If you're really into Cryptocurrency,if you're mining,investing or simply interested in it,there is one place you should always go to.
CoinMarketCap is a platform that gives you real-time data for all cryptocurrencies.
There are some important points that you need to focus at when you analyze a coin.
1)Current Supply:This is the number of coins that are found and being transacted through people.
2) Maximum Supply:This is the maximum number of coins ever made of the coin,means that if the maximum supply is 10 Billion,there cant be 10,000,000,001 coins.
3)Volume (24h):This is the amount of coins transacted through the last 24 hours but in dollars,meaning 10 million dollars as a volume is 20 million coins (given that the coin = 50 cents )
4)Market Capital:This is the total amount of dollars ever invested in the coin.
5)Rank:Now this is so important,because investing in cryptocurrency isn't all about numbers,its not a regular asset,so the rank tells you how well the coin is performing,its like youtube ranking the videos based on the engagements it got.
6)Price:Now the price shouldn't be your only focus,because investing in the highest coin doesn't mean the best investment,the price depends on all the points I mentioned above,thats why I listed the price number six,because you dont even care what the price is before knowing all above numbers.
After analyzing all numbers above,look for other things:
*Available mining tools:All coins firstly should come from mining,and the early adopters are mostly miners than investors.
*Their website:It really matters if the coin has a website,because it gathers all information about the coin,and there are some companies that are so advanced at it.
*An internal wallet:The coin should either have an internal wallet or it should be so popular that all markets and merchants deal with it,and this is a very imporant point to take in consideration.
*Markets that exchange this coins:There are 8500 other cryptocurrencies,you should be able to exchange with all these coins as long they are found on websites that lets you buy/sell and exchange.
*A mobile application: Coins that are technologically advanced get more stakeholders,because many people dont even bother open their laptops,so having a mobile application could be crucial to the coin.
and many other things you'll know by experience,but for now,you should be able to analyze using those points,and you'll get a pretty accurate hypothesis if you know how to analyze and search enough.
That's all for today and I hope that this was helpful,thanks for your time and we wish you all the best in life.