With bitcoin having remained below the $50,000 mark for the past week or so, some analysts are telling traders it’s time to focus on other coins and assets. In addition, the Federal Reserve has completed a two-day meeting that led to some volatility in both prices and interest rates.
Bitcoin Hasn’t Been Doing So Hot Lately
But while many are saying the time to stay away from BTC has arrived, others – such as Mark Tepper, president of Strategic Wealth Partners – believe it may be time to purchase more units. In an interview, he stated:
I would be buying right now. I’m a big believer in crypto. I own some, but I’m also a realist, and I think if you want to successfully own or trade crypto… you own it in a percentage that allows you to sleep at night.
Tepper says that roughly ten percent of his overall net worth is allocated to bitcoin, an amount he feels relatively comfortable with. He says he’s okay if it all winds up going down the drain, and even better if the currency rallies, which will allow him to experience enough gains that he feels comfortable hanging on tighter. He says:
I think you need to understand that crypto skyrocketed from the depth of COVID because of all that new liquidity that flooded the system, all those [stimulus] checks. That’s no longer a catalyst, so gains in the future are going to be much slower.
Right now, he’s switching things up in his crypto portfolio somewhat. While he has primarily focused on bitcoin up to this stage in his investment journey, he has since decided to focus a bit more on Ethereum. He is putting 50 percent of his portfolio into ETH, 40 percent into BTC, and ten percent into Polkadot. He comments:
100 percent of my new crypto money is going into Polkadot. Not a lot of people have heard of that one. The founder of [the platform] Polkadot was also a co-founder of Ethereum… He basically took Ethereum’s technology and made it better. So that’s where my money is going right now.
Todd Gordon is the founder of Inside Edge Capital Management. Roughly three percent of his portfolio is dedicated to crypto. That three percent consists of 56 percent BTC, 35 percent ether, five percent Solana, and three percent Cardano.
Will Ethereum Be #1?
He comments that the dip in prices is likely due to a recent selloff. He says:
If you want to find a good way to look at perhaps the difference between Ethereum and bitcoin — this is an old foreign exchange trick — you look at the cross rates, you look at Ethereum versus bitcoin, and you take the dollar out of it.
He further stated he’ll likely purchase more Ethereum granted the currency holds its present support level.
The post Why Some Analysts Think Buying Bitcoin Right Now Is a Good Idea appeared first on Live .