It was only a decade back when the cryptocurrency industry had been introduced in the online trading world. At that time, the cryptocurrency trading industry was too small and the trade volumes were not convincing either. However, as time passed, the cryptocurrency industry has grown bigger and more lucrative than it used to be in the past.
Now, the cryptocurrency has more than ten thousand and five hundred cryptocurrencies in the entire cryptocurrency universe. This is the reason why one would find themselves completely without an idea of which cryptocurrency to pick and start investing in. So let me walk you through some of the cryptocurrencies and then let you decide which cryptocurrency you would like to go for.
Bitcoin (BTC) was the first-ever cryptocurrency that was introduced in the crypto-world. To be precise, Bitcoin (BTC) laid the foundation of the cryptocurrency industry. Since its launch, Bitcoin (BTC) has observed the highest adoption rate of any other cryptocurrency in the world. When Bitcoin (BTC) was launched back in 2009, it had no value or market capitalization to it. Now, it is the largest cryptocurrency in the world in terms of market capitalization and pricing. At the time of writing, Bitcoin’s market capitalization is $666.25 billion and the price is $35,480.55 per BTC.
However, back in April, the market capitalization of Bitcoin (BTC) had hit $1.18 trillion and a unit price of $64,863.10. This meant that even after its downfall in 2013 and then in 2017, Bitcoin (BTC) continued growing bigger and better.
So if you wish to invest, you can go ahead and invest in Bitcoin (BTC) and you can even acquire some fragment of it. At present, buying even a single Bitcoin (BTC) may cost you somewhere around $35,274.44. Because the entire crypto-verse is currently experiencing a price dip, investing in Bitcoin (BTC) would prove to be much more profitable than other cryptocurrencies.
Ever since Ethereum (ETH) was founded, it took the second spot as the largest cryptocurrency in the entire world. Similar to Bitcoin (BTC), Ethereum started gaining attention towards the end of 2020 as its price started surging from around $300 to more than $400. Then in the beginning of 2021, its price doubled and Ethereum (ETH) grew above $600 per ETH figure. By the end of January 2021, its price had hit $1314.99 per ETH mark. Then its price continued growing and then towards the mid of May, Ethereum’s price hit an all-time high of $4168.70 per ETH.
At the time of writing, Ethereum’s price is $2197.49 and its market capitalization is $255 billion. The best thing about Ethereum is that it is much cheaper than Bitcoin (BTC), so you can purchase more Ethereum (ETH) than Bitcoin (BTC).
Concerned About their Price Dip?
By now, you must be concerned why both cryptocurrencies have experienced such a price drop from $64k for BTC and $4k for ETH. For this, I would only say that cryptocurrencies are indeed volatile in nature and their price fluctuates in a matter of seconds. While you are looking at a significant price drop and an alarming situation, the investors are looking at it as a perfect time to buy cryptocurrencies. The investors have already started spending millions and billions to some extent to buy the dip.
The reason is that they know that the price of these products would soon pick up and they would again be hitting all-time highs. These currencies would eventually double in price at the least so right now, it is one of the most profitable situations one could ask for. Many investors that have been investing in these two currencies know exactly what is going to happen in the upcoming months. Therefore, they are buying as many currencies as possible and holding on to them. This way, they will be able to make huge profits once the currencies double in price or more.
What Makes Me Confident About Making the Statement?
The reason I am confident about the price surge is that both cryptocurrencies have gained mainstream adoption. Once the institutions, retail, and private investors have adopted something, it means that the particular product is going nowhere. This is the reason why cryptocurrencies have gotten to the point where they are today. Cryptocurrencies have come a long way and now, they are picked up by mainstream institutions. Companies such as PayPal, MasterCard, Visa, MicroStrategy, and so many others have already exposed their users and clients to cryptocurrencies.
Even the local stores and supermarkets have also started accepting payments in cryptocurrencies. Currently, the market sentiment is a bit down due to one major concern raised by the institutions that pertain to the environment. Once the problem is solved, which is not going to take long, cryptocurrencies would soon pick up and you will thank me for giving you an idea about buying BTC or ETH.