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Investing in Cryptocurrency in 2020? Find overview and best coins to start with

Many people are torn between different ideas on cryptocurrency. Some believe that investing in cryptocurrency is the way to go. On the other hand, there are those who are opposed to the idea in totality, terming it as a risk that is not worth taking. Before taking up a position on the matter, it is proper to have an in-depth analysis of the issue to establish the best cause of action from an informed position. 

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The latest crypto market overview

All news outlets across the globe, such as televisions and websites, as well as social media platforms including Twitter and Facebook, are full of information about the coronavirus (Covid-19) and the extent to which it has impacted lives. COVID-19 has brought almost all sectors of the economy to a standstill, with only the health sector appearing to be fully functional. Nations all over have shut down their borders in a bid aimed at curbing the pandemic. 

The cryptocurrency market has not been spared either by the virus. Bitcoin, for instance, saw an astonishing drop in its value following the emergence of the disease. Trading using the currency has also taken a significant hit. Matt, who works as a crypto analyst and has ties to online essay companies where a person can order essay, explains that the number of clients who are presently using cryptocurrency to pay for such services has since dropped compared to past durations.

On a brighter note, it has not been all gloomy as countries that were initially opposed to the idea of digital money and had placed stringent measures to curb it are seemingly starting to buy into the idea. This spells for exciting times ahead once the pandemic is over and normalcy resumes. 

The best cryptocurrencies to invest in April/May 2020

The present lack of stability in the global economy makes it challenging to decide on whether or not it is worth making investments in the crypto market at this time. However, the existing periods are bound to end at some point, regardless of how long it takes. There are certain marks that investors look out for before getting fully engaged with digital currency. The first issue to look out for is stability.

There are investors who look to get into a market with the aim of achieving a long-term target. For them, they need assurance that even when things get tough for traders, they will not lose their investment with the guarantee that the currency will bounce back. Other than stability, it is also vital to look out for the growth potential of the coin.

It implies that expensive coins are most likely to experience significant growth compared to cheap ones. Such a trend is a factor that any investor must consider. It is necessary to make sound decisions about investing in the crypto market by looking at some of the best possible choices.

  • Bitcoin

The word bitcoin is synonymous with digital currency. Most people trust it more than any other competitor in the market, making it the ideal choice to invest in. It is widely used across the globe more than any other digital currency. Some use it to pay for essays online once the work is ready. Presently, it holds more than sixty percent of the market share.

The fact that many people have bought it serves as proof that it is worth investing in. Less strict regulations being imposed by governments are coming at a good time for the founders since it implies that more people will start coming on board. Also, the price of bitcoin continues to become less of an issue since the number of coins available in the market is continuing to decrease.

Despite suffering setbacks recently, projections courtesy of experts indicates that bitcoin will bounce back sooner than expected. Those seeking to join in should do so immediately. 

  • Litecoin

Though not as popular as bitcoin, litecoin presents an alternative for investors who are willing to join the market. It is ideal since it performs well and is stable, unlike other volatile currencies. Additionally, its liquidity is exceptional, and it also processes quickly. Those seeking to make regular purchases can rely on it when they are in need. It also occupies the sixth position in an extremely competitive market today. It is an ideal investment choice. 

  • Ethereum

Ethereum is viewed as bitcoin’s main competitor seeing that it comes second to it in almost all rankings. Ethereum is stable, making it a reliable choice to pick. Its liquidity is also another factor to consider. Judging from how valuable it is on the market, those placing their money on it have no reason to worry. The team behind its creation consists of individuals who have shown promise for long, and judging by the trends, most experts would advocate for them as a formidable unit to partner with.

For the last two years, ethereum has been on an upward rise in terms of appreciation. Records indicate that it has grown by over 90%. For instance, it rose from $115.95 to reach $220.81, which is the cost to acquire a coin. Anyone with knowledge of the market would consider this to be a positive move. Potential investors should explore the possibility of being part of ethereum. 

  • Ripple (XRP)

Traders who are looking for something a little bit different from the available choices should look into ripple (XRP). Unlike other coins, it was explicitly designed to target major financial institutions such as banks and not individuals. XRP has shown its stability in the market, as evident from the way it has not suffered any major setbacks. Some banks have joined in to rely on it as their pick for making an online payment.

Several people of interest have taken to conducting research on XRP in a bid aimed at knowing more about it, and whether it is a reliable pick for investment purposes. Conducting in-depth research may prove to be difficult sometimes. Companies such as edujungles offer reliable solutions when it comes to researching cryptocurrency.

These companies enlist the services of seasoned writers who are knowledgeable in multiple fields. Therefore, those with interest in the topic can consider looking for professional researchers in the field who will provide them with the ideal picture of matters as they pertain to ripple (XRP). 

Overall, investing in cryptocurrency can be an ideal venture, particularly for enthusiasts. Those who lack knowledge of what digital currency entails can always embark on researching to get an informed perspective on the same.

There are several things that an investor must consider before making the decision to put his or her money in the industry. One must look into the stability and growth rate before they decide to go with bitcoin, ethereum, or ripple.

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: Partner@coinpedia.org

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