For the past few years I have heard regularly about the rise of Bitcoin. If you had invested in Bitcoin 1 year ago today, you would’ve seen a 719.28% profit on your initial investment. Although most investors have strong opinions on whether or not to invest at this point, we are still seeing a push for cryptocurrency acceptance for payments and transaction in the real world. There are new cryptocurrencies being introduced regularly, such as Ethereum and Litecoin and many investors are taking this opportunity to purchase while costs are low.
Bitcoin is not currently the cheapest cryptocurrency available, as it is the “leader” of it’s time, however you can purchase portions of a bitcoin or join up with many others that see a promising future for the additional cryptos being added. Investing is not the only option out there…you can also be a part of this movement by becoming a bitcoin miner…which is something I will talk about more in future posts.
I will also cover the basics of bitcoin including how it was initially invented, what it is used for, what it actually is, how to invest, how to mine, etc…..but for now let me share my current thoughts on investing now in bitcoin.
I am both an investor and miner of bitcoin. I have not currently invested in other cryptos yet, but I will be in the very near future while we are seeing a drop in cost after the last few month spike in the market. If you refer to the chart below, you see that within the past month Bitcoin has dropped in value by 39.76% equating to $5,472.39 per coin.
Now, if you refer to the yearly chart below, we see a spike in December 2017, that took the value of the coin to over $19,000 per unit. If we look back to February of 2017, the value of each coin has increased by $7,286.91. Not too shabby!
If we look at Bitcoin from a technical standpoint, it is currently at a strong support level and when an asset is in an overall uptrend, the opportune times to invest are when there is a dip in the market.
Uptrend = Buy on dips at key support levels
Downtrend = Sell on rises at key resistance levels
So…. is it the opportune time to invest in Bitcoin?
Based on fundamental rules of investing in any asset, it appears that right now is that “magical dip” that so many have been waiting for after the strong rise in the value of the coin. If we see price break below previous key support within this next month, then maybe the value of Bitcoin simply is dropping for good… but looking at our world driven by technological advances… I really don’t think Bitcoin is going away anytime soon…
If you are interested in investing in partial or full cryptocurrencies, you can get $10 of free bitcoin here
I hope you enjoyed this quick article and check back for more in depth information on Bitcoin and other cryptocurrencies in the near future!