The Next Crypto to Explode: How to Find New Crypto Coins
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Bitcoin was the first cryptocurrency to become mainstream. While it’s still the most recognized digital asset, some investors are on the hunt for altcoins to maximize their returns.
Altcoins are a large category that applies to any cryptocurrency that isn’t named bitcoin. Even ethereum fits in this category, and that crypto has been around since 2013.
Many altcoins experience brief moments in the sun before they come crashing back down to Earth. Momentum traders who are fortunate enough to time the market can grab gains in these highly volatile, often speculative coins and tokens before their prices subside. But for some investors, discovering altcoins before or during their explosive growth enables them to reap the most rewards.
Then, you have to properly time your exit. Here are some resources you can use to find crypto coins and tokens that are gaining traction.
Where to find new crypto coins and tokens
Best Wallet
As a provider of crypto wallets, Best Wallet also serves as a crypto launchpad that allows users to gain early — and also exclusive — access via the company’s Upcoming Tokens feature.
Best Wallet selects tokens based on a comprehensive review of new crypto projects, including their whitepapers and tokenomics. Then, once the team has identified viable offerings, it allows users to buy them before sales go fully live.
Not only does this help crypto investors get the best purchase price, it means they can access information on a token’s current stage price, its roadmap and its official launch date before the general public.
CoinMarketCap
CoinMarketCap is a free website that follows the top crypto winners and losers. The platform bills itself as “the world’s most trusted source of crypto data, insights and community,” and its mission is “to accelerate the crypto revolution by organizing the world’s crypto intelligence and making it easily accessible to all.”
CoinMarketCap allows users to filter results to see which cryptos have posted the highest gains within the past 24 hours. While a strong day doesn’t guarantee that a crypto will perform well over the next 24 hours, it can be a sign of positive momentum. It also includes the following filters for trending cryptos, upcoming launches and recently added coins and tokens.
Investors can jump on board a soaring crypto and hope that the rally continues — or that they can exit before the price reverses. Alternatively, they can wait for a surging crypto to lose steam, buying on the downside and hoping the asset will regain value after finding a short-term bottom in its price. Be mindful that if you follow this type of strategy, it’s worth learning some basic technical analysis. Price action for small cap altcoins is largely driven by emotions and technical indicators more than underlying fundamentals.
CoinGecko
CoinGecko is a platform that is similar to CoinMarketCap. It allows traders and investors to learn about which cryptos have delivered the best performances within the past 24 hours. Both lists feature some different crypto assets, so it is not redundant to use both CoinGecko and CoinMarketCap when searching for the next opportunity in altcoins.
CoinGecko also displays the current price and volume of each altcoin on the list. The top losers are directly beneath the top winners, which is helpful for crypto traders who aim to make money by shorting altcoins that are losing popularity or look overvalued. However, shorting an asset is a dangerous endeavor since it can open the door to potentially unlimited losses if the trade moves against you.
As a bonus, CoinGecko offers educational resources that can make you more savvy when it comes to crypto trading.
Cryptocurrency exchanges
Centralized crypto exchanges like Coinbase and Kraken make it easy to pinpoint cryptocurrencies that are gaining momentum. The great thing about using an exchange is that you can promptly invest in an altcoin that is performing well.
Some crypto exchanges list the newest cryptos added to their platforms. While new cryptos can be post-hype by the time they are added to exchanges, others may still be garnering interest and providing decent returns for enthusiasts.
Some crypto exchanges also offer screeners that let you filter cryptocurrencies based on recent price movements, market cap and other factors.
Social media
Online crypto websites aren’t the only resources you can use to discover some of the latest cryptocurrencies. You can also stay active on social networks and follow active crypto users and influencers.
Using social media to find the next crypto has a few benefits. First, you get to discover new crypto assets that otherwise may be flying under the radar. Second, you also get to see how people feel about them (recall that altcoin momentum is often driven by emotion and virality). Investors can search social media posts and assess engagement to gauge if a crypto is gaining popularity or is losing steam.
It’s up to each investor to make their own judgments when using social media feeds for guidance, and to be aware that a crypto influencer is by no means a registered financial advisor. But you can combine information from outside social media to increase the likelihood of making accurate decisions based on what you discover within social media.
What to look for in a new cryptocurrency
When searching for the next crypto to explode, you don’t have to commit to one platform. However, it’s good to know what goes into valuing a crypto asset. The following are some of the details to consider when you are comparing cryptos on various platforms.
Utility
Some businesses accept bitcoin as a payment method, and its finite supply makes it similar to gold in some regards. However, supply and commerce aren’t the only two ways cryptocurrencies can provide utility. For instance, ethereum is used as a payment system on its own blockchain, which means most NFT transactions are conducted via ethereum.
Utility can help distinguish promising cryptos from pump-and-dump schemes. The more valuable a crypto is — and in instances when it has its own blockchain, how well-trafficked that is — the more likely that asset is to outperform the market.
Momentum
Seeing a cryptocurrency’s recent price action can help you gauge if it presents a buying opportunity. Crypto traders should use technical indicators and have a short-term trading strategy if they want to accumulate speculative altcoins and meme coins.
If you are interested in trading or investing in up-and-coming cryptos, you should familiarize yourself with basic technical analysis. That includes simple moving averages, the relative strength index, Bollinger Bands and others.
Liquidity
You should only enter positions in cryptocurrencies that have high liquidity. If there is sufficient trading volume, it allows you to quickly enter and exit trades. Cryptocurrencies are very volatile, and it’s valuable to have a way to quickly exit your position before losses accelerate. That is particularly true for speculative altcoins. High liquidity also lets you exit with a gain when you are ready.
Should you invest in new crypto projects?
Investing in new crypto projects can result in tremendous gains if you pick the right ones and time your entries and exits well. Be mindful, though, that many of these projects may not experience long-term success.
Some new crypto projects can be pump-and-dump schemes while others may not offer any practical utility, which minimizes their inherent value proposition.
Investors who are interested in up-and-coming crypto coins and tokens should only invest as much money as they are willing to lose. That’s because these assets are highly volatile and equally speculative. Make sure you evaluate any cryptocurrency based on its utility and long-term potential.