Saturday , October 1 2022

Better than bitcoin: economists find cryptocurrencies worthwhile



Short url

Bitcoin has hit a new record rising to nearly $ 20,000 and driving investors around the world crazy. However, experts advise paying attention to other cryptocurrencies, whose progress is even more promising.

Price bitcoin The $ 19,000 mark passed on November 24 for the first time since December 2017, rising to $ 19,860. But while bitcoin soared 15% in the past week, the ethereum, the second largest cryptocurrency, has risen more than 20% in the last seven days.

The third largest cryptocurrency, XRP, increased even more, almost 25%. litecoin, polkadot, cardano the stellar they also posted higher earnings than bitcoin.

“Part of what’s going on is simple math. The smaller coins they can have movements [porcentuales] more and there are many other currencies that people can invest in, “explains Greg King, CEO of Ospreys Funds, a company that invests in digital currencies.

It was these smaller cryptocurrencies that pushed bitcoin to a new climax, the experts explain. Bitcoin itself has benefited from a weaker dollar and expectations that a long period of extremely low interest rates will eventually lead to inflation.

In terms of value, bitcoin is still significantly larger than other cryptocurrencies. By December 3, all bitcoins circulation is estimated at approx $ 360 billion. By comparison, accumulated value ethereum slightly higher than the $ 70 billion. All XRP are priced at approx 30 billion, while value litecoin is less than 6 billion.

“It makes sense for investors to have a long-term portfolio of bitcoins and ethereums and own a basket of some of the others. [criptomonedas] to discuss, “advised King, quoted by CNN.

Source link