I bought Litecoin exactly 5 days ago, on December 7th, when the price was just under $100.
I had finally had enough of paying the fees for moving BTC, and the long wait times for both BTC and ETH. As both networks have become essentially unusable, it was clear to me that the only realistic fiat gateway has become Litecoin. It's the only other cryptocurrency available to buy instantly on Coinbase, that you can actually then use to move money around the cryptocurrency ecosystem. It was obvious to me that people will have to start buying much more of it.
After posting a few comments on other people's posts here on Steemit ranting about this, I put my money where my mouth is and it's since gone up 3x.
Yesterday I bought Ripple.
The argument for me is equally convincing. Ripple has been stuck around the $0.20 - $0.25 range for 7 months, since its all time high in May, while other cryptocurrencies around it have been making parabolic gains. In the same timeframe Bitcoin, Monero, Dash have all gone up nearly 6x. As a long term top 5 cryptocurrency, with no significant headwinds in front of it, plenty of room to grow in terms of use and capacity, I just cannot see how Ripple won't have another significant leg up in this bull market. Especially since it's now almost 1/30th of the market cap of Bitcoin, and currently sitting very close to its long term, multi-year lows in satoshis.
This is just my feeling, and it's not a significant position for me at all, but I always make it a rule for myself to only invest in cryptocurrencies that are heavily undervalued. I never chase coins that have broken out, or have started to go up 10%, 20% or 30% or more in a day. I like to buy at the tail end of long term corrections, and accumulate over a few months when a cryptocurrency is falling and its decay curve is flattening out.
This is exactly what is happening with Ripple. It seems to me that the downside is quite limited now, and it's reassuring to me that the price has remained stable in USD terms throughout this long correction. This says a lot to me. Even if Ripple doesn't move for months, I feel confident that I won't lose money, and I'm happy holding the bag. Particularly since it's such a major project, and certainly one of the most serious and professional in the cryptocurrency ecosystem, which is filled with scams, hype and amateurish teams.
This is obviously not financial advice, this is just what I'm doing personally, and I wanted to share my thoughts. Please do your own research and make your own decisions.
Let's see if I'm right again this time!
