SHOULD I INVEST IN BITCOIN OR ALTCOIN

BACKGROUND

Bitcoin has been making leads waves being the first with inspiring an ever-growing legion of followers and spinoffs in the world of cryptocurrency, forming a base in crypto, it has the majority of the whole market cap(most bought, held, and traded), but as traders, we have to look into other tokens other than bitcoin that are doing well too, this brings us to “Altcoin”.alt coin means alternative coin. Also, Altcoins have reached new heights and various sectors. This makes investment in cryptos a suitable prospect.

SHOULD I INVEST IN BITCOIN OR ALTCOIN, What will get me the biggest gain going forward? Let see!

Whether you are a long-term or short-term trader in the crypto world, it is well-known thought and people’s perception that bitcoin leads and every other coin follows, once bitcoin falls, every other coin falls and when it rises, other coins too rise, Yes, it is correct but over the years, we have seen some altcoin that is of exception, they still outshine bitcoin and rise when it falls, these are the bluechip altcoin. Examples are Ethereum, Solana Cardona e.t.c.

Marcus Sotiriou, a market analyst at digital asset broker GlobalBlock, said that risk assets struggle during periods of high inflation and lower consumer spending, “hence leading to the recent selling pressure for bitcoin and the crypto market.”

Also, we are convinced that bitcoin should be the majority of our portfolio, going back to 2017, we will see that altcoin has great potential for the most gain, if anyone has invested in the( right)bluechip altcoin then, he or she will have gained more..on the contrary, there are many altcoins with lots of promises in the past that have gone down drastically. Bitcoin has survived lots of bear markets over time and is still the most valuable to date. It has been before many altcoins and will still be after many altcoins.

There are thousands of coins on the coingecko, so, the probability of choosing the best altcoin to trade-in is very slim. Also, when bitcoin goes down and some altcoin goes up during the bullish time, they don’t have the same degree of increase. Bitcoin will continually be one of the most valuable cryptos and if it ever drops, it will still be among the top 5 and this is a better pose to altcoin.

Bitcoin pose to be the most decentralized and prime currency in the world. Most new people in the world want to get bitcoin first, the mainstream media that talks about crypto talk about bitcoin more, a website that just started accepting cryptocurrency will start with accepting bitcoin first, any model merchant accepting crypto will accept bitcoin, and cryptocurrency ATM Operators prefer bitcoin. Bitcoin is widely accepted, so it will continually exist even though there are falls with bitcoin at the moment, it will skyrocket back again.

Have you ever thought of it, will some altcoins still be around in the next 5–10 years? Choose the best when investing in an altcoin.

When it comes to investing in the crypto world, during a bullish period, altcoin do outperform bitcoin it is always very advisable to always think of the reverse of the coin and also take note that when bitcoin falls, it falls slightly but when things turn around for altcoin, the fall of altcoin when the market Is bad is always very drastic and once they fall, they hardly come back or there is no guarantee that it will come back. This is a very alarming risk of investing in altcoins. We can see this from history since 2017, coin like XRP, BCH, and XLM is still down.

Conclusion

Investing in crypto is a very profitable and risky trade, all decisions must be wisely taken while putting into consideration of both the negative and positive effects. It is advisable to spread your investment across, Invest in bitcoin, bluechip altcoins, and NFTs. It is therefore advised that new crypto investors should be very cautious when allocating any part of their portfolio to cryptocurrency.

Meet the author: Olaniyan Deborah faith, a crypto content writer.

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