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

[Highflyer]

In case the Bitcoin price crashes, you don't lose the value of your full portfolio but only half of the value as you were smart enough to diversify between two types of products. For that reason, a well-balanced portfolio will help you to conquer the worst market crashes.By no means are cryptocurrencies the only asset to be hacked by thieves, but there are serious fraud and theft concerns that accompany bitcoin. For instance, novice bitcoin investors may not understand the need to store their tokens in a digital wallet, thereby leaving them susceptible to theft by hackers.

 

[Sake]

For me it's better to invest on different coins at once because the price growth for every coin is not the same. You can put all your investment money in Crypto but some Coins are unpredictable they can suddenly double or triple their value and you can't always choose what Crypto's about to have a bullrun. So it's better to invest in more for more chances of profit.

 

[Kinglegend01]

I have never been the type of guy that puts all his eggs in just one basket.maybe this is why my answer will be that I would pick diversifying my crypto investment than just been with only bitcoin. Even though bitcoin has the greatest potentials, l still pay attention to other altcoins like ethereum, litecoin,stellar and others.

 

[Ebuka Stephen]

Well if their it is any crypto one should focus on , it should be bit coin, bit coin is a good crypto that yields good profit tho. But about diversifying tron is also a good crypto

Post automatically merged: Jan 12, 2021

Well if their it is any crypto one should focus on , it should be bit coin, bit coin is a good crypto that yields good profit tho. But about diversifying tron is also a good crypto one could invest in

 

[MarieArie]

It's better to spread out your risk by buying into an average of all coins that has market potentials.
Yes Bitcoin is doing good and has the attention of almost an average investor but buying high volume of altcoins which are superbly cheap can boost your portfolio and returns in future and also served as shock absorber in the event of some losses.

I don't even know how to manage one cryptocurrency account not to mention having many. I can't afford to lose in two ways. I would rather I managed one and be successful with it before thinking of other sources where money can be made.

 

[Aniwhyte]

Although bit coin is doing really great but I must say that it is a lot better to invest on other cryptocurrency. Mostly the unpopular ones as they are surely going to appreciate as bit coin is today someday in the future.

 

[Chief]

It is dangerous to focus on only one currency. As you can see Bitcoin has taken a very catastrophic dip and many investors are now pulling out in order to avoid further loses. If you have sense you wil diversify your investment.

 

[Dowenship]

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 depends on your financial stability, you can choose to focus on one and also choose to focus on others. But i would advice you to diversify because it enlarges you more in trading. Ethereum is the second best crypto to indulge in if u are good trader.

 

[kayode10]

One of the keys to successful trading is to be focus. This means follow one course until successful. In you have desire in cryptocurency trading, put all your minds on it until you start making lost of money on it. Once you achieve that level, then you can move onto the next investment of choice.

 

[Sincerem]

Settling for one altcoins doesn't satisfy, or settling on Bitcoin only. I love to diversify, invest in multiple Cryptocurrency options get the best result from them. I don't like the scenario where all my focus will be on one basket, cos I know one can fail I use another one to cover loss, just as Bitcoin is decreasing and my coins are going down too.

 

[Dylinks]

Inasmuch cryptocurrency is good venture but it takes someone who understand the technicalities involved to be successful in that aspect. I believed that diversification is imminent if there is a passion for such thing. Having multiple stream of income is the cure to life of struggles and financial hardship.

 

[Donkiz]

If you have the financial strength to invest in other cryptocurrencies apart from bitcoin go ahead and do that, because its good to diversify your investment so that if something goes wrong in a particular coin you can make do with the proceeds from the other. The other coins that I rate currently after bitcoin are ethereum, litecoin and bitcoin cash.

 

[Sanusi]

You can't focus on one crypto currency so you will have to diversify into the other actually to me its all about opportunity because you don't know the actual currency that will rise in a particular time which is related to crypto currency value,you have to be versatile in crypto currency market

 

[GIFTMICHAEL]

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?

To me there is a need to diversify. You don't have to focus on one cryptocurrency.
Once you discover that you have made enough research on other cryptocurrency and have discovered that they are very good too investing your money into it will definitely be a good decision.

 

[Tiwa]

I don't even know how to manage one cryptocurrency account not to mention having many. I can't afford to lose in two ways. I would rather I managed one and be successful with it before thinking of other sources where money can be made.

You probably didnt get my message. I did not mean you should have more than one crypto account/wallet /exchange though you could if you wish. I am particular about buying more than one crypto coin. By that you are spreading the risk of losing out entirely. If one drops at apoint, another might be stable or rise in price.

 

[singlej007]

Although, currently bitcoin is the altimate, no any other coin can be compare to bitcoin, but I still believe they are good coin out they that will get u good profit too, if not now, you will profit later.

So, diversifying is good instead of Puting your head in one basket

 

[GoldenLady]

You probably didnt get my message. I did not mean you should have more than one crypto account/wallet /exchange though you could if you wish. I am particular about buying more than one crypto coin. By that you are spreading the risk of losing out entirely. If one drops at apoint, another might be stable or rise in price.

Yes,by having more than one type of cryptocurrency in your wallet, your risk of losing goes down.

Assuming you hodl Bitcoin, Ethereum, Litecoin and Ripple, the fall in Ripple will be balanced by the profit you make from the others, especially Ethereum.

 

[Maliha]

It is always been suggested to diversify the investment by investing into different cryptocurrencies so you can minimize your loss.if you get loss from one at least you would have the other one to recover the loss.you can also make profit from different areas.

 

[GoldenLady]

Settling for one altcoins doesn't satisfy, or settling on Bitcoin only. I love to diversify, invest in multiple Cryptocurrency options get the best result from them. I don't like the scenario where all my focus will be on one basket, cos I know one can fail I use another one to cover loss, just as Bitcoin is decreasing and my coins are going down too.

But don't you think it will be worth it to invest only in one excellent coin, like Bitcoin?

Even if the price dips, it's not as low as other altcoins suffer, and it's regarded as the gold standard for cryptocurrency, so it usually bounces back fast too.

 

[Iamsodex]

Asides the fact that you earn more money you should know the market might go a different way so if you have more than one coin in your portfolio if one coin is dumping you might not really feel it because other coins might be moving in your direction. Since there are lots of coins doing fine in the market then I think it's cool to invest in some of them also.

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.