Have you made some extra money and want to understand where to invest your spare cash? Remember: It’s better to invest it than spend it on something you don’t need. This raises a question – where do I invest?
Coming up in this article I’ve covered some assets that you can invest in. But I’ve gone into the most detail about the emerging cryptocurrency market.
Offering the volatility that can turn spare cash into some sweet gains, the cryptocurrency market offers some great investment opportunities if you choose wisely. It helps to know what crypto is first – what is cryptocurrency? Once you have some idea, check out some tips on crypto investing below. (Psssst…I’m the daughter and sister to financial advisors and have picked up some insights and tips along the way!)
With your spare cash, you have several options on where to put that money. Each option comes with its own advantages and disadvantages. Each requires some knowledge of the field to spot investment opportunities, too.
As for cryptocurrency, you should check out the most popular projects happening today. The cryptocurrency market is full of short-term buyers and sellers but history has also shown that long-term holders can make good money… As long as they hold the right assets.
Bitcoin and Ethereum are at the top of most people’s suggestions. Even though these two cryptocurrencies are the most popular, they are still subject to the volatility inherent in the crypto market. When they do dip, many advise that new investors jump aboard the Bitcoin and Ethereum train.
This is because Bitcoin and Ethereum are commonly referred to as the gold and silver of crypto, so they’re relatively safe investments to recommend. Bitcoin is currently at five figures per coin but was at four figures this time last year. As more coins get mined towards its 21 million coin limit, its price will increase.
With Ether, the cryptocurrency backed by the Ethereum blockchain network, it’s currently at four figures while it was below $400 last year. Its explosion in value was partly due to the NFT market, where Ethereum’s ERC-721 token standard was used. As blockchain and crypto become more mainstream, Ethereum is positioned to benefit from that extra attention.
Outside of Bitcoin and Ethereum, I can’t suggest other investments without things getting a little too volatile. That said, here’s what you can do to gauge how suitable other cryptocurrency coins are for investment:
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