As my previous post spoke to I am new to the cryptocurrency game.
Lots of people say stick to BTC.
My question is...when we invest in altcoin (disclaimer: I am invested in Digibyte and Siacoin) do we not realize double gains if the markets both go up?
The value of altcoins I am in are linked to BTC. If DGB or SIA rises in value then it is worth more BTC.
If BTC rises then my altcoins are also worth more (if I cash back to FIAT currency).
I do not see how investing in altcoin doesn't take advantage of both market gains at the same time. Yes, I know there is another transaction fee for buying altcoins. Yet, if my altcoins remain exactly the same and BTC goes to $10k then my altcoins are now worth almost 2.5 x as well in the grand scheme of things.
If my altcoin doubles during the same period then I actually gain 5x value (maybe that # is wrong but trying to get point across, not verify numbers).
Why the heck is everyone in BTC not looking to find a rising altcoin to double-dip?
Looking for someone smarter to show me I am incorrect.
I have been saying this exact thing to people and to myself. I am only a 5-week old cryptotrader, but investing in alt coins that can remain stable or increase in value is where it's at. I guess on the other hand, if you only hold Bitcoin, you don't need to deal with the almost heart-attacks Digibyte has been giving us!
You're right..DGB has certainly been a wild ride lately. Glad that what I thought makes sense to someone else. Seems like a great way to play both markets at once. Still waiting for someone to say I/we are wrong.
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Very good article. I fully understand what you're talking about. It's surprising how much uneducated investors the crypto space has. You still see people invest in this shady and scammy coins. We do need to look better at the insights of every coin. What team is behind it, is there any management. How strong is the product, is there any product at all? Does anyone know about: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. Check for example: https://www.coincheckup.com/coins/DigiByte#analysis To watch DigiByte Investment and research analysis.