Price interest has been surging on cryptocurrencies in this year. Let’s look at the top 5 crypto currencies and learn more about them
Bitcoin
Bitcoin is the king of cryptocurrencies and has a market cap of 425 billion market cap
Bitcoin
Money has gotten evolved over time. As we can see from the pic below. Bitcoin is it’s latest phase of evolution.
Bitcoin also known as BTC is a decentralized cryptocurrency originally described in a 2008 and launched in Jan 2009. Bitcoin is a peer to peer transactions network. It does not need any third party or other network participants.
Bitcoin’s price has had a whirlwind few months. BTC started with 7300 at the start for the year. Went to 3800 USD in March and now is 23000 USD a jump of 6 times in 9 months.
But how can users invest in such a volatile asset? Investing in such a volatile asset needs systematic planning to do it. Fortunately there are products now available which help you do systematic investments or SIP in bitcoin even with as little as 100 INR a day and the returns have been staggering. Products like bitdroplet.com empower users to do the same.
You can check the image below:
Ethereum
Ethereum is a global open-source platform for decentralised applications. Ethereum is the world's second-largest crypto asset. Think of it like a google playstore for decentralised applications where Google can’t take down any app. Ethereum’s first price was somewhere around 0.2 USD/ ethereum. It is currently at 600 odd USD per ETH. Again investing in ethereum has been a crazy experience due to the volatility. The volatility has decreased over time but it is still far higher than traditional asset classes. ETH price was 220 USD at the start of the year and 86 USD in March 2020 and went to 670 USD in Dec 2020. Fortunately here as well users have an option to systematically invest in ETH using an SIP through products like bitdroplet.com You can start with as small as 100 INR and most of the SIPs in crypto assets. Ethereum has some interesting applications and might create a very unique way for banking the unbanked. Here’s a chart of returns with ETH SIP and other asset classes.
XRP
XRP tokens are amongst the top 5 assets in crypto market cap consistently. It was started back in 2012. Ripple labs is the American company that develops the ripple payment protocol. XRP tokens are the fuel that runs across the ripple payment protocol. XRP has been contentious in its roots considering it’s rather non-decentralised nature as compared to BTC and ETH. XRP has had a wide price swing over time. The fluctuations have gotten more muted over time. But XRP had a massive fluctuation in 2017. It went from around 0.01 USD to around 3.5 USD in a span of a year. Traders who enjoyed the volatility benefited from the fluctuation. As investors XRP has underperformed major other coins over the last few years. Users can trade XRP from platforms like bitbns with as little as 100 INR. Recent reports XRP might face a lawsuit going forward from the SEC as there is a chance that it might get characterised as a security. XRP current price is around 0.45 USD
About the author:
Gaurav Dahake the author works for Bitbns.com and has built companies and scaled them to millions of users. An avid crypto enthusiast, his first brush with crypto came when he tried mining back in college in 2012. You can reach out to g@bitbns.com in case of any feedback.
Disclaimer: This content is distributed by Bitbns.com. No TNIE Group journalist is involved in the creation of this content.