In this article, we discuss the 5 best cryptocurrencies to invest in, according to hedge fund billionaires. If you’d like to read our detailed analysis of these currencies, go straight to the 10 Best Cryptocurrencies To Invest In Hedge Funds
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Litecoin, which was released in 2011, is also a Bitcoin spinoff that also offers faster transactions and lower fees compared to Bitcoin on its network. It ranks fifth on our list of the 10 best cryptocurrencies to invest in, according to hedge fund billionaires. It is based on a proof-of-work mechanism and is one of the most popular cryptocurrencies on the market, reaching a market capitalization of more than $ 10 billion in January of this year. It is currently the sixth largest cryptocurrency in the world, despite being a Bitcoin spin-off.
Grayscale, a leading provider of digital currency investments, has been reloading alternative coins like Litecoin as Bitcoin and Ethereum depreciate. Grayscale bought 80% of all Litecoins mined in February. This purchase increased Grayscale’s total altcoin holdings to 1.44 million, which is worth nearly $ 250 million. As Bitcoin alternatives grow in popularity, the value of Litecoin is expected to rise sharply in the coming weeks and months.
Alphabet Inc. (NASDAQ: Goog) is linked to Litecoin history as a former employee of the company named Charlie Lee was one of the founders of the cryptocurrency. Alphabet Inc. (NASDAQ :ogle) is one of the largest corporate investors in cryptocurrencies and has consistently supported the rise of new technology over the years.
As of the end of the first quarter of 2021, 159 hedge funds in Insider Monkey’s database held $ 29 billion in Alphabet Inc. (NASDAQ: Googles), up from 157 in the previous quarter, valued at $ 20 billion.
Poland Global Growth Fund mentioned Alphabet Inc. (NASDAQ: Goog). This is what the Poland Global Growth Fund says in its letter to Alphabet:
“For our top contributors, we believe each has made strong returns for different but fundamental reasons. Alphabet recently saw renewed strength as advertisers generally resumed spending after a brief hiatus during the pandemic.
Alphabet had some tough quarters in 2020 as many companies paused their ad spend. However, business recently rebounded, leading to a strong rebound in the company’s share price. Even in such a challenging time, the company still had 14% sales for 2020 at constant exchange rates.
This is partly due to Alphabet’s numerous growth engines. For example, while search business was negative in one quarter and only grew 6% in another, YouTube ads and Google Cloud Platform (GCP) grew by over 30% in the quarter, and YouTube and GCP combined are now contributing over 50% to the company’s growth which we believe is evidence of a strong culture of innovation, long-term thinking and prudent capital allocation. With search bouncing back over the past quarter with growth of 17%, we believe Alphabet continues to be well positioned to consistently stack returns at or above 15% for many years to come. It remains one of our greatest positions. “
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