Investing in Cryptocurrencies during this economic shutdown; here's what you need to know
Investing in crypto assets has always been a hot trend among investors around the globe. However, selecting cryptocurrencies to invest in is often complex, especially for beginners.
According to CoinMarketCap, there are over 5000 crypto-coins to select from, although not all of them are worth investing your hard-earned capital in.
Recently, the Coronavirus pandemic has distorted the entire global financial markets. Even the crypto industry could not escape from the onslaught from the virus, having witnessed the most plunge.
Bitcoin: It has plunged about 45% and fallen from $10,500 to $6,579 lately. Interestingly, not long after the sudden drop in Bitcoin price, search engines such as Google recorded an increase in the number of people looking for how to buy Bitcoin.
Now that the cryptocurrencies market is anything but stable, you are probably one of those prospecting about what crypto to invest in today in order to make it a safe long-term bet.
Well, you are making a good move because crypto will always be a good form of investment. Although it suffered a pullback when its price dropped from $10, 000 in February to $4,000 in middle March, Bitcoin has managed to gradually appreciate back at $6,699.
According to a famous cryptocurrency and Bitcoin investor, Tyler Winklevoss, the digital coin is expected to appreciate more in value as individuals across the world recover from the first shock of the deadly COVID-19 outbreak.
Ethereum: Ethereum has always supported its status as another profitable digital coin for investors. At the time of writing, it traded near the starting point of the $152. Analysts are predicting that it is not going to remain at this level for long, expecting the coin to see another uptrend sooner than later.
Ripples: Although Bitcoin is the number one choice for cryptocurrency trading, Ripple is another popular investment choice among individuals.
Unlike most digital crypto-currencies that target people, Ripples are designed as a payment alternative to financial institutions.
Currently, XRP is trading between $0.18264. Analysts are predicting a bull run to $0.21608 if the price goes above $0.19468.
Bitcoin Cash: The crypto asset started at about $200 at the beginning of the year. It currently stands at about $220 while crypto experts predict a rise to $350 at the end.
It should be noted that over the last few years, the cryptocurrency market has experienced difficulties. For this reason, it recommended that crypto investors always check the latest fundamentals such as market trends. They should also always endeavour to seek expert advice
Your article is not that clear to me. Are you talking about those coins as your choice for investment, or you want to highlight the general factors to consider when investing in cryptocurrency?