Don't buy altcoins because they are top altcoins - page 2.

DaNNy001

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Quote from: icalical on November 15, 2023, 08:30:47 AM

Sure, buying altcoins just because it's the top marketcap on Coinmarketcap is not right, but with millions of altcoins that currently on the crypto market, how could we narrow down the options? do we need to research on those millions altcoins? Who has the time for that?

Those rank on Coinmarketcap could be use for a filter, get into any investment just because of a single reason is dumb, we need to do a very deep research if we want to spend our money on any investment.

Funny enough, I was in a meeting yesterday and one of my friends was complaining bitterly about how he bought some altcoins some year back and forget that he bought it , I think doge coin to be specific but he remembered of about the transaction and decided to check back on it and found out that the value has depreciate so badly from even the onset that he bought the coins and I was curious to know why he bought the coins in the first place and he said it was the trending coin that year and he believed it had alot of potentials which made me relate to actually topic because a coin being at the top doesn't guarantee it success for long.

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Quote from: Magic-Money on November 15, 2023, 07:25:13 AM

Cryptocurrency market history is transparent to everyone else that's want to know Bitcoin price changing from time to time and even yearly as the report of the history been stated, and investing in alt-coins has it own risk involved, which occurred during last Bull of cryptocurrency market and is more safe to invest in Bitcoin, than alt-coins because the risk involved. Which was happened to Luna Coin.

What happened to LUNA surely teaches us a lesson that one should never invest in altcoins and hold them for long-term, no matter how much trust and reputation it has gained because at the end of the day, they are centralized and there are projects and developers and owners that are in control of everything unlike Bitcoin which is standing on itself without anyone having any control over anything including the chain, the transactions, the supply, etc.

So, someone who wants to invest in altcoins, should do it for a moderately shorter period and shouldn't buy and hold and forget about their investment because that is something that can only be done with Bitcoin and not with altcoins as anything at any given time can go wrong with altcoin projects.

icalical

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Sure, buying altcoins just because it's the top marketcap on Coinmarketcap is not right, but with millions of altcoins that currently on the crypto market, how could we narrow down the options? do we need to research on those millions altcoins? Who has the time for that?

Those rank on Coinmarketcap could be use for a filter, get into any investment just because of a single reason is dumb, we need to do a very deep research if we want to spend our money on any investment.

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Quote from: libert19 on November 15, 2023, 12:07:36 AM

Quote from: Belarge on November 14, 2023, 06:05:41 PM

Quote from: libert19 on November 14, 2023, 09:08:26 AM

That's quite correct and Terra's fall among top altcoins was doom for many. I don't buy alts that I don't use, it sorta forces me to stay updated with it's development, and when you see team lagging behind or making stupid decisions or something that blips your radar you get out of it.

Terra Luna dump was as a result of the bear season and whales were busy selling of hugh pieces of the coin which suddenly resulted in the dump of the projects.

Terra Luna fall wasn't exactly result of bear season, rather how UST and Terra Luna were interlinked together, there are plenty articles explaining why and how it happened, it sorta gave fuel to further bear market season tho.

We cannot claim directly without proof that Luna problem happened results of bear market but if we look one glance on the failed project then we will found them mostly in the bear market. FTX problem happened in bear market, Hotbit exchange stopped working in bear and many other which clearly gives gesture that bear market is indirect reason of happening all these incidents. I think in the bear markets negative sentiment created in the overall market cause low interest of investor. decrease of fund also happened which force CEO of projects to think about their projects and most project failed there

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If you want to buy altcoin, buy those altcoins that have potential to be on the top list because top list would always be changed.
There are some who managed stay at top list but if you want to make a big profit from altcoins then go for those who could make it to the top while they are still at a low price.

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Cryptocurrency market history is transparent to everyone else that's want to know Bitcoin price changing from time to time and even yearly as the report of the history been stated, and investing in alt-coins has it own risk involved, which occurred during last Bull of cryptocurrency market and is more safe to invest in Bitcoin, than alt-coins because the risk involved. Which was happened to Luna Coin.

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I think it because the technology and the purpose of coin is evolving for now eth bnb btc is will be on the list because bnb has the biggest centralized exchange and smart chain the eth back bone of the Decentralized App and btc you know the reason why. So if i have to choose to buy im going to buy the 3 of them as long the community and the developer still active.

back in 2014 when i know this forum most of the coin just had purpose to used as daily transactions and offer speed and pretty much that it but today it beyond that there is playing game use as daily transactrion trading, some real world investment and lot other

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Quote from: Belarge on November 14, 2023, 06:05:41 PM

Quote from: libert19 on November 14, 2023, 09:08:26 AM

That's quite correct and Terra's fall among top altcoins was doom for many. I don't buy alts that I don't use, it sorta forces me to stay updated with it's development, and when you see team lagging behind or making stupid decisions or something that blips your radar you get out of it.

