The crypto market has become ever so popular. Nowadays, even teenagers are interested in crypto investments and actively follow celebrity investors and entrepreneurs. As the business world becomes more familiar with the features digital coins bring, the complete sidelining of transactions as we know them is inevitable.
However, there are more than 12,000 cryptocurrencies, and it might take a lot of work for an amateur investor to settle for the right one. As everyone is talking about it, you might be quick to invest in Bitcoin, but is that your best course of action?
Let’s look below at some of the best crypto projects to invest in and how you can hone your trading strategy.
Bitcoin
Unsurprisingly, the most mentioned coin on the crypto markets is at the top of the list. Bitcoin has been a household name among all investors in the crypto industry for more than a decade. Highly volatile, Bitcoin has the capacity to transform any investor into a multi-millionaire in a short period of time.
However, Bitcoin is going through a rough patch. On November 8th, we saw Bitcoin prices drop significantly. As things stand, its price is currently just below $17,000 per coin. Some investors see this as the right opportunity to get their hands on this coin, while others believe cryptocurrencies are heading for the exit doors.
Either way, more than enough experts in the field have predicted that 2024 is the year when the bull run will occur. And if that’s the case, we can expect to see a giant rise in the Bitcoin price. And that’s not all. Bitcoin SV and Bitcoin Cash will likely follow suit.
So, for a first-time investor, playing it safe with the most popular coin in the world might be a good idea.
Ethereum
Ethereum surpassed Bitcoin in terms of applications long ago, showing no signs of slowing down. As we enter this new era of Ethereum 2.0, we see a more secure and stable coin. At its core, Ethereum is the most applicable coin ever, indicating that its price will only go up as more and more individuals adopt it. The current price of ETH is around $1,200.
Transactions with Ethereum are quick—5 minutes to a couple of hours. In addition, Ethereum is the place of smart contracts, and the community is growing by the day.
XRP
XRP is the native coin of Ripple. Ripple is a payment protocol that utilizes blockchain technology to ensure lighting fast transactions. This project is designed to facilitate international trading.
Ripple has been around for exactly one decade, and its product, XRP, is one of the most popular cryptocurrencies on the market. However, it may be too complicated for some investors to understand what it brings to the table.
Generally speaking, XRP is the perfect coin for financial institutions as it’s fast, and its development team aims to take SWIFT off its perch and completely usher in a new way of conducting international transactions. XRP is much faster than SWIFT, and its fees per transaction are minimal.
XRP is available on almost all exchanges but before you make the leap and invest a lot of money in it, go over its whitepaper. It can be found on Ripple’s official website and other pertinent information hubs.
Perfecting your trading strategy
When it comes to crypto trading, you have a lot of options. You can either go for P2P trading or test your trading skills with crypto futures. While futures can be a lot more dangerous than regular P2P trading, the chances of profit are much more substantial.
Going on, knowing that the risks of investing in crypto are huge, you need to take the necessary precaution before locking in the purchase. Of course, how you spend your funds is your own prerogative. But to maximize positive outcomes on the crypto market, you should use demo accounts provided by exchanges to hone your trading skills without losing any funds.
Final thoughts
2023 could be the start of great things for the crypto market. It can help us pinpoint which projects will hit their all-time highs by analyzing their current performance during this bearish period. But, as prices dipped, this might be the perfect moment for new investors to get into crypto trading safely.
About The Author
Michelle Joe
Michelle Joe is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences, and express herself through her blogs. You can find her on twitter
