Debatable performances by cryptocurrencies in the past two years have brought more confusion to the table. People are being agitated at the drop of rates, while the volatility clings onto for a longer time. Investors are waiting for the right opportunity to sell their coins to earn more money. The profits from this trade can never be predicted because of the unstable nature of the value. If you are only starting out on with the investments, you will need proper guidance on the methods and the best cryptocurrencies to invest in. Let us look at the most profitable cryptocurrency investment in 2020.
Being a beginner, you might have heard of only one cryptocurrency, Bitcoin. It comes as no surprise because Bitcoin was the first cryptocurrency to have been developed. Over a decade has passed since the launch of this idea, and the people have now adapted to the practice of making transactions using Bitcoin. Most users prefer this Bitcoin because it has been in the market for a longer time and seems to have a reputable position in the market. Although the value dropped drastically in the past few years, Bitcoin has started regaining its top position with the rise in market cap. Despite its age, relevance and dominancy aren’t lost.
You must check for the rates every month or week, depending on your frequency of trading. If a trend, like that of 2017, is being shown over the months, you can invest in Bitcoin this year. The price can vary within hours; so, using a bot to control your trade would be ideal. Since 2018, the rate of Bitcoin has been fluctuating from the point of $6000. With the splitting of Bitcoin came more talks about the rates, which are likely to increase in the coming months. Yieldnodes review can give you a better idea about trading Bitcoin. Learning more about it can give you a bigger picture of what goes into making a profitable investment.
In 2017, the value of the Ethereum was only a bit higher than $270. But in 2018, the highest price recorded was $1423. Like every other cryptocurrency, Ethereum has also witnessed fluctuations in the past several months. It received an investment of around $150 million in 2016, pushing the price by $1. Since Ethereum is an advanced blockchain project more than a digital currency, the volatility and functioning would differ. Cryptocurrencies can be developed by using Ethereum’s platform. Although it has undergone various phases in the past five years, there seems to be a high potential for Ethereum to grow beyond its current status. Investing in Ethereum in 2020 is considered wise because speculations are in favor of the cryptocurrency.
The prime contender for the position of the best cryptocurrency, XRP, is the one that has had a growth of around 36,000% in 2017. But in the subsequent year, the price fell drastically to affect all the investors. Ripple is also a payment system that can be used for various business purposes. With the predictions for 2020, Ripple is also considered a good option to invest in.