What attracts many traders and investors to buy-and-hold trading is that in many situations, precise market timing is not required. Bitcoin is undoubtedly one of the cryptocurrencies that have been bought and held for a long time by many investors.
However, how needlessly to say how promising Bitcoin is, there are more than a thousand cryptocurrencies that have potential growth. If you are looking for another good candidate to buy and hold, then we will introduce you to three other cryptocurrencies you might be interested to hodl on.
First, let us review what the Buy-and-Hold strategy is…
What is Buy-and-Hold Strategy?
Often known as the “HODL strategy,” this strategy involves purchasing Bitcoin or other cryptocurrencies and holding them for an extended length of time. Some individuals choose to acquire a certain digital asset regularly and keep it in their portfolio until it achieves a specified profit margin.
This strategy is one of the simplest to put into action. You do not have to bother about setting up your trade, such as adding a take-profit or stop-loss. To access your wallet, you only need to purchase cryptocurrencies and save the private key in a secure location.
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Here are the three potential cryptocurrencies you can buy and hold until the next decade!
Market Cap: $341.8B
Besides Bitcoin, Ethereum is another crypto worth buying and holding for a long time! Ethereum, often known as ether, is nearly always in direct rivalry with Bitcoin. Its market share in the cryptocurrency sector recently increased from 18% to 20%.
Ethereum is a decentralised blockchain platform that enables the implementation of smart contracts and decentralised applications (dApps). Ethereum is undergoing an improvement that will solidify its status as the leading platform’s blockchain. It is transitioning to a Proof-of-Stake blockchain, which will reduce its energy consumption by more than 90%. This implies it will become much more appealing to institutional investors, who are increasingly being compelled to be environmentally sensitive by their supporters.
Market Cap: $67.2B
If you are looking for a cheaper coin to buy, then you might want to consider Cardano—which has been recently doing a great performance in the market! Cardano is a cryptocurrency system and open-source initiative that aims to create a publicly accessible blockchain for payment systems. Cardano, like Ethereum, is a decentralised blockchain platform. It enables peer-to-peer transactions to be carried out in a secure manner.
The Cardano team consists of engineers, researchers, and an Ethereum co-founder. There are also numerous additional groups working together to create the platform, but three stand out: the Cardano Foundation, Emurgo, and Input-Output Hong Kong (IOHK).
Market Cap: $42.9B
And if you are looking for a lot cheaper coin, yet with a great potential to see in the near future, we included Ripple in the list! Ripple Labs developed XRP as a payment currency for its decentralised payment system. XRP is a cryptocurrency that is used to enable cash transactions on the Ripple network. For converting foreign currencies, existing settlement systems frequently use the US dollar as a common currency. This incurs currency translation fees and takes time, which is why bank transfers between accounts in different countries can take up to three days.
XRP has had a volatile pricing history. Its value fluctuates regularly, as it does with the majority of crypto assets. In the past, the asset has traded for less than $0.10, more than $3, and everything in between. XRP has a high coin supply and distinct tokenomics. Therefore it has a different price-per-coin value compared to Bitcoin.
Disclaimer: We do not provide investment advice or suggestions for the usage of cryptocurrencies. This post’s goal is to assist and educate our readers/users. If you trade or use Bitcoin and other cryptocurrencies, you may be exposing yourself to risks. The cryptocurrency markets are quite volatile. Trading with cryptocurrencies may not be appropriate for all investors. We strongly advise you to conduct thorough research on your chosen digital assets and get advice from a certified financial professional to reduce your chance of losing your entire investment.
Before you invest any money, be sure you are informed of the dangers associated with cryptocurrency trading. Never put more money at stake than you are willing to lose. If you are a new trader, you may begin your adventure by visiting Immediate Edge!