Thecryptocurrency market has grown significantly. It’s not just about Bitcoin anymore. Today, there are other cryptocurrencies that you can buy, such as Ripple, Ethereum, and Litecoin. And all of these performed really well last year. But what are the best cryptocurrencies to buy in 2020? Below, you will find the bestcryptocurrencies to buy this year.
1. Bitcoin
Bitcoin may be the oldest cryptocurrency, but it still dominates in the crypto market. In fact, it has a forty percent share in the crypto market cap. Bitcoin’s price changes a lot each day, so when’s the best time to invest in it? If you’ve already decided to invest in BTC, then make sure to stay updated with the latest trends and news around the coin. For instance, if Bitcoin’s price drops, you should consider buying some because you can get it at a low price. When the price goes up again, you can sell it. For more information you can visit here BitIQ
2. Ripple
Ripple is the 3rd largest crypto by market cap. Many financial institutions such as JP Morgan, American Express, LianLian International, and Saudi Arabia Central Bank are already using XRP’s technology. Since it uses blockchain technology, it only takes a few seconds to process international payments.
3. Ethereum
Ethereum is the 2nd largest cryptocurrency. In 2018, Ethereum’s total market cap was $138 billion. Unlike Bitcoin, ETH is an advanced blockchain project. That’s because Ethereum’s platform allows developers to create their own cryptocurrencies. According to Julian Hosp, a blockchain expert, Ethereum’s market cap could reach $200 billion by the end of this year. Hosp’s prediction is based mostly on the Initial Coin Offerings (ICOs) that decided to use Ethereum’s blockchain in 2018 and 2020.
4. Litecoin
Litecoin has a market cap of $11 billion, making it the 5th largest crypto by market cap. It was introduced in 2011 to upon BTC’s technology. It completes transactions four times faster than BTC. And unlike Bitcoin’s finite supply of 21 million, Litecoin’s supply is capped at 84 million. The Litecoin Network can also confirm transactions faster than BTC. Bitcoin can process a block every 10 minutes, while the Litecoin Network can do it every 2.5 minutes.
5. EOS
EOS allows users to create smart contracts on its blockchain. The main goal of this cryptocurrency is to operate a decentralized blockchain, which would allow users to conduct free transactions. EOS had notable price fluctuations over the past years, but it has been stabilizing.
6. Bitcoin Cash
Bitcoin Cash was created due to a hard fork of BTC. The fork was implemented to solve one of BTC’s issues, which is the coin’s lack of scalability. Unlike Bitcoin’s block size of 1 MB, BCH’s block size is 8MB. BCH has been stable recently, so it’s a good time to consider investing in this coin.
What is the Best Investment Strategy?
Before you invest in any cryptocurrency, you need to understand what and how you’re going to achieve your investment goals. There are two main investment strategies that you can consider – short-term and long-term investment.
Short-term investments are ideal for those who want to make quick profits within a short period. Long-term investments, meanwhile, are the complete opposite. You hold onto your investment and wait for it to perform better. It is difficult to say which investment strategy is the better option. If you really believe in a cryptocurrency, then you should consider investing in the long term. But if it’s a new project that’s gaining a lot of attention, then a short-term investment could be the better choice.
Conclusion
Cryptocurrencies can help you earn huge profits, but you should be prepared to lose money as well. Nobody really can predict Bitcoin price’s future. That’s why you should only invest what you can afford to lose. And if you want to trade cryptocurrencies, you should use only the most trustworthy exchanges or trading platforms.