Terra Luna dump was as a result of the bear season and whales were busy selling of hugh pieces of the coin which suddenly resulted in the dump of the projects.

Terra Luna fall wasn't exactly result of bear season, rather how UST and Terra Luna were interlinked together, there are plenty articles explaining why and how it happened, it sorta gave fuel to further bear market season tho.

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Quote from: libert19 on November 14, 2023, 09:08:26 AM

That's quite correct and Terra's fall among top altcoins was doom for many. I don't buy alts that I don't use, it sorta forces me to stay updated with it's development, and when you see team lagging behind or making stupid decisions or something that blips your radar you get out of it.

Altcoins are the main projects to invest in and its easily used by traders for scalping good entries in the market. Unfavorable season might turn one to become one of very different person that thinks Cryptocurrency is scam because they've practically try every possible means to milk the system, then it seems things are not working as plan, giving the investor double mindset and doubt of either quiting or continue. Terra Luna did alot of terrible things to investors, Terra Luna dump was as a result of the bear season and whales were busy selling of hugh pieces of the coin which suddenly resulted in the dump of the projects.

libert19

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That's quite correct and Terra's fall among top altcoins was doom for many. I don't buy alts that I don't use, it sorta forces me to stay updated with it's development, and when you see team lagging behind or making stupid decisions or something that blips your radar you get out of it.

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When a new bull run comes, there is another warning about risk with altcoins.

It's your money and you can choose whatever things you love to spend your money to exchange those things but in cryptocurrency market, remember that altcoins are very risky and Bitcoin is always the King of this market.

Please discuss if you disagree that Bitcoin is not the King and altcoins are not more risky than Bitcoin.

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Quote from: abralzain17 on April 12, 2023, 07:29:51 PM

the top position occupied by an altcoin will not guarantee that it is a quality or good altcoin, it is possible that the altcoin's ranking on Cmc is in the top ranking due to the hype of having large trading volume, but only at certain times.
well, therefore to invest in Altcoins it is very important to do research and analysis so as not to fall for the Hype and ranking obtained by an Altcoin.

if indeed you can do research and analysis it is very important and can be a guideline that can be done well because the analysis itself will give you the confidence to be able to determine what we will do but not all of us can and are able to analyze as you say, so there is no it's wrong to use the best rating on CMC as a reference for where the funds we have will be invested, even though it doesn't guarantee as good as your own analysis but at least you don't get stuck on things that might be detrimental.

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Quote from: abralzain17 on April 13, 2023, 04:39:48 PM

Yes, of course if the altcoin that has the most use cases will always have the top ranking, besides that the altcoin usually has large holders with a community that has been formed since the altcoin was launched and in my opinion there is no need to do research, I see it that way. for example like ethereum and BnB, of course these two altcoins are very popular altcoins among the community and their holders with the most use cases so they are always at the top

In the same manner, you still need to research if you are aiming for a short-term trade but if you are looking for better compensation and you are willing to hold long, I'm pretty sure that with that qualification you can use both ETH and BNB for your investment and hold till it reach your target price.

Always depends or relying on how you understand and how you will project your target. Keeping your knowledge updated will allow you to invest with old and new coins whatever desire you have to earn decent benefits.

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Quote from: Fredomago on April 13, 2023, 11:15:32 AM

Quote from: adzino on April 12, 2023, 06:32:53 PM

By top altcoins, most people actually mean coins that are well established and has active team that keeps on developing their project. They have a community where they actually contribute to the project (instead of screaming when moon or trolling around). Usually, those are the coins that are on the top based on marketcap. Usually it is "safer" than to invest in other random altcoins. Yeah, they don't always stay at the top. Eventually, other altcoins takeover, but you losing a lot of money is very unlikely. Just make sure you do your research and invest only what you can afford to lose.

Very important is your research before involving yourself into investment. Top alts just like you mentioned do have community and development that backing up the project unlike with new assets who are moving by means of pump and dump and eventually will die naturally. Safer in terms of continuous development and with the community who do believe that it will bring decent benefits.

It's your good knowledge that may identify the value of your investment using top coins that really have good potentials in continuous market movements.

