The debate continues..
Which one should you go for this year?
Bitcoin first grabbed peoples’ eye in 2009, when a mysterious individual known as Satoshi Nakamoto mined the starting block of the chain, known as the genesis block (the first block of a blockchain). With Bitcoins’ prices rising rapidly since last year particularly in Q4, chances are high that it will continue to rise in the near future, especially with Bitcoin whales are increasing in the market. But if you are new to cryptos with a limited budget to invest, you cannot purchase Bitcoin at a high price, there are multiple price fluctuations in Bitcoin that can add to more potential risk. So, can Altcoins be a solution? Yes. Altcoins stands for alternate coins or alternate to bitcoins and are non-bitcoin cryptocurrencies. (E.g Litecoin, Ethereum, Ripple, Dash). The best thing about Altcoins is that you can purchase Altcoins at a lower rate than Bitcoins. Depending on your budget, you must consider your buying decisions of the Altcoins or any other Cryptocurrency of your choice.
How’s it looking so far for Bitcoin
Although continuing its rally since last year, It wasn’t a smooth sail for the number one cryptocurrency. BTC price chart from Coindesk from January shows that Bitcoin plummets 17% for its biggest drop in the mid month since March 2020 as its record-shattering rally stumbles.
When it seems like investors have taken the wrong step investing in Bitcoin, 1 man gave a lifeline by simply changing his Twitter bio. After increasing the value for Dogecoin (DOGE) by 17% in an instant last December going from 0.0039 to 0.0046 dollars by a single tweet, now it’s Bitcoin’s turn. Bitcoin jumped as much as 14% after the richest man in the world; Elon Musk tagged the cryptocurrency in his Twitter bio. The billionaire entrepreneur, followed by 44.6 million users on Twitter, has a record of making market-moving comments on the site.
Sending the price sharply higher, it was cheered by the Bitcoin and cryptocurrency community. “Bitcoin becomes the flag of technology, and all web services gradually get rebuilt on crypto,” technology investor and former Coinbase chief technology officer Balaji Srinivasan said via Twitter.
What About Altcoins?
Well, the best thing about Altcoins is that you can purchase them at a lower price than Bitcoin. Now with Bitcoins’ prices are high that you might want to consider buying if you’re a small-medium investor. There are multiple reasons why the demand for altcoins will increase in 2021, such as:
- Availability Of Bitcoin Will Be Less
Due to the high demand for Bitcoin in 2021, the Bitcoins’ availability in the market will be less. As of May 20, there are 18.38 million Bitcoins in circulation, leaving a little over 2.6 million Bitcoins to be mined, and all Bitcoins will be mined by the year 2140. With this scenario, Altcoins can act as an alternative as Bitcoin is available in a limited amount. In the past few weeks, the circulation of Ethereum and other Altcoins has increased a lot. Ethereum has more scope compared to any other Altcoins to help you in generating more revenue.
- Ether Price Passes Another Milestone
The price o Ethereum (ETH) isn’t just near an all-time high, it stayed high all month as the network rides rising use of Decentralized Finance (DeFi) applications. On January 4, the ETH price closed at $1,042. On January 29, it closed at $ 1,380. In between, it never closed below the $ 1,000 mark. Ethereum will reach the $2K mark in 2021 says crypto experts. Enterprises and other institutional investors will also invest their money in Altcoins like Ethereum, which will help you gain more profit from it.
- Higher Scalability
The Altcoins’ scalability will matter a lot if you want to invest your money in them in 2021. Altcoins like Ethereum 2.0 have been launched successfully in 2021. small and medium investors can earn more by investing their money in Eth or any other Altcoins.
Dogecoin (DOGE) The Next Big Thing?
The Dogecoin, a meme-based cryptocurrency’s became the most mentioned crypto on Twitter as price soars over 800%. Similar to Bitcoin, it’s a cryptocurrency that enables peer-to-peer transactions across a decentralized network.
Dogecoin was created in 2013. The digital coin logo is taken from the ‘doge’ meme, which is a Japanese Shiba Inu dog. Although Dogecoin started out as a joke, now it can”t be taken as one as the value of DOGE skyrocketed after a group on social media site Reddit discussed the cryptocurrency equivalent of GameStop.
Whether you are team Bitcoin or team Altcoins this year, the right choices for your investments in choosing crypto assets are essential. Altcoins can provide better returns to investors in the current year. In NOBI, not only we provide Bitcoin to #GrowYourCrypto with us, but we also provide a wide variety of the best altcoins and stablecoins on the market such as; Ethereum, Uniswap, DAI, USDT, USDC, and others. With many more to come this year.
So, which one will you go for this year?