People who were smart enough to invest in bitcoin when it was valued under $1 are now very wealthy indeed. The massive boom in the price of bitcoin in recent years has caused a lot of people to seek out the next superstar cryptocurrency. Below is a guide to identifying cryptocurrencies which may be the next big thing...
\r\nPrice
\r\nThe first thing you need to look at is the price of the currency. The average investor will not have a lot of capital, so investing in a cryptocurrency which is selling for under $1 helps to maximise profits, as you will be able to buy a greater volume of coins. If the value of the currency rises to $2, you will have already doubled your money. If it moves to $100, you could make a very large profit. It is much easier for a currency to move from $1 to $100 than for another to make a move from $100 to $1000.
\r\nSupply
\r\nThe second thing you need to consider is the supply. Some cryptocurrencies, such as Bitcoin, have a capped supply, which is released as users mine for coins. This slow release of a limited supply helps to generate scarcity, which pushes up value. However, some other types of cryptocurrency release all of their coins simultaneously which can result in lower prices
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