Bitcoin is the grandpa of all cryptocurrencies and the one that gave origin to the blockchain, but nowadays, it’s not the only player in the game. With over 5,000 cryptocurrencies, tokens and assets, it’s easy to see that the competition is topping up.
Today we’re going to talk about the 5 competitors that give Bitcoin a run for its money. As an investor, it will let you see if you should purchase bitcoin or any of the alternatives you’re going to discover in a moment.
First, let’s talk about why you should reconsider investing in Bitcoin, to let you see our philosophy for investing in cryptocurrencies.
Why should you reconsider BTC?
BTC is still going to be king because it enjoys of the privilege of being the first cryptocurrency, and that benefit is not going away any time soon. Furthermore, it’s the one that enjoys of more exposure and popularity in the world.
In fact, according to Guggenheim’s Scott Minerd, Bitcoin should easily reach $400,000 USD with ease, especially given the inflationary rate of the dollar and the injection of institutional money, and increasing retail purchases.
Even then, at the current level, it’d give you a return of x10-12 if you bought it right now. It’s an amazing return, but you can do a lot better with the competitors you’re about to know, especially since it’ll be hard for BTC to reach such a price in this market cycle. However, you should check the BTC price chart to run your own technical analysis, which will help you to make better decisions.
ICON: The Korean Giant
Think of ICON (ICX) as the Korean Ethereum. A blockchain of its own, it’s capable of processing transactions much faster than ETH. Its ATH was $13.16 USD, and as we speak, it’s around $0.80 USD.
Let’s suppose you buy ICX right now, and if it reaches its ATH in the current bullish market, then it’d give you a return of x17. This is likely to happen because we’re seeing many coins reach their ATH and even surpass it.
With great fundamentals such as being used by institutions such as the Shinhan Bank, a great team, and upcoming updates such as the ICON 2.0, it’s an excellent alternative to Bitcoin investment-wise.
Furthermore, some analysts predict that ICX will eventually reach $50-100 per coin, which would be insane.
Cardano: A Great Rival to BTC and ETH
Cardano is another alternative to ETH, and like ICX, it’s expected to eventually surpass ETH. The problem with ethereum is that it’s slow and its gas fees are going through the roof. It’s far more scalable, faster and more usable than ETH at the moment. Therefore, thanks to its fundamentals, it could do very well in this market cycle.
Its current price sits at $0.44 USD and its ATH was $1.18 USD. Investing in it right now would give you a return of x2.68 if it reached its ATH. It’s not as exciting as ICX’s return, but as we said, it could go way beyond its ATH, especially since it has plenty of updates rolling out in this year.
NEO: The Chinese Ethereum comes to the Rescue
NEO got a lot of noise in 2017-2018 and it reached a staggering price of $198.88 USD. Currently sitting at a price of $24.50 USD, it could give you an incredible return of x8.11 if it reached its ATH, which is very likely during this market cycle.
The reason is that they’re actively working on the product and they’re rolling out plenty of updates, which will give them enough exposure to enjoy of the bullish trend, and hence, invite new money to flow in.
Chainlink: Defi Is the New Hot
Chainlink is currently at the highest levels. It reached a price of $25.63 in January, 2021 and it currently trades at $24.80 USD. The reason why we recommend LINK is because it’s widely popular, especially since all the things DeFi are mooning. Therefore, thanks to its fundamentals, it’s a great investment to look into, since it could shoot its price when they roll out their new updates.
Zilliqa: Another Promising Competitor
ZIL is another hot project with a lot of noise around it. It reached an ATH of $0.23 in 2018, and it currently trades at $0.08 USD. If it reaches its ATH, then it would bring you a return of x2.87. However, given the fundamentals and updates, it could go way beyond that during this market cycle.
Now that you have these solid projects in your hands, do your own research to decide what cryptocurrencies will be the best choices for your portfolio.