Three weeks ago I lamented the poor performance of my Monero, Dash, Ethereum, and Bitcoin Cash holdings. You can read my pity party here. Currently, all of my alt coins – and especially the 4 that I was bellyaching about – are above my purchase price. WAY above.
- Ethereum: Appreciated 75%
- Litecoin: Appreciated 75%
- DASH: Appreciated 90%
- Monero: Appreciated 95%
- ZCash: Appreciated 85%
- Ripple: Appreciated 60%
- Bitcoin: Appreciated 230%
- Bitcoin Cash: Appreciated 300%
Obviously I no longer regret buying when I did (but kick myself for buying only 1), and am grateful that I got in before this recent surge while I could still afford it. I never expected prices to get so high so quickly. I’ve followed some crypto analysts over the last few years and their predictions have either been exactly right or pretty close. In fact, this spring Cointelegraph.com reported Bitcoin reaching $10K by the end of this year and that prediction looks like it will become true in the next 24 hours. The new forecast is Bitcoin reaching $40K by the end of 2018.
If you’re getting priced out of Bitcoin, consider buying into the alt coins. Their prices are still under $1000 and you can see they are appreciating aggressively. Keep in mind: Bitcoin may have been the first, but it may not be the long term winner. Do you wish you invested in Facebook? Its IPO was priced around $32 and today it’s $180. You could have quintupled your money. But before Facebook was MySpace. And before MySpace was Friendster. Friendster was first – do you remember Friendster? Exactly. If you put your money on Friendster, you would have lost. Maybe Bitcoin is Friendster or MySpace. Maybe an alt coin will be the next gold standard and Bitcoin will be the next generation’s punchline.
You may want to buy into cryptocurrencies now before prices soar higher. You may anticipate a market “correction” and wait to buy when prices drop. The moral of this story is to get in when you can, and hold on with the belief that the value will increase.