thorough due diligence. If you are planning to go for Ripple (XRP) because it’s doing so well, check out our guide to Ripple to know more about how it works.
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