For investors, the biggest challenge is to find the right investment vehicle to place their funds. Simply put, there are just too many options out there. While most of these investment vehicles will eventually churn out profits, in the long run, fund managers have that added pressure of earning the most amount of money. Thus, the search for the highest yielding products never ends.
Given the astounding performance of cryptocurrencies last year, many people are now mulling over adding this type of virtual asset into their portfolios. While most have probably heard of Bitcoin, there are actually some cryptocurrencies to choose from, some of which have even managed to surpass Bitcoin’s performance.
Bitcoin has turned many pauper into a prince over the years, but the soaring value of the world’s most popular cryptocurrency means many punters are now looking for alternatives. But should you buy XRP, Litecoin or Ethereum? End-of-year data from two popular digital currency tracking sites is here to help you decide.
The biggest rising crypto-star of 2017 was Ripple’s XRP, according to data from CoinMarketCap. It started 2017 worth a measly $0.0065 per coin (unit?), but was valued at $2.47 by the end of the year –a Herculean 37,000% increase.
It also enjoys the second largest market capitalisation behind Bitcoin and is now valued at $142bn overall. Bitcoin tots up a $251.4bn market cap, by way of comparison.
Ethereum and Litecoin also performed exceptionally well in 2017.
Figures from Coinbase show that Ethereum, which is currently hovering just shy of the $1000 mark at time of publication, surged by over 9240% last year. Its market cap now sits at around $100.6bn.
Litecoin ($13.2bn market cap), for its part, grew by more than 5195% year-on-year, and was hovering just over $245 on the morning of Friday, January 5
To put this all into context, a single Bitcoin will set you back some $15,550 today.
These are the cryptocurrency world’s three fastest risers, and those wanting to dabble without could do worse than to snap up a few still-affordable XRPs. Litecoin and Ethereum are arguably bigger names and will set you back more, but if Bitcoin’s rise and rise is anything to go by, they could still be far from their ceiling and also represent good alternatives to consider.
However, know that the value of digital currencies are subject to major fluctuations – far more pronounced than physical monies – and high-profile cryptocurrencies have been known to completely crash in the past.
Like any ‘investment’, a certain amount of risk is involved and you should only part with what you can afford to lose.
via Trusted Reviews