Cryptocurrencies Worth Buying in UAE
When we talk about the cryptocurrency market in UAE, Bitcoin is the first thing that springs to mind. However, this is not the only cryptocurrency that you should be looking into in terms of investment options.
In this post, we will tell you about cryptocurrencies that have a bright future in UAE, but first let’s take a look at Bitcoin.
With all the hype surrounding Bitcoin, it is obvious that it is the number one choice for many traders. The digital coin’s price reached an all time high of more than 70,000 AED in December last year. The price significantly dropped after that, but you don’t need to worry as the fluctuations are a part of the nature of these volatile cryptocurrencies.
Bitcoin trading is common in UAE and one of these digital coins is almost worth 25,000 AED. People who bought Bitcoins when they were just less than a dollar and sold them at high prices are immensely rich now.
Some experts believe that Ethereum could reach the same value as Bitcoin in a few years. Time will decide whether their claim proves to be right or wrong, but for now you can safely buy Ethereum on an exchange.
Ether is currently valued at 1950 AED and the price even spiked to 5206 AED in January this year. Imagine the amount of profit you can earn if you invest in this digital coin.
For instance, you buy Ethereum (let’s suppose 10 coins) for 1950 AED. Two months later, the price goes up to 2450 AED (just an assumption). You then sell half of your coins and get a profit of 2500 AED. Don’t you think this is a wise investment?
The cryptocurrency market has a lot of digital coins and Ripple is one of them. The current price of Ripple is just 2.20 AED. The low value means that you can buy a lot of these coins.
You might be thinking why you should buy a cryptocurrency whose value is quite low. The advantage is that you can buy many coins and when the price increases you can sell them in chunks or all at once.
Litecoin is currently valued at 395 AED. The price lies somewhere between Ethereum and Ripple’s price in the cryptocurrency market. If you have spare cash, you can buy these coins to trade them at a later stage.
Litecoin reached its highest price of 938 AED in December 2017. Since then it had a series of lows and highs like other digital coins.
Before you make a decision to invest in Bitcoin, Ethereum, Ripple, or Litecoin, it is recommended to check the recent price spikes. If the price is constantly jumping up and down, then you should wait for it to settle down at a constant value.
Once it settles, buy the digital coin if the price is significantly lower than its average rate.