Demand for cryptocurrencies is skyrocketing as several personalities have shown their interests in these assets. However, one should understand that as an investor there are several factors to consider before parking the hard-earned money into these.
Here are some of them:
Identifying the right cryptocurrency
According to Kumar Gaurav- founder and CEO- Cashaa- crypto-friendly neobank, the investor needs to first understand that the coins with market valuation already touching the threshold might not grow further, or at least not at the same pace.
Thus, as per Gaurav, one needs to identify the coins that still hold potential and can go rocket anytime.
The second very important factor is legitimacy.
Gaurav tells that it is not advisable to invest in a project that just got launched with a team with no backing or not known. Rather, it is always better to opt for projects that have been there for a good 1-2 years at least.