It's been a three day slide for cryptos this week but is that a sign of a longer term trend or a golden opportunity to make incredible gains this year? Let's take a look at what could potentially be another winning year for those who can stomach the ride.
If anything, the last four months have shown us just how quickly cryptocurrency can skyrocket and plummet in value. While this raised some eyebrows among governments and traditional market regulators, it has also opened the eyes of the public to the potential of huge short term investment gains - along with the associated risks that come with the promise of such rewards. With more price spikes certainly likely to be in store further down the line (Segwit support for Bitcoin is being introduced to Coinbase's GDAX exchange, LitePay is being introduced and there are signs governments are beginning to 'normalise' cryptotrading) it leaves potential investors asking 'when is the right time to buy?'
Coinbase's 4 main currencies - BTC, BCH, ETH and LTC are all currently down and are likely to continue to fall over the next couple of days as those who bought low at the beginning of February look to cash in their profits and buy back at a lower price. This could mean that the next few days could provide a crucial time to buy before the next spike - and with a lot of news coming along next month for many currencies there is going to be more spikes!
What to buy, how and where?
The golden question, of course, is what to buy and that can best be answered only by focusing on what to look out for over the coming months.
Like most analysts, we are particularly bullish about this steady, low priced coin that has enormous real world, and investment growth, potential. It has been predicted to be one of the best performing coins of the year in numerous polls and predictions. Right now this is a star buy. There is a London meetup of the Cardano team on 28th February where they will be presenting the latest developments and future direction for the coin to investors. This is surely likely to have an impact among the audience so it's worth getting in on the action now. Buy Cardano (ADA) through Binance here
With the potential to be used on Microsoft's digital content platform; as a faster and cheaper replacement for Bitcoin, and e-commerce giant Alibaba, the owner of MoneyGram; who themselves have agreed to use XRP, potentially integrating Ripple payments into their system this one is set to grow exponentially this year. Western Union is also in talks to adopt this coin later this year. Furthermore, on March 1, a Ripple 'fork' (the name for the process where a new coin is created by branching from an existing one) called 'Onology' will be created. Tokens with upcoming forks have tended to outperform Bitcoin by 4.8%. One need only look at the recent increase of Litecoin's price last week when the news of the Litecoin Cash fork appeared to see how this could rapidly improve Ripple's performance next month. You can buy Ripple (XRP) and a range of other currencies by signing up to Binance here and depositing some Bitcoin. Alternatively, Ripple can be bought using a regular debit card here.
This coin has wobbled after briefly rallying following the news of a hard fork called Litecoin Cash. The value later fell but a further rally may be on the horizon with an upcoming venture called LitePay - a Litecoin payment system - that will become available in 41 countries on Monday, February 26. The payment method, which was first announced on December 2017, promises to allow businesses and individuals to use Litecoin for everyday transactions. This could make this coin a long term winner and could see it make excellent gains in both the short and long term. Buy it and hold.
Paypal CFO John Rainey has said that he expects Bitcoin to be part of the future of payment. Furthermore it is the biggest and most well known crypto by far. It is also the gateway currency for buying other currencies on exchanges that don't accept cash. With Segwit integration on more and more exchanges it will also be faster and cheaper to use for transactions going forward, solving what has been a big problem for the widespread adoption of this currency in the past. Bitcoin can be bought and sold through Option500.