REPUBLIC. WHY DO OTHER CRYPTOCURRENCIES OUTPACE BITCOIN IN TERMS OF GROWTH RATES? HOW TO CHOOSE A COIN THAT WILL NOT TURN OUT TO BE A FRAUD AND WILL QUICKLY TURN THE INVESTED AMOUNT INTO GOOD EARNINGS?
In March, bitcoin set a new record - $60,000 per coin. However, it could not stay on the pedestal for long: three days later, its rate dropped to $55,000. Since the beginning of 2021, the world's most popular cryptocurrency increased in price by nearly 100% and by 828% over a year (March to March). Bitcoin is not a record-breaker among cryptocurrencies in terms of growth rate. The second most popular, Ether, has added 142% in price since January and about 1,250% over the year. Elon Musk's favorite coin Dogecoin went up by 1123% and almost 3100%, respectively, during the same periods.
Crypto-analysts excitedly advise investors to dilute their portfolio with altcoins. There is a reason for that: now all of them are much cheaper than the main cryptocurrency. Investors have their own headache: how to choose a coin that will not be fraudulent and will quickly turn the invested amount into good earnings?
Pavel Ganin, Partner at A.T.Legal, explains in his article for Republic about what criteria should be considered when choosing a cryptocurrency to buy. Is it possible to evaluate its prospects using only open exchange data, i.e., choose crypto-currency only by price, market capitalization, daily volume and number of transactions, rate dynamics over a certain period, volatility, circulating and maximum supply? Which altcoins will prove promising? Which ones will turn out to be questionable? And how to compose your cryptocurrency portfolio: what share of free funds should be allocated to cryptocurrencies?
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