The crypto space has been in a massive uptrend all through the year. Total market capitalization was barely $191 billion at the beginning of the year. It is almost $650 billion, and counting, as at the time of putting this together. A mind boggling 300% + increase.
What started as a group discussion on a Web page is gradually disrupting the order of things. Bitcoin being in the fore front of this charge.
Going by recent activities, Bitcoin looks quite in a hurry. Hurrying to break every single records it has created. From lows of $5447 mid March to an all time high of $23k + earlier today, Bitcoin has continually defied gravity. An over 400% increase. If this is not crazy, I wonder what is.
Crypto currencies generally looks quite bullish. Virtually most of the coins looks ready for a leg or two up. Some having massive potential to go up to 5x,10x, 20x even more. Mind blowing things really happens in this space.
The question now, is the smart money really on bitcoin? Seeing how high the price has gone and considering cost to profit ratio.
If Bitcoin goes from $22,500 to $40,000, that's barely a 100% increase. On the other hand a coin like Link, ether, xrp, pols, rsr(my favourite) has a massive potential to do a 5x + (500%) returns in a short time. And that's just a start.
One might want to argue that Bitcoin is the most dominant of all known crypto currencies, what with its very high liquidity. You obviously need bitcoin for most alt coins transactions. Also, Institutional investors finding Bitcoin an attractive preposition makes it logically a better choice. Really?
It can be debated that Bitcoin has not much tangible use case apart from being a store of value.
Crypto currencies has greatly evolved. New ones pop up every day. So many alt coins with amazing use cases, by far superior to what Bitcoin offers to the practical world. Attempting Solutions to underlying problems, solving real issues. With DeFi gaining massive traction, alt coins are truly about to go ballistic. Putting this and many more into consideration, we might be tempted to go all in on alt coins.
The problem is, having a great product and best of working use cases does not translate to mass acceptance and adaption . Having a great product without effective marketability might not translate to success.
Effective marketability is key in the crypto space and Bitcoin seems to have this in abundance, by sheer fact of being the earliest.
All in all I would still be pro alt coins. A well researched and promising alt coins over Bitcoin any day. Investing in a sure 3x+ project at by far lower cost makes more business sense to me. Which brings us to our closing question. Do people really invest in crypto because of their individual use cases or anything goes provided it guarantees returns?
