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Do These 3 Basic Fundamental Checks While Investing In Cryptocurrency
The cryptocurrency business is rapidly expanding, with Dogecoin, Shiba Inu, Bitcoin, and Ethereum now leading the crypto craze. Despite the fact the crypto market is barely a decade old, beginner investors are lured to it because they perceive it as a quick method to profit. However, most crypto investors or enthusiast lacks the knowledge of which one to choose for a better return. Unlike the stock market, the cryptocurrency market is unregulated, which causes its value to fluctuate on a daily basis. Here, we have come up with 3 basis fundamental checks that surely will help you to expand your crypto investment knowledge.
Check daily trading volumes
If you are a stock market investor, you must be familiar with the trading volume and you must have to keep an eye on it daily. You do this because you know it will help you to understand their performance and improve your investing strategy. His same strategy goes to the Crypto market. The High the volume, the better it is for you. Trading volumes are also crucial price movement indicators: an increase in trading volume is often regarded as a prelude to a large price change. If you are keen on investing in cryptocurrency. Keep an eye on its trading volume on regular basis. Keep checking its trading volume ups and downs. This way, you will know how it is performing and might perform in near future. You can keep an eye on trading volume on CoinDCX. CoinSwitch Kuber, Coincase, and similar few others.
Read More About Team
Reading always helps! It's not a hidden secret. The more you read, the more you grab knowledge, and the more you become aware of its fact and figures. When it comes to investing, reading about the crypto, its founders, team plays a crucial role in exploring them. Read about their vision, their approach, and what they think about the respective market, its' future growth. Check if you resonate with the vision of the founders? Also, scan their social media handles like Instagram, Facebook, Twitter, and all.
Underlying technology
Cryptocurrencies are digital currencies that record and safeguard every transaction using blockchain technology. A cryptocurrency may be used as a digital form of payment to pay for everything from small transactions to huge purchases such as automobiles and houses. Investing in crypto means investing in technology. Research the respective crypto you are investing in. Ask yourself questions like the technology and the solution they are providing is original or the duplicate of an existing one? Investing in old technology means nothing in crypto. Invest in technology that is offering an original solution, not the duplicate one.
Disclaimer
Cryptocurrency in India is not a legal entity. Invest in cryptocurrency at your risk. The Greynium Information Technologies and the author are not liable for any losses caused as a result of a decision based on the article.
