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

[Rimsha kanwal]

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?

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[GIFTMICHAEL]

It

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.

I sincerely agree with you that it is good to invest in more than one cryptocurrency or coins.

Because one thing about business or investment is that we want to maximize profit.
Investing in different coins guarantee us more profits.

 

[GoldenLady]

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.

But over time, I've seen all major coins that are main players in the market move with Bitcoin, whether it falls or rises.

This has made me wonder if investing only in Bitcoin might be a good idea. Will you consider this as a good alternative?

 

[Lyrrex]

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.

this is exactly a perfect saying even me I do not invest in only one cryptocurrency if you have money to invest you should try and invest in much coins as possible because there is a possibility of one of the coins rising in value that you can never believe sometimes , because you don't know which of the coins will rise in value.

 

[Sake]

It

I sincerely agree with you that it is good to invest in more than one cryptocurrency or coins.

Because one thing about business or investment is that we want to maximize profit.
Investing in different coins guarantee us more profits.

Yes because every has their own potential to be successful. There's some good coins out there that's still at $0.01-$1 each. Investing $10 on some of them wouldn't hurt and might give you a lot of return in the long run. We just need to be patient and wait if ever some of them didn't turn out much in the future.

 

[GIFTMICHAEL]

Exactly , business is all about risk if you are not willing and ready to take risk you can never make profit.
Business can turn out to be good or bad. In which case it turns out we need to keep investing.

Yes because every has their own potential to be successful. There's some good coins out there that's still at $0.01-$1 each. Investing $10 on some of them wouldn't hurt and might give you a lot of return in the long run. We just need to be patient and wait if ever some of them didn't turn out much in the future.

 

[Sake]

Exactly , business is all about risk if you are not willing and ready to take risk you can never make profit.
Business can turn out to be good or bad. In which case it turns out we need to keep investing.

Indeed, to recover from the loses will also come from other investments. So if we only put our money in only one crypto investment and it turned out a failed.. our money will be all gone too. That's why many investment at the same time is the best

 

[GIFTMICHAEL]

Indeed, to recover from the loses will also come from other investments. So if we only put our money in only one crypto investment and it turned out a failed.. our money will be all gone too. That's why many investment at the same time is the best

You are very right. That is why it is not good to put our eggs in one basket.
Diversifying our investment plans can be of great reward and profitable to us in particular.

 

[Eamodu]

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?

Just like any other business, diversification gives you a strong edge over a single business. But you most get it right buy knowing which cryptocurrency to go for,and that which you should not go for. If you can handle this very well then, please diversification is allowed.

 

[Oluwatobitosin]

I think to diversify into other cryptocurrency will be better than to just stick to one because if that particular crypto should fall, you lose on all but if you invest in others, you can be assured that you won't lose

 

[Sincerem]

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.

I know it bounces back strong, that is not convincing enough to put my eggs on one basket. You need to be versatile sometimes, search for those unknown coins make more gains. Invest on them too, have about 4-6 different high potential coins you're investing on. Why, because price of one might go down well, you use another to cover up the loss.

 

[Ralphjoe]

It is always good to diversify one's portfolio in any form of investment so as to spread the risk factor all around those other avenues, that way, the amount that one might lost will be smaller compared to what one may lost operating one portfolio.

 

[GoldenLady]

I know it bounces back strong, that is not convincing enough to put my eggs on one basket. You need to be versatile sometimes, search for those unknown coins make more gains. Invest on them too, have about 4-6 different high potential coins you're investing on. Why, because price of one might go down well, you use another to cover up the loss.

That's the best move really.

Taking what happened with ripple as an example, of someone had invested only in it, by now they would be facing terrible loses.

It's good to spread your investment, but what's your take on new coins, like polka dot?

 

[Sincerem]

That's the best move really.

Taking what happened with ripple as an example, of someone had invested only in it, by now they would be facing terrible loses.

It's good to spread your investment, but what's your take on new coins, like polka dot?

When I visited coinmarketcap just now I saw that the coin polkadot is on the increasing at the moment. With the price value at $14.40 per token, yesterday it was peaked at 12$+ their is an increase too. If you check Bitcoin and Ethereum, you gonna see improvement too. Bitcoin is valued at $38k, while Ethereum is $1.2k.

 

[Ojonuyo]

Circumstances of life are most times unpredictable and can take one by surprise. Take for instance the Covid-19 pandemic of which the world is still recovering from. Therefore, considering the unpredictability of life I advise you invest in more than one crypto currency if you have the money for it. Just in case one fail the other stands.

 

[Justin]

If you are using crypto currency just as a payment form and you do not have any intention to trade or invest, using one currency is ok. For that purpose, bitcoin is perfect. However, if you want to invest and trade, you should invest in numerous crypto currencies.

 

[Profwriter]

I have always likened crypto currencies to investment, so investing on different coins is like making different investment which can also be referred to as opening of multiple streams of income. I think this is the best option for anyone that wants to trade crypto coins because by so doing you have created a buffer situation which will prevent you from losing all your investment at a go.

 

[Halexcity]

Investing on only one single coin may not yield much profits prefer to investing on multiple coin because there is crypto are not stable they rise and also fall so your coins can not fall together at the same time you focus on the one that is stable.

 

[Snazzy001]

You should not hesitate to diversify you in cryptocurrency.it has also been said that never keep all eggs in one basket.if the value of one begins to depreciate, you would still have one to focus on.so invest in as many as you can.

 

[Segshowee]

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 advisable to divest into other Cryptocurrencies to be able to reap from the profit prospects they portend. I would investors willing to diversify to go for Ethereum, it has great prospect for great return on investment.