Leofinance: How to Find The Next Big crypto token
We have all seen the massive potential of cryptocurrency and how projects have blown up in the recent years, but this doesn`t mean that it has all ended with those projects, infact they will be a massive growth in the cryptocurrency space with all the recent projects that are coming up and in other to gain some percentage of the increase you have to have some skills. I am going to list the basic skills needed for you to make sure you catch the market before it takes off.
-NICHE SELECTION:
Although one needs to look at and analyze various crypto projects before choosing the perfect one to invest in so as to make a high profit but it is not adviceable. Inorder to efficiently predict where a crypto project is headed, you should have a niche so as to concentrate on the tokens associated with that niche.
The reason for this is so that one can catch the movement in prices of various cryptos in that particular niche and it tends to improve efficiency.
They are different niches such as Gaming,Fianance,Storage and much more.
-COMMUNITY/SOLUTION
The community of a crypto is a factor that must be considered when choosing a crypto to invest in. You have to check the number of followers they have and their engagement because some just buy followers to look real. The solution to which the projects has for a particular problem must be clear and well described because it is the solution that brings in Investors to the projects.
-TIMING.
Well this is were the the hardest part comes in and that part is Patience. When you have chosen a niche, say the gaming niche; you should watch out for the crypto tokens with relatively low price and which is currently on a downtrend and by downtrend i mean the all time low or something like that so as to get in at the right time for the uptrend. If this is done right you will earn a very good ROI because some cryptos tend to get up to 300% increase(very low priced cryptos). Another thing to consider is the time to sell because after the massive uptrend they might be a downtrend and if you dont sell off on time you would be at a loss(but not usually with your initial investment).
- if you plan on holding for a long term then you might as well forget the time to sell off and concentrate on the other factors.
NOTE: i personally advice using coinmarketcap for research
TO elaborate more indicate in the comment if you want me to make a video on this topic
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Sometimes, those coins hitting all time lows are hitting them because they're failed projects and will continue to hit all time low until they become delisted. It is much smarter to do your research than to plunk money into an unknown coin sitting at its all time low hoping that that low will bounce. Reddcoin is a great example. It was sitting around 5 satoshi. I bought about $100 worth thinking it'll rebound as it had in the past. Dogecoin wasn't doing much better back in the day when I was first buying it. A couple weeks later, reddcoin drops to 2 satoshi. Then, Satoshi., get a notification that it's going to be delisted. Time to dump it...I lost some money. Fortunately it was just a little. It could have been thousands of I'd been stupid greedy. Study what you're putting your money into. It'll most often pay better dividends...
Like i said .. you should do your research and find out about the community and the solution it brings to the table.
Thats why you invest what you can risk