The list of available cryptocurrencies is constantly growing and the choice can quickly turn into a headache. How do you know which cryptocurrency to buy today and how to spot promising new nuggets that might work?
Can we still make x100 on cryptocurrency?
It is useless to hide your face, most new investors enter the cryptocurrency market to make big profits. However, as the industry develops and the rarer the opportunity for significant profits becomes, as the capitalization of major cryptocurrencies becomes more and more substantial.
So, is it possible to make x100 or x1000 on cryptocurrency? The answer is yes, but it comes with a lot of risk. Indeed, to find a cryptocurrency that will explode in 2023 or the next few years, you need to invest when its capitalization is low.
Firstly, this means that you need to do a lot of research to find promising cryptocurrencies before others. Most importantly, though, it requires careful research to make sure the project is serious and that its founders aren’t going to run off with your money.
In other words, it is always possible to get huge capital gains in cryptocurrencies. provided you know where to look and are willing to take huge risks. But then how do you know which cryptocurrencies to buy right now?
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Our opinion: Safety first
King Bitcoin (BTC)
The cryptocurrency market, by its very nature, is already risky investment. Thus, it is preferable to stick to verified cryptocurrencies and which are likely to still be present in the industry in the coming decades.
On this score, how not to mention Bitcoin (BTC)? The First Cryptocurrency To Survive Over Time, Bitcoin Still Remains in the first position by capitalization.
With a capitalization exceeding the capitalization of all other cryptocurrencies, however, its growth potential is becoming increasingly weak. However, bitcoin is the safest asset in the cryptocurrency market (with the exception of the stablecoin) and represents unique store of value : indeed, bitcoin is rare. Will not no more than 21 million units.
Unlike fiat currencies, there are no central banks. who can decide to print new bitcoins. This is extremely important, especially in conditions of galloping inflation, when prices are rising and the value of our heritage is falling.
Bitcoin can also act as a digital currency, and some countries understood this. This is especially the case for El Salvador and the Central African Republic, which legal tender in their territory. In the current macroeconomic environment, it is likely that other countries will follow this path.
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Ether (ETH): the future after the merger?
Already 2nd most capitalized cryptocurrency market, Ethereum (ETH) and its Ethereum blockchain in 2022 have undergone a historic update that the ecosystem has been looking forward to. baptized mergerthis allowed the network to go towards Proof of Stake (PoS) consensusmuch less energy intensive.
Specifically, the future stages of this revolution will reduce costs by more than 90%, while multiplying by 10 the volume of transactions accepted by the network. In other words, it is a necessary step towards acceptance by the general public.
At present, most decentralized finance (DeFi) is based on Ethereum. Moreover, it is the first blockchain to introduce smart contracts, one of the most revolutionary features of our ecosystem. In other words, in a new form Ethereum will revolutionize many industries.
For the most effective investment, we recommend using the strategy Average cost in dollars (DCA). Specifically, it consists of investing a small amount at regular intervals to smooth out your entry price and expose yourself to minimal market volatility.
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How to find promising crypto nuggets to buy now?
How to choose a cryptocurrency that will explode?
To find the next cryptocurrency to explode, here are some tips:
- Have a good understanding of the ecosystem;
- Know the keys to the success of cryptocurrencies from the top 50 market;
- Follow the trends of the cryptocurrency market.
The first tip for finding cryptocurrencies that can work, is to have a good understanding of the ecosystem. Some cryptocurrencies are related to decentralized finance, while others are related to infrastructure projects (blockchain of the first or second level): you should know how to distinguish between them.
It is important to be familiar with the various sectors of the cryptocurrency ecosystem in order to understand correctly and deeply projects in which you plan to invest. This will help you know which ones are serious in each category.
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The second tip is to learn about the cryptocurrencies that are in the top 50 largest capitalizations today, ask yourself the question: what are the keys to their success? Then, when you discover a project operating in the same sector of activity, you can understand its potential added value.
The CoinGecko website offers a ranking of the most capitalized cryptocurrencies.
Final tip - follow the trends. The cryptocurrency market moves in cycles. In the previous bull run, decentralized finance exploded, then blockchains competing with Ethereum, the BNB Chain ecosystem, and then NFTs.
Tools for finding promising cryptocurrencies at the moment
To find crypto nuggets, here are some important tips:
- Cryptoast;
- CoinGekko;
- Social networks ;
- Toaster.
How to access information for education and study of the world of cryptocurrencies? The first tool is none other than Cryptoast. In the “Cryptocurrencies” tab of our website, you will find full files learn about the major cryptocurrencies on the market.
In the “Rates” tab you will find all existing cryptocurrencies with information about them pricethem capitalization, evolution of their course as well as their trading volume for the last 24 hours, as well as many other important data for analysis.
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To find the following nuggets for investment, social networks are excellent sources of information: in particular YouTube and especially Twitter. it the best way to discover promising cryptocurrencies in front of everyone. However, you will need to be vigilant and understand the content.
On the private group Le Grille-Pain, our team of experts, such as Vincent Gann, offers you fundamental, network or even technical analysis. In particular, you will discover promising young crypto projects.
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Finally
As you have already understood, the cryptocurrency market is full of opportunities. You can still make x100 or x1000 on cryptoprovided you do a lot of research beforehand, know where to find information, and are willing to take the risk.
It should be remembered that cryptocurrencies are a zero-sum game.. If some win a lot, it is because others have lost so much in parallel. And in this game there are many more losers so many winners. Thus, it is preferable to strive to minimize risks in an already very volatile market.
For this, the best advice would be give preference to cryptocurrencies that have already proven themselves : Bitcoin and Ethereum in particular.
Then investing in small amounts at regular intervals is the best way to smooth out the entry price and minimize your exposure to market volatility.
However, if you have a “high risk, high reward” investor profile and want to find the following crypto nuggets, be sure to be fully informed and conduct thorough research.
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Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services provided on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused by the use of the product or service mentioned in this article. Investments related to crypto assets are inherently risky, readers should do their own research before taking any action and invest only within their financial capacity. This article is not investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential implies high risk. This risk should be in line with your project, your investment horizon, and your ability to lose some of those savings. Do not invest unless you are prepared to lose all or part of your capital.
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As a Cryptoast journalist, I strive to break down every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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