The influence of cryptocurrency is ever growing in the present scenario. With changing times, the value of different cryptocurrencies is bound to change and fluctuate. The value of some unknown or underrated cryptocurrencies in the past might go up. On the other hand, some of the most valuable ones might fall in value. This is why it is important to regularly update and edit the list of cryptocurrency that one chooses to invest in.
In 2023 too, there are certain currencies which have more influence and value than the others, besides this the emergence and growth of certain underrated currencies cannot be ignored and one might choose to invest in them anticipating higher returns in future based on the trajectory. But before deciding on which cryptocurrency to invest in, it is important to know what platform might be the best and safest for making such an investment. Hence, one can look up elaborate reviews of crypto trading websites like https://bwcevent.com/reviews/bitcode-prime/.
After deciding on a trusted trading platform, one can move on to thinking about the best new currency to invest in 2023. Below is a comprehensive list of tips that one can use to choose the best new crypto to put one’s money in:
1. Check the percentage growth
To decide which crypto should one invest in next, it is important to explore different currencies. While doing so, one must also make sure to check how the currency has been growing in the past few months or so. If the percentage growth of the value of the currency has fallen down in the past months, then that can be a red flag and one should not decide to invest in such a currency unless there is another absolutely compelling reason to do so.
On the other hand, there can be certain currencies whose values have risen in the past year. Based on their trajectory of growth and on the consistency of their growth, one can assume that the value of such a crypto will reasonably go up and choose to invest in it in the year 2023. One such cryptocurrency whose value has gone up a considerable percent is Shiba Inu. Though not a very new currency in the market, if one has not yet invested in it, it could be a good idea to do it now since the currency saw a rise of 40,000,000% in a year.
2. Look at the concept
Cryptocurrencies are often associated with a particular industry or cause. This can help one in determining the future growth trajectory of such a crypto by looking at the prospect of that particular industry or objective in the future. There are certain cryptocurrencies that try to bring something new and fresh that the market lacks or requires, this can lead to a higher demand of the said currency leading to increase in its overall value. Once such a currency with an interesting and unique concept blows up, its value can rise manifolds and hence investing in one such currency since its beginning can lead to greater returns on the investment.
One such currency with a unique concept is Luckyblock. This currency is focused on the concept of decentralizing the lottery industry globally. This is a new concept and can prove to be of value in the future.
3. Look for the launch date
If one does not want to invest a lot of money and is looking for a crypto that is cheaper but can potentially give higher returns in the future then one can choose a crypto that has been recently launched. Newly launched cryptos are cheaper as compared to the ones that have already established themselves. Although it is not easy to judge or estimate the future growth rate of such a coin, the returns gained can be very surprising sometimes and one does not face a huge amount of monetary loss in case the particular coin fails in the market due to the rate that one bought it at.
A way to reduce the amount of anticipated loss would be to look at the other factors like the concept of the coin and the people behind it and then invest.
4. Make sure to verify the people behind the currency
There can be new currencies that are made by people who choose to remain anonymous, this can be a big red flag and one can also get scammed by buying such a token which might not have any value in the future. The makers of the coin matter as the trusted people of the industry know what they are doing and if they make or invest in a token, that token will be more viable for an investor.
For example, cryptocurrencies like Luckyblock have a verified team behind them and hence are the better option to invest one’s money in rather than any other random token with anonymous founders.
To conclude, cryptocurrencies can be a great asset and many people look forward to investing in various tokens. But before doing that, it is important to be aware of the market and know where to put one’s money at. This can be done by taking a variety of factors into consideration. Such factors range from the percentage growth of the coin to the concept that it was based on and from its currentness to the verifiability of the people involved in founding and managing it. These are major factors that cannot be ignored and must be adhered to so as to make the right investment choices as a crypto investor and trader.
Newer currencies which are considerably cheaper and have seen a good growth rate since their inception can be considered as a good option to invest in given that the people associated with founding the token are verified and can be trusted and the concept associated with the token is something that can grow and sustain itself.