Choosing the right coin to invest in

[Alexandoy]

There are more than 5,000 kinds of crypto coins as per my research. Most are called crypto currency and some are in a lower category. But they are all open for investment and trading. You can buy any coin that is supported by the coin market. When the price increases you can sell to earn a profit. When the price goes down then you may be stuck with a bad coin.

The issue is in choosing the right coin for investment. It is not easy because crypto coins have no basis unlike corporate stocks which have the foundation in real corporations. Stocks of big corporations usually perform pretty good in the stock exchange. Do you have a recommendation for what coin to invest right now?

 

[Mika]

Recently, I invested on Doge. I invested just about $13 and bought 50 dogecoin for 29-33 cents. Currently, doge is 42 cents. I have profited at least 9 cents per doge coin and my total profit is $4.5. I earned this profit just in one week. However, I plan to hold on my doge coin for a long time, I also plan to buy more dogecoins.

 

[Shaf]

Your choice of coin to invest in should be based on certain factors which can help you succeed.

The duration you are willing to hold a coin for without selling is probably one of the most important. For long term investment, say 5 to 10 years, look no further than Bitcoin or Ethereum. While altcoins may have greater returns, it's possible that your investment will turn to zero if the coin dies off in a bear market.

Another thing to consider is your risk appetite. Altcoins are more volatile, especially those with really small market cap and can give up to 100x or 1000x returns, but it's also possible they go down the same way. In this case stick to coins in the top 20 for more stability.

 

[Suba]

Choosing a crypto coin for investment is not as easy as calculating mathematics, although we have used technical analysis but it often darts from the forecast, because there are too many unpredictable fundamental factors. (unlike stocks and bonds). Therefore, to be a crypto investor, we need a dynamic soul and can take profits every time there is a price spike. To avoid losses, choose bluechip cryptos such as Btc and Ether, and if you have more money you can buy layer 2 Altcoins as diversification such as Cardano, Solana, Binance coin etc.

 

[Sotherefore]

When choosing the right cryptocurrency for investment , it will definitely depends on what you want in a particular crypto currency and how long you want it to be . There are some cryptocurrency investors that are interested to invest for short-term purposes while others may be interested to invest on a particular cryptocurrency for long-term purposes depending on their plan and arrangement. All these things must be put into consideration .

At the same time there are cryptocurrencies that are not really good for long-term investment , Here a lot of people are investing for short-term purposes so they could easily take with profit and abandon the project. It all depends on what do you want.

Most new upcoming projects are likely to be the best for short-term purposes except you are very sure of its future potential. If you are not really sure of their future potential there's no needs to invest in such cryptocurrency because you might even be at risk of losing all your money when you try to consider it for long terms .

You have to carry out your own research and probably you also have to try and get in touch with a expert