When the word “cryptocurrency” is mentioned, most people immediately think of Bitcoin. The first and still the largest cryptocurrency by market cap is “Bitcoin”. It is usually considered a reference price in the industry, also in comparison to indices such as the S&P500, the DAX, or other values. Even apart from Bitcoin, there are cryptocurrencies that drive the industry forward with new ideas, technologies, and solution approaches – and often outperform Bitcoin. How to choose the best Cryptocurrency for you before 2023? Let’s find out in this Altcoin Investing Guide.
Altcoins: A mix of Innovation, Memes and Scams
So-called “altcoins” are all cryptocurrencies that are not Bitcoin. In addition to Ethereum, other major currencies and projects such as XRP, Cardano or MATIC are also considered Altcoins.
During the boom of the last few years, new Altcoins shot up every day. In addition to meme coins like Dodge or Shiba Inu, it was only a matter of time before the first fraudsters mingled alongside Altcoins. In the recent past, failed projects such as Terra or Anubisdao have become examples of crypto fraud. But in addition to memecoins, fraud and failed projects, there are often altcoins that can play a major role in shaping the future of the internet. Innovative ideas and coin start-ups mix with creative DeFi models or metaverse productions. But how do I find the profitable projects that deserve a future from the constantly growing range?
Altcoins Investing: 5 Steps to Choose an Altcoin
The Team
The first step in screening altcoins should always be the team. The individual team members and executives should be scrutinized very closely.
- Has the team already gained experience with other crypto projects?
- How is the project managed (goal achievement, communication, website, etc.)?
- How is the project financed or financially positioned?
The Goal
One of the most important investment aspects is the goal of the project. So it is important…
