Bitcoin is one the rise and there is no end in sight. Experts are continually warning that it is a bubble that will inevitably pop at some point in time; however, at present the currency is currently worth well over $20,000, essentially doubling in price from its value in November 2016.
Of course, this value could be wildly different depending on when you’re reading this — and this is exactly why many crypto enthusiasts are exploring other options. Bitcoin is not just raising itself but also pushing up other, alternative cryptocurrencies that are not presently as valuable as Bitcoin but are well worth a second look.
Let’s go through the three most popular alternative cryptocurrencies.
Ethereum
Ethereum is perhaps one of the best-known cryptocurrencies on the market. It made news just last month when it rose in value to over $400, and cryptocurrency investor Mike Novogratz predicted that its value would reach $500 by the end of the year.
At the same time, there is more to buying Ethereum than simply purchasing a cryptocurrency that cannot be controlled by a central bank. The fact that the Ethereum blockchain can be used to build a variety of applications has caught the interest of a large number of company owners who could push Ethereum’s prices through the roof if they were to throw themselves into the Ethereum market.
Incidentally, a rise in Ethereum’s value would also benefit Bitcoin investors as in many cases it is necessary to buy Bitcoin first in order to purchase Ethereum. However, this is not always the case as it is possible to purchase Ethereum at a number of sites using a debit card, credit cards or sending a wire transfer.
Litecoin
Litecoin is yet another cryptocurrency that is worth serious consideration.
At the beginning of 2017, a single coin was only worth a bit over $4.00. At present, the cost of a single Litecoin is an astounding $312. This increase of well over 4,000% shows that Litecoin is generating a far greater return on investment than even Bitcoin.
At present, it appears that Litecoin’s rise can be primarily attributed to Bitcoin’s rise in both prominence and acceptance. If Bitcoin continues to rise in value as many are predicting that it will, then Litecoin could very well rise with it.
Like Ethereum, Litecoin is almost impossible to purchase without buying Bitcoin first; those who are interested in investing in this cryptocurrency would need to purchase Bitcoins and then exchange them on a secure platform such as Bit Bargain.
Monero
Monero stands out from other cryptocurrencies for a number of reasons. Perhaps the biggest difference between Monero and the cryptocurrencies mentioned above is that Monero offers an extremely high level of privacy. While other cryptocurrencies store a record of transactions for everyone to see, Monero does not allow users to identify a buyer, seller and transaction value at the same time.
Additionally, Monero is far easier to mine than other types of cryptocurrencies. In fact, savvy miners can mine Monero using processors such as those commonly found in computers and cell phones. Monero’s value rose exponentially in 2016 as the currency started the year with a $5 million market cap and had a $185 million market cap by the end of the year. At present, the value of a Monero coin is close to $365.
While these three cryptocurrencies stand out from other, competing currencies available on the market, they are by no means the only profitable cryptocurrency investment options available to those who want to use blockchain technology in order to generate a profit.
Other fascinating alternatives to Bitcoin include Lydiancoin, Plexcoin, Bitcoin Cash, Ripple and ZCoin. Cryptokitties, a popular game based on the Ethereum network, can also offer a good return on investment for those who are willing to do extensive, ongoing research and put up with a slow, glitchy network.
Naturally, there are many investors and even government agencies that are warning about the perils of investing in Bitcoin and other, similar cryptocurrencies. The fact that the market is still extremely volatile means that investments could suddenly lose all or almost all their value overnight.
Hackers frequently target transactions and many investors have lost money due to such attacks. However, as Bitcoin becomes more widely accepted by banks, businesses and individuals, other cryptocurrencies are also gaining value and acceptance. Furthermore, the fact that it will soon be listed on prominent exchanges will help stabilize its value as well as the value of other cryptocurrencies that follow in its wake.
Regards,
Ethan Warrick
Editor
Wealth Authority
