Cryptocurrency is one of the buzzwords in recent years. Its value keeps on fluctuating, and there are so many coins out there for you to invest. Choosing a crypto coin can be confusing and difficult as we are surrounded by emerging new crypto coins, old ones, and those that have done well in the market so far. Coins are categorised into different points depending on their level of anonymity, how much they use blockchain technology, an algorithm that they run on and many others. It has emerged that there are so many factors you should consider when deciding on the right crypto coin for you. It will help you become knowledgeable and take the right steps towards deciding on which crypto coin to buy. When you hold good coins and make money, you are likely to be in a position to make a huge profit.
1. Consider The Market Capitalization:
Market capitalization of a particular crypto coin is the market value of all the circulating coins of that token at a particular time. It determines the value of the coin when it is bought and sold. The most important aspect to consider when assessing a particular crypto market capitalization is that the coin has high demand and low supply. The more demand a coin has, the more value it will have. When supply is low and demand is high, prices of that coin will be higher. Coins like poocoin with high market capitalization have higher chances of being profitable in the current market conditions.
2. Consider The Team Behind Coins:
The team behind the specific crypto coin should be given similar attention as the market capitalization of that particular token. Coins with excellent teams behind them also have high chances of being successful in the market. Some of the key aspects to consider when assessing the team behind a crypto coin are their experience and how they go about their work. It is also important to assess whether a particular coin has committed to making long term investments or short term investments.
3. Ensure the Utility of your Coin:
The utility of a particular crypto coin largely depends on how much it can be used in the market. You need to consider whether or not the coin can be in demand with the application it is specific to. It is always important to assess and consider different aspects when deciding if a particular crypto coin is in demand or has potential to be in demand. Utility can be used to distinguish good crypto coins from bad crypto coins. Some of the aspects that should be considered when assessing a crypto coin’s potential for utility are sustainability.
4) Consider The Total Supply:
The total supply of any specific crypto coin is how many units of that token exist. The main factor to consider when assessing the total supply of any particular crypto coin such as luffy coin is checking how many units that token has been pre mined before being launched in the market. It is important to note that the more pre-mined a coin has, the higher the chances of that token being manipulated. It is also crucial to have coins with low total supply because it makes them valuable and unique.
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