The crypto market offers investors an exciting way to diversify their portfolios but choosing a suitable cryptocurrency can be challenging, particularly if uninformed. Analyzing the market and gaining a robust understanding of what shows promise is key in selecting a crypto. Looking ahead into 2024, we take a look at popular cryptocurrencies under $1 that are making headlines worldwide.
Bitcoin ETF Token
This crypto is said to have raised $500k+ in under 2 weeks. It offers 500% staking APY and token burn mechanics that will remove almost 25% of the total token supply. Notably, on 28 December 2023, Coindesk reported that Bitcoin could fall to as low as $32,000 so worth monitoring this month.
Bitcoin Minetrix
The platform enables users to cloud mine Bitcoin on Ethereum, offering increased accessibility and reducing the problem of high hardware costs. According to Crunchbase, “Bitcoin Minetrix has raised a total of $4M in funding over 1 round. This was an Initial Coin Offering round raised on Sep 29, 2024”.
Meme Kombat
As far as meme coins are concerned, Meme Kombat is said to be well positioned when it launches, with a hard cap target of $10m.
Wall Street Memes
Another appealing token under $1, Wall Street Memes reportedly “raised a total of $29M in funding over 2 rounds. On August 18, 2023, Meme Kombat successfully concluded its Initial Coin Offering (ICO), raising a significant amount of funds to support its development and growth. [Crunchbase].
Scorpion Casino
According to Yahoo Finance, “the SCORPION ecosystem is your one-stop-shop for online gambling, powered by the $SCORP token. It offers over 30,000 monthly betting opportunities, 210 casino games, and 160 live games.” They further elaborate that, “the $SCORP token is the one-stop token that will facilitate all forms of gambling with a licensed, transparent, and provably fair crypto platform”.
yPredict
yPredict.ai states that its YPRED token will empower the world’s first “All-in-One” AI Ecosystem – specifically Built for Developers, Traders, Quants, and Analysts. By May 2023, the platform had raised $1.655 million, and by December 2023 this number rose to $5 million, with just $1 million left to reach its hard cap goal of $6.5 million. Out of the 100 million total token supply, a significant 80% was reserved for the public presale during the token launch, while the remaining 20% was distributed across liquidity (10%), treasury (5%), and development (5%). [YahooFinance].
Doge Uprising
Doge Uprising’s initial launch in 2023 was accompanied by a $50k giveaway in $DUP tokens. “The $DUP token, an ERC20 blockchain token, is the cornerstone of Doge Uprising’s vision. According to Yahoo Finance, Doge Uprising has a total supply of 450 billion tokens, with specific allocations for exchanges, presale, marketing, development, and airdrops. Doge Uprising’s website further clarifies the distribution of these tokens:
- Presale – 60% presale (270 billion $DUP)
- Exchanges – 20% (90 billion $DUP)
- Exchanges – 5% exchanges (22.5 billion $DUP)
- 5% development (22.5 billion $DUP),
- Airdrops 10% (45 billion $DUP)
Cardano
Cardano, a third-generation blockchain platform, emerged in 2017 as a contender to Ethereum. It primarily serves as a foundation for developing decentralized applications (dApps) powered by smart contracts. Its native cryptocurrency is ADA. The market capitalization of Cardano is currently at $20.422 billion.
Dogecoin
Dogecoin is an open-source peer-to-peer digital currency named after the popular Doge meme. It is also widely considered to be the first memecoin. It is based on the same proof-of-work technology as Litecoin.
How does one choose a cryptocurrency?
Figuring out which cryptocurrency to invest in requires several key activities:
- Understanding what the token is used for, what its purpose is, and how it will function.
- Research who the team is behind the crypto, i.e., its founders, software developers, leadership, etc.
- Learn about the specific cryptocurrency community. Establish how large and well-organized it is. Monitor community discussions.
- Understand the technology behind the cryptocurrency, e.g., what a token is, what the blockchain does and how it’s maintained, etc.
- Have a thorough understanding of the crypto project’s vision.
How volatile are cryptocurrencies?
Crypto is regularly linked to high levels of volatility and aggressive price fluctuations. As a result, profits as well as losses can occur within minutes or hours. The Forbes article contends that cryptocurrency’s volatility stems from the notion that it holds no intrinsic value, arguing that “crypto’s worth solely derives from the willingness of individuals to exchange it for goods, other cryptocurrencies, or dollars.”
Furthermore, the article asserts that “crypto’s market value is wholly dependent on speculation, which essentially amounts to educated guesswork.” As you might already know, investing in speculative assets brings a significantly increased measure of volatility, despite the potential for making great gains.
So why the appeal?
Well, regardless of the volatility that investing in cryptocurrencies presents, there are factors at play that make this form of investment appealing to global traders. For one, transactions executed using digital currencies are oftentimes faster and simpler, possibly due to their decentralized nature. Secondly, cryptocurrencies are usually easier to access than conventional investments, provided internet access is available. In countries where traditional financial or banking infrastructures are limited or lacking, cryptocurrencies offer a more convenient way to transact.
Third, as already mentioned, crypto or digital currencies offer a way for an investor to diversify their trading portfolio. Fourth, blockchain technology upon which cryptocurrencies are based is considered very secure. This is because of the adoption of security measures like cryptography and consensus. Preventive measures are implemented to safeguard against fraud, hacking, and identity theft. Moreover, cryptocurrencies serve as a safeguard against market fluctuations triggered by inflation and other factors.
Adopting an effective risk management plan
If you choose to invest in cryptocurrencies, having a strategic risk management plan in place to protect your capital is key. This type of plan is typically comprised of 7 key components:
- It must define the investor’s financial objectives
- It must align with the investor’s budget and the level of risk they’re willing to incur.
- It should incorporate robust risk management techniques like stop-loss and take-profit orders based on predetermined criteria.
- It should set aside time for ongoing learning. This includes the consumption of books, blogs, guides, podcasts, webinars, videos, etc.
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Crypto Risk Warning: Cryptocurrency CFDs are an extremely high-risk, speculative investment and you may lose all your invested capital. Before trading, you need to ensure you fully understand the risks involved taking into consideration your level of experience and investment objectives. Seek independent advice, if necessary.
免责声明: This material is for general informational and educational purposes only and should not be considered investment advice or an investment recommendation. T4Trade is not responsible for any data provided by third parties referenced or hyperlinked in this communication.
