Everyone is raving about Bitcoin growth these days and they seem to focus purely on the dollar value instead of the percentual growth.
So I compiled some data to see how Bitcoin compared to other altcoins in the last 30 days. I didn't look at all coins, just the once that I think are interesting and worth looking into.
Bitcoin is actually only in the 13th place on this chart. Obviously, Powerledger is the big winner but there are actually 5 coins on my list that performed over 100%.
Lately, my analysis is indicating that it is far more lucrative to invest in altcoins than it is in Bitcoin. I think from a risk perspective, BTC has as much risk as other coins. There can be market corrections but also miners switching to other forks, leaving transactions unconfirmed.
I started taking some of my Bitcoin profits and investing it in smaller coins, reducing my share of Bitcoin in my portfolio by 5%. I think Bitcoin has already reached a bigger audience than other coins, slowing down its growth. If BTC wants to grow 100% it needs to go from (almost) $10k to $20k, and I think a lot of initial investors will start collecting profits somewhere along that line. On the other hand, cryptocoins like NEO have a bigger growth potential and could go up 1000% in the next year.
As always, don't take this as financial advice, it's just my opinion of the day and I change opinions often.
Also, have a look at my CryptoTrading Series
- Part 1: Choosing your portfolio.
- Part 2: How to buy your first coins using Coinbase.
- Part 3: How to use Exchanges.
- Part 4: How to transfer Bitcoin from Coinbase to your Bittrex wallet
- Part 5: What to look for when choosing a CryptoCoin to invest in.
- Part 6: Focus on the macro instead of the micro
- Part 7: Portfolio rebalancing.
- Part 8: Analysis using historical data
Anything else you want me to cover? Let me know in the comments or join my free group on Facebook