Is it better to focus on one cryptocurrency, or to diversify into others?

[Kunlee]

Bitcoin by now is a great avenue of making money by your commitment and consistency
Anyway, one can have numerous businesses at hand but with all sincerity and to avoid business negligence, try to stay more dedicated to one of them, I.e bitcoin.

 

[WhiteHouse]

It's always a good investment idea to diversify, you can invest in other Cryptocurrencies but you have to make sure they are valuable and has a good Future prospect.
The purpose of any investment is to grow funds and ensure future cash flow. With that in mind, the best investments are often the ones that offer the highest ROIs. However, high ROIs do come with higher risks (conversely, low ROI investments promise lower risks)

 

[Niftyyem]

Just like every other investment, it is better to diversify even in cryptocurrencies investments. Presently, a larger portion of mine is in bitcoin and I also have some in a few popular altcoins.

My next best option after bitcoin is litecoin, though it would have been ETH if not for the crazy transaction fees.

 

[Damscooguns73]

Concerning investing into one cryptocurrency coin or diversifying, I will advice to diversify into another cryptocurrency, it won't be good enough to lay all eggs into one basket. Spread the risk by investing an average amount

 

[btaliat]

No matter the going, never focus on only thing. Anything can happen. It is better to have or keep some coins in case. For instance, after Elon Musk bought some numbers of dogecoin, the price has started rising again.

 

[Josemendez]

It can be said that Bitcoin has the greatest attention out of all cryptocurrency.

One important question is if someone should focus on just one crypto, Bitcoin only, or to diversify and invest into other altcoins.

If so, which give altcoins would you choose after bitcoin?

Focusing on a particular cryptocurrency is not quite ideal as it will be like putting your egg in one basket.
Altcoins like litecoin , Bitcoin cash , Tron , xlm , ADA and many other ones are quite good coins for one to invest in. Ethereum is not left out

 

[Patrik]

If you are able to afford investements in both of the currencies then it would be an adviceable thing to do, so unless one of them will generate profit for you, unlike relying on only one them, if it dies, you are done

 

[Kamon c4]

There’re lots of cryptocurrencies. Focusing on one cryptocurrency is of little financial gain. A lot of other cryptocurrencies are doing amazingly well. Bitcoin is truly the most popular buy people are endorsing other cryptocurrencies though their growth rate is very slow

 

[chicnthin]

It's alright to focus on just one but wouldn't it better if you diversify your investment on other altcoins as well. Think of it this way, what if you only focus on one coin and the price of it drops, you'd have some losses. But if you have investment in other coins, there will be chance that some of its price will rise while others drops. In this way, you'd still be able to have few profits or at least recover on the losses from other coins.

 

[Alogakho Esson]

Those who have more income can diversify they crypto currency investment but if you have small amount of money just focus on one

 

[Pousinha]

I have a collegue, heavy trader, saying he only preferes bitcoin. His advice were to only focus on bitcoin or at least ethereum, as he doesn't trust the others. As I have learned a lot about cryptocurrencies from that collegue, I developed similar ideas: my preferences is to focus on the best established and more valuable as bitcoin, ethereum and litecoin. USDT I think is good too, but I prefere the 3 mentioned. If I had to choose only one, it would be ethereum or bitcoin.

 

[Holluwaphemmy]

hmm nice question, just try to focus on cryptocurrency that has great market potentials. Although, Bitcoin has the highest attention but you can venture into other cryptocurrencies like ethereum and ripple.

 

[Dubai]

It can be said that Bitcoin has the greatest attention out of all cryptocurrency.

One important question is if someone should focus on just one crypto, Bitcoin only, or to diversify and invest into other altcoins.

If so, which give altcoins would you choose after bitcoin?

Sincerely, I would advise you to focus on only one crypto, the bitcoin for now. Give it your all, grow and become better in it. The gain from bitcoin with a better worth will be more than that from other altcoin. Although you invest in bitcoin and one other altcoins but I would advise you to stay focus on bitcoin.

 

[GoldenLady]

Sincerely, I would advise you to focus on only one crypto, the bitcoin for now. Give it your all, grow and become better in it. The gain from bitcoin with a better worth will be more than that from other altcoin. Although you invest in bitcoin and one other altcoins but I would advise you to stay focus on bitcoin.

This is sound advise, one that I've come to realize too over time.

With the way Bitcoin is regarded as the gold standard for cryptocurrency, it will be good to focus a large chunk of attention on it.

But I think a bit of diversifying won't hurt, especially if you can be patient for a year with other altcoins

 

[Iamsodex]

Putting every of ones egg in a basket is actually bad from the beginning so I'm not in support of anyone holding just one coin, try to diversify your portfolio and hold various coins with great potentials to move to a desired part of the market with buying or selling.

 

[BrolySSJ]

It can be said that Bitcoin has the greatest attention out of all cryptocurrency.

One important question is if someone should focus on just one crypto, Bitcoin only, or to diversify and invest into other altcoins.

If so, which give altcoins would you choose after bitcoin?

It is always good to diversify your investment because then the loss that you make on one coin can hopefully be made up by another coin. Having all your investment in one coin is very dangerous especially if you look at the volatility of the market.

I think other altcoins that are good are Ethereum, litecoin, bitcoin cash, dogecoin and even ripple despite the current controversies.

 

[GoldenLady]

It is always good to diversify your investment because then the loss that you make on one coin can hopefully be made up by another coin. Having all your investment in one coin is very dangerous especially if you look at the volatility of the market.

I think other altcoins that are good are Ethereum, litecoin, bitcoin cash, dogecoin and even ripple despite the current

You're right, this is what seasoned entrepreneurs and investors advice.

While it's good to start small, having different sources of income, especially when you are investing in cryptocurrency is an excellent way to avoid losses.

 

[Bilal0087]

It can be said that Bitcoin has the greatest attention out of all cryptocurrency.

One important question is if someone should focus on just one crypto, Bitcoin only, or to diversify and invest into other altcoins.

If so, which give altcoins would you choose after bitcoin?

I think you must go for more than 1 cryptocurrency trading because if you rely on only one cryptocurrency you are limited to earn profit, but if you have experience to trade with different cryptocurrencies then you can earn huge profit from all.

 

[BrolySSJ]

You're right, this is what seasoned entrepreneurs and investors advice.

While it's good to start small, having different sources of income, especially when you are investing in cryptocurrency is an excellent way to avoid losses.

Definitely. I think that the choices that you make on your coins Is very important as well though. If you are invested into many new low cost coins that are unreliable then you are likely to lose a considerable amount if the coins go dead. However if you invest in a coin that has high risk then you chose invest in something like bitcoin where you can be assured that with time you will be able to make up your losses.

 

[Akinwale701]

It can be said that Bitcoin has the greatest attention out of all cryptocurrency.

One important question is if someone should focus on just one crypto, Bitcoin only, or to diversify and invest into other altcoins.

If so, which give altcoins would you choose after bitcoin?

It's not advisable to focus on one Cryptocurrency because of the great risk involved if the said coin dumps heavily. It's good to diversify to at least reduce the risk and share the risk as well in case of any unforeseen circumstances