Bitcoin’s tremendous price rise has everyone drooling at the luscious cryptocurrency market.
Bitcoin’s price more than doubled in the month of May. But many of us missed the whole rally wondering what was the whole fuss about.
Now that you know what Bitcoins are and what are the ways to invest in them, you may want to participate in the bulging cryptocurrency market.
But if you are among those who believe in the law of diminishing returns and feel that Bitcoin prices may not rise as much now. Or if you believe or desire to own a full coin but you cannot afford a costlier-than-gold – ‘The Bitcoin’ – then you are in for a treat.
keep reading! ?
Bitcoin is not the only cryptocurrency in the market. While all the other cryptocurrencies also rose in value along with bitcoin, they still seem to have a lot of potential and …
Pssst… they are a lot cheaper than the bitcoin! ?
I am going to write about 5 other cryptocurrencies below which, as per some traders, have equal or more potential than Bitcoin.
So here they are:-
5 Cryptocurrencies to Buy other than Bitcoin
Ethereum is the second most traded cryptocurrency after Bitcoin.
Brainchild of Vitalik Buterin, Ethereum first launched in 2015.Like Bitcoin, it also has a turbulent history.
A $64 million heist in its early days shook the cryptocurrency world and resulted in breaking up of the community which led to the division of currency into Ethereum and Ethereum Classic.
Nevertheless, Both survived with Ethereum (ETH) taking the lead against its estranged brother, Ethereum Classic (ETC)
With a recent release of their browser Mist, Ethereum is trying to be the next version of INTERNET!!
XRP calls itself as “the fastest and most scalable digital asset”. And so it seems (for now)
Ripple has built a great technology for global banks for immediate international transactions. It is already being used by some of the biggest banks in Americas and Europe.But also, time and again, the creators of Ripple have mentioned that price of XRP is not necessarily related to the success of their technology. This raises questions whether XRP makes a good investment!
I suggest that one should consider ripple as a good hedge against Bitcoin.
Because if you look at the data, you will find that XRP and BTC are negatively correlated.It means that when the price of Bitcoin goes up, XRP comes down and vice-versa.
A good hedge in a volatile cryptomarket is a good idea.
On 1st April 2017, the value of Stratis was $0.20. At the time of writing this article, it is above $10.
That is around 5000% increase in price in 2 months! ?
The biggest reason for the rise in value is due to the ease in development and implementation of its blockchain.
Stratis platform allows the development of C# applications on .Net platform which has increased its acceptability among the huge coder community.
Steemit is the only blockchain platform which is being utilized by common people across the world.It is the most interesting way that blockchain has been utilized on a mass scale.
Steemit is a social platform similar to Reddit where anyone can join and start sharing and contributing by writing and curating articles, pictures etc.But there is a HUGE difference than other platforms. Both writers and curators get paid for writing and curating posts.
Which means you get paid for writing an article as well as liking and sharing one!!! ?
By the way, on the day of writing this article, STEEM increased by 27% in 24 hours.
Basic Attention Token (BAT)
Similar to Steem, BAT is a blockchain solution for non-financial market.
It is the youngest and cheapest of them all at the time of writing this article.
The day BAT was launched, $36 million worth of tokens were sold out in seconds ?
Know more about it in the video below.
These were my choice of 5 coins. There are many more interesting coins such as Litecoin, Bytecoin, Dash, Zcash, Monero etc.
People are investing in multiple coins to diversify their portfolio.
But one must keep in mind that it is still a very new and emerging technology. And like any other new technology or a startup, it may fail. (Why you should buy cryptocurrencies instead of a CAR!)
The coins and applications which are showing their worth now may not even exist in the near future.
So, if you are dealing with cryptocurrency market, be prepared for any kind of result.
If you have any other coin that you prefer or if any of these is your favourite one, please mention in the comments. I would love to know your thoughts on the cryptocurrency market.