Cryptocurrencies: why invest and which cryptocurrency to choose?
Investing in cryptocurrencies has been on the rise in recent years. As a non-resident, it’s a great way to grow your savings remotely, through a high-potential investment.
How is the cryptocurrency market doing right now? Is it still worth investing in? And which digital currency to choose? Here are our tips.
What is the price of cryptocurrencies today?
Bitcoin, Ether, Cardano, Ripple, Binance Coin… There are currently as many as 19,000 cryptocurrencies.
The most famous is of course Bitcoin (BTC): it is indeed one of the first virtual currencies created and the most valued digital currency on the stock market. It is closely followed by Ethereum (ETH), a pioneer in decentralized finance.
To choose the right digital currency, you need to start by learning about cryptocurrency prices, which change very quickly. Indeed, values vary depending on supply and demand, difficulty of mining and economic context, among other things.
Here is the value of the cryptoasset as of August 10, 2022, according to Coinhouse:
- bitcoin price (BTC): €22,875
- price of the year. finance (YFI): €10,779
- price of PAX Gold (PAXG): €1753
- price of Ethereum (ETH): €1,673
- price of Maker (MKR): €1071
Ethereum: it’s time to invest!
Launched in 2015, Ethereum is the second public blockchain in terms of valuation and the first in terms of usage.
Its property is Ether. This cryptocurrency works, like Bitcoin, on a public blockchain (a distributed global network, open to everyone and without a central authority). However, unlike Bitcoin, Ethereum allows building automated transactions and decentralized applications, thanks to smart contracts.
Even if Bitcoin remains at the top of the most popular cryptocurrencies today, Ethereum stands out as the second reference blockchain.
Since its inception in 2015, its value has increased by more than 1,000%. It is the only other cryptocurrency, besides Bitcoin, whose value has exceeded 200 billion euros. It is even estimated that in a few years it could reach a value of 1,000 billion.
The price of Ethereum experienced phenomenal growth in 2021 and surpassed all-time lows. It is currently €1,673 (as of August 10, 2022). The virtual currency has therefore been on an upward trend since its inception.
Therefore, buying Ethereum is a very strategic choice. To do this, be sure to call a professional who can support you in your cryptocurrency investment strategy. Also choose a secure and easy-to-access platform, such as Coinhouse, that offers tailored support.
Why invest in cryptocurrencies?
The cryptocurrency market has the peculiarity of being based on a decentralized system: there is no intermediary or central bank. This placement is therefore transparent, independent and not connected to any government.
Investing in cryptocurrencies also means choosing a profitable investment with high volatility (this asset can really lose or gain 10% of its value in a single day). If this makes this investment more risky, it is also what makes it possible to generate very significant gains, in a short period, and with a low initial amount. For example, Bitcoin was worth about 150 euros in 2015, and today it costs almost 23,000 euros!
Cryptoassets also offer very secure investments and transactions, thanks to blockchain technology.
As a foreigner, investing in cryptocurrencies also allows you to invest remotely, in assets that are available at any time, with the ability to transact from your computer or smartphone, 24/7.