How To Scout For New Investment In Cryptocurrency
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More people are investing in Cryptocurrency and this has sparked even more adoption and recognition globally. With over 7,000 cryptocurrencies to choose from, more people are joining the train because the possibilities are increasing daily. Since it is now a popular form of investment more people are flocking in but few know exactly what to do and so get roped into rug pulls or other scam projects due to lack of experience or fear of missing out. Whether you are a newbie or not here are a few tips to help you reduce your risk while increasing your chance of making more money.
First follow the trends. When I mean follow the trends I don't mean to invest in everything you hear or see, I mean to stay ontop of the trends as well as information in the space. The crypto world is evolving and offcourse more concepts are being developed or created daily. By being on top of these information you are exposed to good projects earlier. Follow top Crypto information platforms like Cointelegraph, they will keep you updated with the reality of the space. Choosing to ignore them is like choosing to chase the wind. These platforms post daily about the latest in the space, government activities regarding the space and other information that may affect different investments. We know that information is power but timing is an even more important factor in cryptocurrency and so getting wind of the right information earlier will help your make even better investment decisions.
Secondly make research and use the right tools. Even as a beginner you shouldn't limit yourself to just trading platforms, there are certain crypto research tools you need to get familiar with like Coin Dance, Lunar Crush, Coin Metrics and others that provide data on the space. These platforms have access to charts, market caps, and other information as well as tools or features to help you make better analysis. For example Glassnode provides data gathered from certain blockchains to measure crypto network activity. This is then used to provide metrics and insights that will assist your investment decisions. Although you have to pay monthly or annually for some it is a worthy investment, but if you aen't ready to make that kind of investment there are some platforms that are free to use.
By combining info gotten from news platforms with these crypto research tools scouting for new projects become easier. For example when you notice a particular project in the news you can proceed to patforms like Coin Market cap to view all it's activities in the last 24hrs or even 365 days which will guide you on what action to take next. Another trick is to go to the "recently added" section of the platform. There you will find lots of new projects, view their activities and make further research into them like reading their whitepaper, studying their partners as well as their road maps. Not only will you be investing wisely but also investing earlier than those who chose to follow the wind or wait until that project has become too popular to ignore.