How to Detect the Next Big Cryptocurrency

How to Detect the Next Big Cryptocurrency

It goes without saying cryptocurrency and Blockchain projects are becoming popular with each passing day. The acceptance Bitcoin has gotten over years is unbelievable.

Those who invested in it in the early days, had a foresight to see what it is going to be like in coming years. Along with Bitcoin few other cryptocurrencies that made their way through were Ethereum, Ripple, Litecoin and others. Investors made quick cash out of their instinct and are now extremely wealthy. This made Bitcoin the largest digital currency in the world and people started to look for more options to invest in and make cash out of cryptocurrency.

Next Big Cryptocurrency

But those who joined the race late missed making the cash and are now looking for an option in the cryptocurrency world. But you must be wondering how you can get in early on the next big cryptocurrency before it becomes a super star.

Here we bring for you certain tips to predict the next big cryptocurrency.

1. Price

Price

The ground rule of buying anything is its price, and with cryptocurrency we cannot forget this elementary rule. While planning to buy a new coin/ token, the safest bet is to invest in currency priced below a dollar. This sounds to be good news for an average investor or for those who don’t have much to invest. The ability to differentiate with low-priced coins shouldn’t be overlooked.

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2. Adaptation

A proper research is what is required from you as an investor. Before starting with investment, do a research and look for coins that have a higher acceptance rate as a currency. This will help you to guess and know its essential value when it gets approved as a mainstream currency.

3. Following

Look for driving factors like how much following it has. The best way to know about it in detail is by visiting the Bitcoin Reddit group/ other social media groups. Here, look for coins that have most number of followers and what people think about it. This will help you do a proper research and know which one to follow for investment.

4. Price and Volume Charts

Price and Volume Charts

Don’t forget to check price and volume charts of the cryptocurrency you have around. While doing so always look for accelerating growth for price and volume.

5. Acceptance of Predictions

Over the years, Bitcoin made huge growth due to its acceptance, but heading towards 2018, we see Ripple making huge growth. In the beginning things didn’t work great for XRP, as people did not trust anything other than Bitcoin. But slowly people started to believe in it and the prices started to rise. This was only possible as people started to identify XRP as a potential cryptocurrency that had an edge over others.

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6. Supply Is a Feature

Many cryptocurrencies around there have figured out their supply, when it is achieved new tokens cannot be there in market. But the only way price of the currency can go up is by keeping investors interests in it with a fixed supply. Therefore, before investing total supply and the current circulation of any cryptocurrency should be considered.

7. Value and Size

Updated information about any cryptocurrency that you suspect to be rising is necessary. To collect this information, you can take help of online data. Usually, cryptocurrencies with change in price and volume of trades have a drive. However, no one knows how market moves, but using this method you can know about the digital currency with most investors interested in it in present.

8. Market Cap

Examine the value of cryptocurrency and its availability but before that keep in mind that there is always a shift in price. But if any one cryptocurrency shows a constant rise or even touches between the top 50 cryptocurrencies , it is clearly worth checking out.

9. Blockchain is Important

Blockchain is Important

Another most important thing that you need to remember is what matter is blockchain technology. As they have their own infrastructure, they allow to customize the process in which transactions are managed. This gives a resulted appearance of various technologies like blockchain.

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Conclusion

There are constant speculations about cryptocurrency market going to wash out as Bitcoin prices are crashing each day. But if you think it’s too late to earn money out of cryptocurrency then you are mistaken. By keeping the pointers in mind, we discussed above you can earn money off cryptocurrencies.

Cryptocurrencies are here to stay as for the simple fact they stand as more practical alternative for decentralized system that can run with acceptance from all. Humans always want to correlate superior and convenient, with cryptocurrencies that is exactly the point.

Of course, you need to be cautious while using these tips as investing on hype rather than on any fundamentals is risky. And it is hard to predict what can happen and when things become worthless or worth millions.

Preeti is a technical writer with Systweak. She covers new technology and troubleshooting. She loves gadgets and is an avid reader. In her free time, she likes to travel and explore new places solo.

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