Choosing the right altcoin project in the current burgeoning market can be confusing. With so many projects floating around, how do we make sure the choice is right? The answer is very easy. There are different indicators to look at. In this article, we will share the altcoins and altcoin selection criteria that some analysts drew attention to.
Indicators to consider when choosing altcoins
Analyst John Kiguru listed the factors to consider when choosing cryptocurrencies as follows:
- Reputation: The image that Crypto and his team portray is important. Take a look at how crypto has performed over the past few years (or how stable the team is if it’s new). If there are any issues, how developers respond to them is an excellent way to measure crypto. Market sentiment is also another good indicator.
- Security: Nothing is more important than the security of crypto. First, you should look for any code audit performed by authentic and reputable companies. While reviewing a code audit report can be tedious and at times very complex, it is well worth your time. At the same time, join a few public forums and research what other more tech-oriented people are saying about auditing.
- Practicality: Of course, investing in a crypto is worth it if it can attract market interest. A good practical use case helps with this. Go to the site of the cryptocurrency in question and discover what they claim to have solved. The problem solved must be important enough to be of interest to users. Solutions to minor problems, no matter how good, run the risk of not helping crypto gain momentum.
- Opinion of market leaders: Market leaders not only have a unique insight into the crypto market, but can also give clues to the future of cryptos. But here you have to be careful. The line between a market leader and an influencer producing sponsored content can be blurry. Research the market leader’s background to confirm if necessary. So you can avoid investing in an advertised cryptocurrency.
- Products and services: While practicality is about solving any existing problem, let’s not forget that how they are handled is just as important. The project team can use a lot of jargon to sound like they’re the next big thing. But it is important that they clearly articulate their goals and how they plan to achieve them.
What cryptocurrencies are expected to grow in 2023?
If you find it difficult to pay attention to all these criteria, you can refer to the following list of the analyst. However, before we move on to the list of coins that are expected to rise, it is worth emphasizing that these are only analyst opinion and do not provide any certainty. Every investor should invest in altcoins in line with their own research. The list of analysts is as follows:
- XRP (XRP): With a good chance of winning the SEC court battle, XRP (XRP) is in the process of accumulation by investors.
- Decentraland (MANA): Decentraland (MANA) still releases updates and events, even as the Metaverse popularity wanes.
- Filecoin (FIL): The data storage network launches its Virtual Machine that brings layer-1 solutions such as smart contracts to its mainnet. This transforms Filecoin (FIL) from open data storage to an open data economy network.
- Cardano (ADA): Blockchain has hired new COO from PwC and a CLO from Swiss regulatory authority FINMA. Therefore, experts are hopeful for Cardano.
- Shiba Inu (SHIB): The meme token has come a long way, as we’ve also reported on Cryptokoin.com. With the release of the Shibarium layer-2 ecosystem beta version, there is a possibility that it will find wide use and demand in the future.
- SingularityNET (AGIX): While AI services ChatGPT4 are making waves, democratizing AI services means SingularityNET (AGIX) can bring the power of decentralization to AI.
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