It seems that every day a new cryptocurrency high is announced with the top four breaking their records. When a new 52-week high occurs every day and the market is as continuously bullish as it has been over the past couple of months, investors can loosen their pockets just a bit and make room for some new cryptocurrencies.
It can be intimidating, looking at the all-time highs on cryptocurrencies like Bitcoin and Ethereum, and many new investors might decide to turn away – they’ve missed the peak and the train has left the station, right? Not necessarily! Sure, none of us will get in at the ground level with any of the major cryptocurrencies, but that doesn’t mean it’s too late to put down some money.
Exciting Growths Ahead
Think of an investment in cryptocurrencies as savings account with a volatile interest rate. You never know how much you’re going to earn and you might even lose some should the market take a turn. We wouldn’t recommend investing your entire savings into cryptocurrencies, but with the current trends of the market, it might be a good idea to put down some extra cash for some passive income.
Buying, Selling, and Trading
This isn’t your traditional form of money so it shouldn’t be all too surprising that trading it isn’t traditional either. There are three different methods of interacting with cryptocurrencies that anyone can do: buying, selling, and trading. While that certainly sounds traditional, the way users can go about enacting these three methods is far from it.
Buying can be done through any brokerage that supports cryptocurrencies. There are hundreds of different apps and programs online that you can download and begin buying through. Some take a commission, most don’t. Selling is usually done through the same program – many cryptocurrencies are treated like stock and are bought and sold depending on how they’re performing.
Trading can be done through a wallet which is typically something reserved for cryptocurrencies. You can send your wallet code to someone else and request currencies from them. You can trade different currencies or you can purchase them directly from someone who holds them already.
Choosing the Currency For You
As we mentioned in the beginning, seeing the current price of the top four cryptocurrencies – Bitcoin, Bitcoin Cash, Litecoin, and Ethereum – can be quite intimidating. Luckily, unlike most stocks, you can purchase fractions of the currency. You don’t have to spend $45,000 on one bitcoin to be part of the market – you can spend $10 on around 0.00045 Bitcoin which will grow over time. You can keep up to date with conversions between the Bitcoin currency satoshi to usd.
With so many different currencies available, it can be intimidating trying to find the best one for your wallet. Your choice should depend on several factors – how the market is performing, how the currency has done in the past few days, current trends, and any news coming out of the currency. Buy low and sell high – you’ll get lucky sometimes, other times not. With the way that the big four cryptocurrencies have been performing, who knows what the next all-time high will be.