At this point everyone has heard of Bitcoin, but if you’re an investor looking to get into Cryptocurrency, then Bitcoin is likely the first thing you’d look at. But Bitcoin isn’t the only player in the cryptocurrency market – far from it. Whilst they may not have the same brand recognition Bitcoin has, there are plenty of alternative cryptocurrencies – aptly named ‘altcoins’.
If Bitcoin is your dollars, then Litecoin is your cents. Or at least that used to be the case, as other cryptocurrencies have emerged, Litecoin has lost its position as the primary altcoin, but it is still worth considering. Similar to Bitcoin, and most cryptocurrencies, it is volatile in the short term. Whilst it will likely never reach the heights of late 2013, where it was trading at near $40 a coin (compared to the $4 a coin currently), it has consistently trended upwards over the last few years. This combination of long term stability with short term volatility makes it a great option for both day traders, and longer term investors. Being such an established and stable name in the cryptocurrency market, barring a general downturn in cryptocurrencies, it is unlikely that Litecoin will see any great crashes over 2017.
If high risk, high reward is what you’re after in a cryptocurrency, then Monero is a good place to look. A later entry to the privacy centric cryptocurrencies, Monero is directly competing with altcoins such as Dash, LibertyCoin, and AnonCoin. What makes Monero high risk, high reward? Figuring out whether the huge growth it’s had so far in 2017 is part of a longer term trend or is just another altcoin being overvalued for a while! Currently sitting at double its 2017 starting price, what sets Monero apart is that unlike many altcoins that have exploded in value this year, it has long term potential as a cryptocurrency due to its privacy centric focus. Monero could prove to be the altcoin success story of 2017.
Monero isn’t the only altcoin to have had huge successes so far this year. It isn’t even the most successful. That title would belong to Ethereum, which has grown to 5 times its start of year value. Ethereum’s rapid growth has made it only 2nd to Bitcoin, and it’s generating a lot of buzz in the cryptocurrency community. However, there are signs that it is beginning to falter – it seems to have plateaued at the time of writing, which is always worrying for the ever volatile cryptocurrencies. Ethereum, as it stands, is a solid option to short, but still has the potential for a strong 2017 showing.
Speaking of shorting, if there was ever an altcoin ready to crash, it’s Dash. Peaking at nearly 11 times its year start value, it is slowly dropping in value. No cryptocurrency has managed to sustain such a meteoric rise in such a short time – even Bitcoin had its crash. That’s not to say that Dash doesn’t have long term prospects – being a privacy centric deflationary cryptocurrency set for a big upgrade called ‘evolution’ some point in 2017, when it emerges from the current bubble it’ll still be a solid long term investment.
Final one to keep an eye on is Antshares. A newcomer to the altcoin market, Antshares is in a great position for success. Technically similar to Ethereum in many ways, the team behind Antshares has already secured partnerships with several companies, including the Chinese e-Commerce giant Alibaba. With that sort of backing, it is likely that Antshares will have a fantastic 2017.
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