Although the world’s biggest cryptocurrencies tend to grab the lion’s share of the headlines, investing beginners will be happy to know that it’s not all just about Bitcoin – there are even small and inexpensive “penny cryptocurrency” stocks that offer very different trading options.
Just today, Cryptoground has come out with a list of its chosen best penny cryptocurrencies for 2018 – although we only have about two and a half months of the year left to hop on board. (Elsewhere, Quora posters have also weighed in.)
Let’s look at just three of these to understand the context of penny cryptocurrency stocks and all of the wealth of opportunity that’s there (as well as a healthy portion of risk.)
Ravencoin is first on Cryptoground’s list – lauded for its X16R algorithm and block reward system (among other design features,) this cryptocurrency has tokens immune to duplication. As a true “penny stock,” it’s also trading right around two cents.
One of the reasons Ravencoin may have been included in today’s list is that it seems to have jumped overnight, popping up from about 1.4 cents, all the way up to the nearly 2-cent mark – to see Ravencoin values this high, you have to go back at least one month, and while the crypto stock has traded as high as seven cents in the past, the sharp spike is an attractive indicator.
Then there’s Dogecoin, which is a very interesting penny cryptocurrency stock on its face – where else can you invest in a real cryptocurrency built on a funny meme with a block time of one minute and handy wallet features?
Dogecoin’s got popular support from dog owners (and, full disclosure, “dogecoin” is what this reporter sometimes affectionately calls his Jack Russell puppy) – but it’s also got a market capitalization of over $67 million, which shows that there is not only robust interest, but robust buy-in. Urban legend has it that even the founder of Dogecoin has been astounded by its ascendance.
This example helps to show how large market capitalizations there are for these whimsical types of cryptocurrencies that essentially sprang up from a single person’s or small groups ambitions.
Another such cryptocurrency is Tron (TRX) – invented by Justin Sun and the Tron Foundation. With its decentralized token approach, Tron operates in the context of the Tron Foundation’s aim of a decentralized Internet and all of its other apps and projects.
When it comes to smaller crypt currency stocks, investors have many options. It’s good to know some of the parlance of cryptocurrency handling – facts about mining, and, for example, what constitutes a hard fork or a soft fork.
But beyond that, you can look at market indicators and news as you would with any stock, and proceed from there. Some of these stocks have impressive upsides and many of them are rather fun to invest in as well. Take a look at Cryptoground’s current recommendations and more from today’s headlines in the “Cryptocurrency 2.0” market.