Since I last wrote on the subject Ethereum it has risen from $92.94 to a value of just over $251! more than doubled!
This is not the only cryptocurrency that has seen great growth. Coinbase added litecoin which grew and has held a stable price over the last month. There are many other coins on the crypto exchanges and I am looking into diversifying my holdings.
A couple coins I am watching keenly are Golem coin(GNT), Siacoin(SC), & NEM or New Economic Market (XEM). I think they show great promise and are all currently trading under 60 cents.
I will now outline the potential for a $1000 dollar investment in any of these.
The underlying concept of GNT is to utilize the blockchain technology to power a decentralized super computer for large projects that no one computer could process. All the computers on the network would complete the project and in turn receive a part of the fee paid to initiate it.
Currently Golem coin is trading at around 52 cents. A $1000 investment would purchase around 1900 Golem coins. if the price were to rise to $3 dollars this would give you $5700 an increase of 470%. Since this project has much potential I see it easily becoming worth $3 dollars or more.
The concept of Siacoin (SC) is decentralized cloud storage. If you run the SC network and have free space, you can rent out the storage space on your computer for a fee. Because it is decentralized your information is not in the hands of any one person and is thus safe and secure. It also allows people to take advantage of memory resources not being utilized.
Currently SC is trading at around $0.014710. This may seem much lower but the reason is there is a larger number of coins in circulation – however this does not preclude siacoin from seeing a nice rise in value. A $1000 investment would purchase about 67,980 coins. obviously if siacoin reached even $1 in value you would see your money returned to you in leagues and leagues.
Lastly NEM or new economic market (XEM) is what I believe to be one of the most well developed cryptos out there. If anything the value of the coin is overlooked for others due to lack of marketing and the huge hype of other less substantial coins.
Currently NEM trades at about $.2189 meaning a $1000 investment would purchase 4560 coins. If it were to reach a $1 you would see your money grow nearly 356%
Of course this is all speculation at the moment, but I’m putting my money where my mouth is and expect to see at least 50% growth in the next year or less.
If you have any questions on crypto currencies please feel free to ask me and I will tell you what I know.
There are hundreds of coins out there but I suggest strongly looking into any you might purchase and assess them for value based on underlying concept and development team behind them.
As far as exchanges go – I utilize Poloniex, mainly to store some of the altcoins that don’t yet have a good mobile wallet app or desktop wallet. For example I bought coins on Coinbase, made an account on poloniex, made an exchange for coins on changelly, sent payment to changelly from coinbase, and had the GNT sent to poloniex for storage.
A little confusing for now, but I’m sure it will be made easier in months to come.