Cryptocurrency is a fast-changing industry and to invest in the same one should come up with risk tolerance capabilities and deep technical know-how. But due to its certain changes and there is much, still to be learned about this evolving technology. It could be possible to get rich in days by investing in cryptocurrency in 2021. But the risk chances are also very high. To know all about this, read the complete article to get the answer of – Is cryptocurrency good investment in 2021 or not?
The future of Cryptocurrency is unpredictable, but after a Breakthrough in 2021, there could be chances to make a potential profit.
Let’s uncover a few facts about investing in cryptocurrency.
How safe is investing in cryptocurrency?
Investments are always risky, where investing in cryptocurrency is one of the riskier investment option. But, we have seen significant growth also in this sector.
Moreover, these financial platforms are inherently trustless systems – as they’re not directly tied to the government. So, below are the considerable factors that make cryptocurrency not entirely safe, despite the emerging and growing sector.
- Exchanges are vulnerable to Cyber Attacks.
- Competition among cryptocurrencies
- Future Regulations on this sector
Is cryptocurrency good investment in 2021?
Despite the inherent risks, the global crypto market runs 24×7 and many investors are investing from different geographies. No doubt, it is a growing market with potential huge growth over the next few years.
In India, around 600+ percent growth investments were suspected in the last year, according to Chainalysis, a leading compliance provider. With the increasing demand and its adoption, we could say that cryptocurrencies and the blockchain industry are good investments in 2021.
This year Bitcoin hit a new all-time high price and over time people’s interest in crypto has also skyrocketed this year. Many big companies and investors like Elon Musk are adopting crypto payments. So, if you are looking to invest in cryptocurrency keep an eye on the below points:
- Cryptocurrency Regulation
- Crypto ETF Approval
How to invest in cryptocurrency?
Nothing can replace doing your own research (DYOR). Since the competition among cryptocurrencies is very high, look for top currencies that have had a bright outlook and future growth possibilities.
According to Forbes recent article, below are the top 10 Cryptocurrencies In October 2021:
- Bitcoin (BTC)- Market cap: Over $821 billion
- Ethereum (ETH)- Market cap: Over $353 billion
- Tether (USDT)- Market cap: Over $68 billion
- Cardano (ADA)- Market cap: Over $67 billion
- Binance Coin (BNB)- Market cap: Over $64 billion
- XRP (XRP)- Market cap: Over $44 billion
- Solana (SOL)- Market cap: Over $41 billion
- USD Coin (USDC)- Market cap: Over $31 billion
- Polkadot (DOT)- Market cap: Over $28 billion
- Dogecoin (DOGE)- Market cap: Over $26 billion
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