Bitcoin: Martin Lewis gives advice on cryptocurrencies
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Cryptocurrency is the latest financial trend gripping the world with more and more people looking to opt into digital currency as the technological revolution grows. Bitcoin uses a decentralised system to record bank transactions in a distributed ledger called blockchain. Bitcoin has to be mined, and miners run complex computer rings to solve complicated puzzles in a bid to confirm groups of transactions called blocks, and upon success, these blocks are added to the blockchain record and the miners are rewarded with a small number of bitcoins. Other participants in the Bitcoin market can buy or sell tokens through cryptocurrency exchanges or peer-to-peer.
Five cryptocurrencies that could outshine Bitcoin
Cryptocurrency analyst and YouTuber Benjamin Blunts has revealed five alternative crypto coins that he believes will do better than Bitcoin.
The cryptocurrency trader called Bitcoin’s crash in 2017 when the value of the cryptocurrency fell 45 percent from its peak after six weeks of record highs at the time.
Mr Blunts kicks off the list with Ethereum, which he thinks will do better than Bitcoin.
The cryptocurrency expert told Daily Hodl: “If Bitcoin still continues up to $100k and beyond, that’s just going to mean ETH [Ethereum] is pumping even more so, you know.
“If Bitcoin doubles from here that means ETH will triple from here because it’s going to be outperforming Bitcoin.”
The second Altcoin Mr Blunts believes will be huge is blockchain oracle Chainlink (LINK).
He said: “I’m not 100 percent sure how high LINK will go.
“I’m not sure whether or not it’s going to make a new all-time high against Bitcoin.
“But I do think from here it’s going higher, and It’s going to outperform Bitcoin, and its USD (US dollars) value is going to explode.”
Next on Mr Blunts’s list is the decentralised exchange SushiSwap (SUSHI).
On the SUSHI/BITCOIN charts, Mr Blunts projects that the decentralised exchange will increase by about 70 percent.
This, the cryptocurrency blogger predicts, will translate to larger gains when SUSHI is partnered with stablecoins.
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He said: “[SUSHI will] probably go up around 70 percent or so against Bitcoin – so in USD value that will probably be more again.”
Decentralised finance lending protocol Compound (COMP) is another altcoin that is one to watch.
Mr Blunts believes COMP will record bigger gains than Bitcoin ever did in terms of percentages.
The cryptocurrency analyst expects COMP to rally by more than 160 percent against the flagship crypto coin.
He said: “So I think ultimately COMP is another nice DeFi project… 146 percent target against Bitcoin.”
Bitcoin is the fifth and last alternative crypto coin that Mr Blunts expects to outshine Bitcoin and other leading currencies by market cap.
According to Mr Blunts, “Litecoin is going to outperform a lot of the majors” in the short term.
While cryptocurrencies can yield high rewards for investors, be very careful and make sure to do research on what you’re pouring your money into before investing.
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