Alt Coin Race Part 1
For over a month, The Alt-coin market has been exploding with activity.
Prior to the burst, Bitcoin experienced some scaling issues with debate over using a new chain, “Bitcoin Unlimited”
Bitcoin Unlimited’s attempt at shifting the economy ultimately led to the explosion of Dash on the epic date of March 18th 2017.
In this article, I will demonstrate the importance of a diversified portfolio and how individuals can address scaling issues with Bitcoin on their own. (slow transactions)
Bitcoin: was on its way to 1500$ per BTC before the Dash hike. It can be considered the Gold of Crypto Currency. Like gold, one can accumulate dust or bars and may use it to conduct business with larger amounts (ex: 10oz bars, 1oz coins, 1/10 oz alloys) Transactions with Bitcoin can be expected to be expensive compared to something with less value.
Dogecoin: The Meme of Crypto Currency. It helps people get familiar with how easy and fun it can be to use crypto. Before the burst, Dogecoin was on its way to 9 Satoshi per Doge. It has an unlimited supply and therefore has little value as wealth. However, it can be very useful in transferring wealth, thus giving it value as a medium of exchange.
Litecoin: The Silver of Bitcoin. LTC has been around for almost as long as Bitcoin. It has the support of a large community and sat at 4$ USD per LTC for a long time. Its price against the Bitcoin decreased slightly over time but held its ground as having value. Silver is an exceptional currency for buying goods on a day to day basis.
Ethereum: Black Gold. Ethereum introduced the idea of smart contracts and went live on July 30th 2015. It has the other majority support in the crypto-community and a strong business relationship with Microsoft. Ethereum is the pioneer in “programmable money” and at being a decentralized database of information.
Monero: The Shadow Currency. Fairly new to the crypto-world but has large support for being the favoured anonymous coin. XMR utilizes trust-less key-ring signatures to ensure anonymity. One does not need to reveal their balances during a transaction when using Monero. It provides peace of mind when conducting business.
Dash: Decentralized, Fast & Easy. Dash has made headway into the media to popularize crypto currency. It’s recent spike took dash from 10$ to 80$ almost overnight. This created a mad dash for people to cash-in their diversified portfolio and to buy more stable coins. This influx in trading created a ripple effect that affected all the other alt-coins, including Bitcoin. BTC dropped to below 900$ on March 25th. An epic day to buy Bitcoin for fiat. Profits at the time of writing is upwards of 30% on Bitcoin to USD.
A few waves have gone through each of these alt-coins and many others with the end far out of sight.
These 6 main cryptos should be part of any crypto portfolio. When a spike in the market increases their value, it is possible to sell portions to accumulate both profits and bags of stable alt-coins.
At the time of this article, Litecoin price plummeted from 0.0112 to about 0.00825
I think that a stable 10$ for Litecoin is a possible new floor and we could see prices rise to 12.5$ or 15$ in the near future. With the volatility of the market, these bumps should be interpreted for possible short term gains. Litecoin may settle at 7.50$ or may want to retain support above 25$. Community and financial support is needed to hold a coin’s value.
Just like SegWit, the game changes fast, buy walls appear and disappear in a blink. Buying cheap ahead of time and selling portions on spikes is a good method for profit and to retain good coins.
Dogecoin is also due for another bump. An opportunity to make roughly 40% profit is just around the corner. Dogecoin has a large trading volume and can support the market without capitulating under pressure. It may plunge all the way to 28 Satoshis per Doge before we see a bump..
Current price: 0.00000037 btc / 1 Doge
At the speed at which the market moves, predictions can change at the drop of a hat. (before a news article is published) One should always do their own research and take my opinion with great skepticism.
Source: Read Full Article