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– TIMESTAMPS –
1:51 Why not both?
4:37 Why do you want to buy these?
5:19 Social Engagement
7:07 Sell Pressure
10:22 Buy Pressure
13:12 Growth Potential
⛓️ 🔗 Useful Links 🔗 ⛓️
► Coinmarketcap: https://coinmarketcap.com/
► CoinGecko: https://www.coingecko.com/en
► Messari: https://messari.io/
► ICODrops: https://icodrops.com/
► Upcoming Grayscale Trust Filings: https://www.coindesk.com/digital-asset-manager-grayscale-eyes-defi-space-with-new-trust-filings
🤔Why not both?🤔
For starters, you might not have enough cash on hand to make diversifying your investment worth your while.
Another reason why it might be better to invest in just a few of the cryptocurrencies you’re interested in has to do with fees, specifically exchange fees and transaction fees.
The last reason you might want to consider choosing a smaller number of cryptos to invest in is for practical purposes.
Keeping up with updates, news, and price action for more than a dozen cryptocurrencies can be difficult to do and missing one of these could mean the difference between a 2x and a 10x return.
🤑Why are you buying?🤑
The first step in your triage process is to ask yourself why these cryptocurrencies are on your list to begin with.
If you want to invest in a cryptocurrency purely because you’ve been led to believe that it will go up in value due to hype, then you can immediately scratch it off your list
👨💻Social Media Presence👨💻
There could be a cryptocurrency on your list that is objectively the best by every possible measure, but if it has no online reach or community base then it may as well not exist
The easiest way to check if the cryptocurrencies on your list have sufficient engagement is to check their Twitter followings and watchlist counts on CoinMarketCap
For reference, most cryptocurrencies in the top 100 will have Twitter followings and CMC watchlist counts of more than 100 thousand
Broadly speaking, there are two supply sources in cryptocurrency: inflation and vesting, i.e. the unlock periods for any coins or tokens allocated to private investors or the team behind the crypto project
Inflation isn’t really a problem if you’re only planning on holding a cryptocurrency for a few weeks or months. You can also sometimes offset that inflation while you wait to sell by staking that coin
While vesting schedules come in all shapes and sizes, the main thing to look out for are any large vesting cliffs because this sudden release of tokens in such a short period of time often suppresses price
The worst part is that many cryptocurrency projects allow their initial investors to stake their coins or tokens while they are vesting. In other words, they are earning inflationary rewards while they wait
While there are multiple demand drivers in cryptocurrency, two of the most powerful are use case and institutional demand
Even if the cryptocurrencies you’re considering have high inflation and aggressive vesting schedules, it is very possible that the demand for some of them could be high enough to overcome that supply shock
Ideally the demand coming from the use case should be real, something long term, and not due to a short-term incentive of some kind
If you’re lucky, some of the cryptocurrencies you’re considering might be on the radar of institutional investors
As a general rule of thumb, the smaller the market cap, the more potential it will have to grow. The tradeoff here is risk – smaller cap alts will be very volatile, and there’s no guarantee they’ll pump
If they’re trading on good exchanges but not Binance or Coinbase, there’s a possibility one of them could be listed there if they continue to see community growth and development
If you’re lucky, you’ll get a roadmap with detailed dates or at least estimates. As with listing announcements, you can expect the price to pump when the crypto news picks up on the update
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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