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                              Are AltCoins the Future of the Cryptocurrency Market?

                              by Blogging Fort
                              May 26, 2022
                              Reading Time: 6 mins read
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                              Cryptocurrency Market
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                              The cryptocurrency market has been a topic of discussion for many years. It is an emerging market that offers new opportunities for investors, but it can also be confusing and difficult to understand. Many people want to know whether altcoins are the future of cryptocurrency markets and if investing in altcoins is worth their time.

                              This article will examine how altcoins differ from bitcoin and fit into the cryptocurrency market. Also, what type of impact they may have on the future of digital currency transactions.

                              Altcoins Differs from Bitcoin, The Popular Cryptocurrency

                              If you’ve ever heard the term “altcoin,” you might be wondering what it means. Altcoins are any cryptocurrency alternative to bitcoin, the first and most well-known cryptocurrency.

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                              Altcoins creation came into existence to fix the problems of bitcoin, and It solved many other issues related to making digital money on a blockchain. For example, many cryptocurrencies allow transactions faster than bitcoin can process them, e.g., Litecoin, and some allow more advanced features such as smart contracts, e.g., Ethereum. In addition, you can buy altcoins with bitcoins on exchanges like OKX, a Cryptocurrency exchange that also sells different cryptos for fiat currencies.

                              While each altcoin has the characteristics that make it unique from others on the market, Litecoin is faster than Bitcoin. Therefore, it is essential for investors looking at investing in these assets to understand their risk tolerance levels. They should first before decide whether investing in altcoins suits their needs better than investing exclusively in BTC. If not, then this article may help alleviate some confusion!

                              The Altcoin Market Is Growing Rapidly

                              One of the most significant advantages of altcoin is that it’s overgrowing. The cryptocurrency market is expanding, and it looks as though there will be many more cryptocurrencies to choose from in the future. As a result, there are plenty of opportunities for investors who want to get involved with altcoins.

                              The bitcoin market has become more competitive over time. It means fewer profits are available for investors who want to earn money by trading on cryptocurrency exchanges. In addition, altcoins tend to be less popular than bitcoin because they haven’t been around as long. However, it could change over time if new technologies emerge and make these coins more popular than they currently are today.

                              Bitcoin isn’t necessarily an alternative option that could use with other types of virtual currencies such as Ethereum (ETH) or Litecoin (LTC). Instead, traders use these pairs, allowing them access to different markets without having too much risk associated with each one individually.

                              The Bitcoin Market Is Becoming More Competitive

                              When it first came out in 2009, bitcoin was a new and innovative currency that offered a solution to the problems of traditional money. But now, many people have jumped on board and created their cryptocurrencies to compete with the original coin. These altcoins are similar to bitcoins in that they’re digital currencies that operate without any central authority or bank. They can use them for payments and have other uses like smart contracts or decentralized apps (DApps).

                              There has been an influx of these altcoins coming into the market recently, causing some issues with competition between them all trying to gain traction. Users who want to invest in different coins based on what they offer, others do not yet provide enough value at this point. It still holds promise despite being relatively young compared to more established competitors such as Ethereum, which launched back in 2015

                              Trading Altcoins Can Be Profitable

                              Altcoin trading can be profitable, but it would help if you did it with caution. Some people will trade their altcoins for Bitcoin or Ethereum and then cash out, but that’s not the best way to make money in the market. The key is to keep your altcoin assets under your control so you can sell them whenever they reach their highest value and make a profit.

                              To begin trading altcoins, start by setting up an account on an exchange like Coinbase or GDAX for more advanced users, Binance, Kraken, Bittrex, and Poloniex for beginners. Then choose which coins you want to purchase and transfer your funds into the exchange wallet from your bank account or credit card. You can do this via ACH transfer which stands for Automated Clearing House. Once done, log onto one of these exchanges with 2FA enabled on any devices used, so no one else has access while buying/selling coins.

                              Relatively Low Trading Fees on Altcoins, Compared to Bitcoin

                              Trading fees are relatively low on altcoins compared to bitcoin. You can buy or sell a fraction of an altcoin for as little as $1 while still receiving the same amount of cryptocurrency and transaction confirmation speed with more significant deals. 

                              On the other hand, Bitcoin fees tend to be much higher, sometimes exceeding 1% in some cases, even 5%. It is an incentive for traders who want their money to go further rather than sit around waiting in limbo for days before being transferred between wallets.

                              Trading fees are still higher than those charged by traditional stock exchanges such as Nasdaq or NYSE Euronext. Still, it’s worth noting that these platforms only offer up to 150 stocks per day, whereas cryptocurrency exchanges have many thousands available at any given time.

                              Forecasting the Value of Altcoins Based on Past Data

                              You can use technical analysis to predict the value of altcoins. Technical analysis is a way of forecasting the future price movements of a currency, commodity, and financial instrument. It uses past data to predict future prices. For example, if you have noticed that the cost of Bitcoin has gone up by 10% in the past two days, you might expect it to continue to rise over the next two days as well. 

                              However, if you had seen that on previous occasions when Bitcoin went down by 10%, its value would fall even further over the next two days and vice versa. Then this might cause you not to buy more Bitcoins now because doing so could lead to losses later.

                              The indicators used in Technical Analysis include:

                              • MACD (Moving Average Convergence Divergence)
                              • RSI (Relative Strength Index) – measures momentum based on 14 periods back and compares overbought/oversold levels relative to historical readings from 0-100 scale divided into quadrants; 50 being neutral; overbought >70 & under 40 being bearish; underbought >30 & under 70 being bullish)

                              Many Altcoins Can Be Exchanged for Bitcoins

                              It’s important to know that you can exchange most altcoins for bitcoins. So, for example, if you have a currency like Litecoin and want to buy something online, you can convert your Litecoin into bitcoins if that company only accepts the latter.

                              Whether a cryptocurrency has its blockchain or uses the Bitcoin blockchain makes no difference when buying things online or receiving payments from other people. In other words: there is no need for everyone using cryptocurrencies to use the identical blockchain, but there does need to be some way for everyone using them to exchange currencies.

                              Altcoins Seems to be in Well-Positioned Growth in the Future

                              As we’ve already discussed, altcoins are often a cheaper way to invest in the cryptocurrency market. In addition to this, they have room for rapid growth and even more significant potential for volatility than bitcoin.

                              Altcoins also have the potential to grow because they exist alongside Bitcoin and other major cryptocurrencies on exchanges like Binance and Coinbase Pro. In addition, due to their lower price points compared with bitcoin, investors may be interested in adding some diversity to their portfolios by including altcoins and Bitcoin itself, particularly if they want exposure to other types of blockchains like Ethereum or Litecoin.

                              Read more: Living Near The Beach: The Pros And Cons

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