There’s a common theme in the cryptocurrency community of people looking for handouts and not doing their own research.
But, on Twitter the other day, I was asked a serious question.
Someone asked, “How does a noob like me begin to research? What variables should I look at? Where do I look?”
I didn’t realize that some people might not know these things, as I have been a decent researcher even before getting involved in the cryptocurrency world.
Beginning to Research
When you start to research in the crypto realm, you need to be aware of specific tools. Here are a few I use regularly.
Coin Market Cap (CMC) has a list of the top coins and the majority of their specs, including Market Cap, Supply, Exchange Listings, Websites, and more. If I am researching a new coin, this is usually where I start to get some basic information on it. This site is pretty reliable in my opinion.
Coin Market Cal is basically a good site to learn about the events and news going on in the near future for specific coins. I like to browse this every few days to learn about anything new that might come up in the space.
Disclaimer: CoinMarketCal is not always 100% reliable. Always research more.
While Reddit is also not the most reliable source of information, there are a lot of people having conversations about cryptocurrency and bitcoin on the site. There can be some good information on there, then there can also be complete trash. People like to spread their opinions around and are very vocal about this. Take everything with a grain of salt and only use what you find useful for building your own opinion of a coin/project.
Please, don’t just blindly follow some random dudes advice on the internet (this goes for Twitter too).
Sad I have to say this, but yes, Google is your friend. When you’re looking for more info on a specific coin, search in google and see what you can find. I have no doubt there will be trash opinions when you search (just like everywhere else), but again, find what works for you and build your own opinion.
If you even have a basic question about crypto, just search it. I’m sure someone has asked it before and there are tons of answers.
Investopedia can be a great source when you are first starting out to learn basic investment terms. Sometimes it might feel like you’ve stepped into a whole new dimension, and you have. If you have specific questions about what something means, head there or ask google.
6. Trading View
Trading View can be a great place to watch other people chart different concept and practice TA when you begin to learn. It’s pretty much a social media platform specifically for charting stocks and cryptocurrencies. I’m a big fan.
While Twitter is also very similar to Reddit (it’s filled with people’s opinions), it can also be a legit source of information if used properly. There are lots of awesome traders who share their wisdom and expertise for free. If you pick from their methods and use what work for you to build your own strategy, you can improve your ability to trade crypto.
Some of my favorite are:
There are a ton of great profiles, but there are some of my favorites. I’m probably missing a lot, but there guys are unbiased and a lot of them have great TA.
Variable to Look At
What are the main statistics I look at when finding a gem, ICO, or a coin that has potential?
- The Chart
I’m not the best with Technical Analysis (TA), but I can pretty much tell when a chart is looking bullish or bearish. There are some awesome Youtube series that can teach you a lot about this. Although I have not finished his whole series, CryptoCred has a great Youtube channel about TA.
2. The Market Cap and Token Metrics
The market cap and token metrics for a specific project plays a HUGE role in whether I decide to invest or not. You can learn more about what market cap means here. I will write a full article in the future specifically on this top.
3. The Team
The team is a very important factor for me, especially when I look at ICOs. If the team has an experienced background, then there is probably a lot of potential for the project to succeed. If the team is lacking in experience, then I am a little more hesitant to invest.
Advisors also play a role. Some teams are not as strong, but have excellent advisors. If those advisory play a supportive role, even with a weaker team, the project could still succeed.
4. The Hype
Hype around a project is a major factor I look at when choosing whether to invest or not. Good attention on a project can cause massive price rockets in short periods of time. If the project has a lot of eyeballs on it, and the price has not spiked already, that’s probably a good indicator to buy.
I hope this helped you guys out. There is a lot of information going around in the crypto world. This is should help narrow down your searches to begin with and, once you’ve gotten a good basis, then you can expand your horizons.
I’m ya boi, Shill Nye. I trade/investigate cryptocurrency full time. Follow me on Twitter.
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I do not give financial advice. I am not a financial advisor. If you are looking for financial advice, then you should go to google and look for a financial advisor in your area. The shit I write is simply for entertainment purposes. You should never blindly trust anyone on the internet who tells you where or how to invest your money.