Bitcoin represents like 97% of the market cap of all crypto. Therefore for most, you save time by approximating the others to be zero (and not buy them). It takes skill to effectively play the altcoins. Personally I don't want to invest my time for such a small payoff.
I bought over 500,000 ltc at an average price close to 1 cent. You might think my gain was small but i dont.
There is some kind of skill involved, which I don't have.
Investing 3% of my cryptostash to alts, would in my case most probably lead to same returns but diminished control. Even if it goes up 10 times relative to btc, it will just increase my total wealth to 0.03*10+0.97 = 1.27 (+27%). This is almost insignificant. So in a sense, I think your gain was small
I prefer to keep things simple. That is why I bought bitcoins only after the 2011 bubble, giving it ample time to turn out being a hoax. Granted I paid 10x more than some, but also made the groundwork for successful long-term holding.
27% of your overall investment is not insignificant no matter which way you look at it, especially when you would be risking only 3%.
There is currently no good reason why an altcoin would perform so well. Keeping track of all of them is also too time-consuming.
Ltc at 5 cents was a good buy. Btc can fork and kill it self. To use crypto ltc is the best option.
2 dollars id buy some but nothing crazy. But yeah. Too many alts. Im only xpm and massive ltc still.
But im still a huge btc bull. I just love all good crypto.
Even if you bought LTC at the absolute low of 0.0025, you have barely made 6x your investment, I checked it has been around 0.015. Considering that 90% of altcoins have reverted to zero, purchasing every one of them with equal amounts, would have yielded a loss of -40%. Not to mention the time it takes to play with them, and the illiquidity and some legal concerns.
Don't get me wrong, everybody is free to do what they want but most choose to spend their time on activities that do not maximize profit. (One thing that I completely don't understand is why any noob would go into mining now).
BTC is so big it won't die because of a fork. But you are right that LTC is the silver currency at present. Perhaps I should buy some. Do you have any idea when it reaches bottom?
