Cryptocurrency interest is set to continue to grow, but investors should broaden their outlook beyond Bitcoin and look at the rest of the marketplace, according to Nigel Green, founder and CEO of deVere Group.
DeVere Group recently launched the deVere Crypto cryptocurrency exchange app, and its CEO is adamant that despite recent drops in cryptocurrency values in 2018, the general public will remain interested in investing in the alternative digital currency marketplace.
“Demand for cryptocurrencies continues to grow – and I expect this to gain considerable momentum over the next 12 months as more and more people are becoming aware of and have a better understanding of cryptocurrencies,” said Green, pictured below left.
“Demand will also grow due to the fact that regulators around the world are increasingly seeking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market.
“Cryptocurrencies as a concept are becoming mainstream and regulation is now, I believe, inevitable.”
He continues: “However, Bitcoin, the original cryptocurrency, retains its huge market dominance; it’s the one everyone talks about.
“I believe that investors need to broaden their outlook on cryptocurrencies beyond Bitcoin. This is why we have launched this new promotion.
Ripple and Dash
Last month, two new cryptocurrencies, Ripple and Dash, were added to deVere Crypto cryptocurrency exchange app. Users can now buy, sell, store, transfer and exchange Bitcoin, Ethereum, Litecoin, Ripple and Dash on the app.
By market cap, Bitcoin is the world’s largest cryptocurrency, followed by Ethereum (second) and Ripple (third). Litecoin is fifth and Dash is tenth.
Green added that despite the recent drops, Bitcoin still had strong performance in 2017 (1,300%), though it underperformed its lesser known rivals, such as Ethereum (8,500%) and Ripple (30,000%).
“All cryptocurrencies have different core characteristics, strengths and tech advantages and, therefore, they’re of value in different ways for different people and organisations,” he said.
“As such, I would urge cryptocurrency investors to be diversified across the main digital tokens. By not doing so, they are exposing themselves to unnecessary risk and cutting off key opportunities.
“As with all types of investing, diversification is the investor’s best tool to mitigate potential risks and to take advantage of the opportunities that present themselves.”
The deVere Crypto cryptocurrency exchange app, which is available on the Apple Store and Google Play, is this week is giving away 15 free Ripple coins to those who complete the app’s registration process. (Competition terms and conditions apply).