Quote from: abralzain17 on April 12, 2023, 07:29:51 PM

the top position occupied by an altcoin will not guarantee that it is a quality or good altcoin, it is possible that the altcoin's ranking on Cmc is in the top ranking due to the hype of having large trading volume, but only at certain times.
well, therefore to invest in Altcoins it is very important to do research and analysis so as not to fall for the Hype and ranking obtained by an Altcoin.

Like what I mentioned from my above reply, it's more on doing your good research and balancing the potential of the project that you will going to use as investment instrument, more on how deep you understand from studying the potential usages of the project, top coin most of the time may stay on top if usages is really being facilitated by both community and crypto supporters.

Yes, of course if the altcoin that has the most use cases will always have the top ranking, besides that the altcoin usually has large holders with a community that has been formed since the altcoin was launched and in my opinion there is no need to do research, I see it that way. for example like ethereum and BnB, of course these two altcoins are very popular altcoins among the community and their holders with the most use cases so they are always at the top

Fredomago

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Quote from: adzino on April 12, 2023, 06:32:53 PM

By top altcoins, most people actually mean coins that are well established and has active team that keeps on developing their project. They have a community where they actually contribute to the project (instead of screaming when moon or trolling around). Usually, those are the coins that are on the top based on marketcap. Usually it is "safer" than to invest in other random altcoins. Yeah, they don't always stay at the top. Eventually, other altcoins takeover, but you losing a lot of money is very unlikely. Just make sure you do your research and invest only what you can afford to lose.

Very important is your research before involving yourself into investment. Top alts just like you mentioned do have community and development that backing up the project unlike with new assets who are moving by means of pump and dump and eventually will die naturally. Safer in terms of continuous development and with the community who do believe that it will bring decent benefits.

It's your good knowledge that may identify the value of your investment using top coins that really have good potentials in continuous market movements.

Quote from: abralzain17 on April 12, 2023, 07:29:51 PM

the top position occupied by an altcoin will not guarantee that it is a quality or good altcoin, it is possible that the altcoin's ranking on Cmc is in the top ranking due to the hype of having large trading volume, but only at certain times.
well, therefore to invest in Altcoins it is very important to do research and analysis so as not to fall for the Hype and ranking obtained by an Altcoin.

Like what I mentioned from my above reply, it's more on doing your good research and balancing the potential of the project that you will going to use as investment instrument, more on how deep you understand from studying the potential usages of the project, top coin most of the time may stay on top if usages is really being facilitated by both community and crypto supporters.

abralzain17

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the top position occupied by an altcoin will not guarantee that it is a quality or good altcoin, it is possible that the altcoin's ranking on Cmc is in the top ranking due to the hype of having large trading volume, but only at certain times.
well, therefore to invest in Altcoins it is very important to do research and analysis so as not to fall for the Hype and ranking obtained by an Altcoin.

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By top altcoins, most people actually mean coins that are well established and has active team that keeps on developing their project. They have a community where they actually contribute to the project (instead of screaming when moon or trolling around). Usually, those are the coins that are on the top based on marketcap. Usually it is "safer" than to invest in other random altcoins. Yeah, they don't always stay at the top. Eventually, other altcoins takeover, but you losing a lot of money is very unlikely. Just make sure you do your research and invest only what you can afford to lose.

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In my personal opinion, the Case of Dash is specially painful because it was a very promising project and it seems that had something to offer to the world with the governance system, their master nodes, fast and cheap transactions. It even had advertisement here in my country which I think it was paid for the governance of the protocol.

It has fallen from grace very badly, now that fast transactions and governance systems are not something a protocol can show off and expect people to feel impressed about.

Altcoins adapt or die.

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Quote from: Crypt0Gore on December 21, 2022, 05:24:01 AM

Coins like, Peercoin, Namecoin, Feathercoin, World coin, and Novacoin are all the best shitcoins of their time, you can't use them to compare with Polygon Matic and Cardano, real use case and better adoption is what keeps coins at the top ranks that's why BNB and ETH will always be on top 10.

We can learn from these top past coins turn shitcoins, by tracing who among these top coins now that are the potential to be shitcoins, adoption, community support, and dedicated developers are what keep these top coins from turning to shitcoins.
These top coins turn shitcoins are just clones of Bitcoin or they have an obsolete chain, investors should not be contented with the top coins they are holding because history always repeats itself, and you don't want any coins in your portfolio to become shitcoins even if they are performing well in the current market.

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Quote from: Hypnosis00 on April 12, 2023, 07:50:44 AM

Quote from: Marykeller on April 11, 2023, 02:23:31 PM

Every investor should keep in mind the fact that "no cryptocurrency stays at the top forever." If you want to invest, buy popular coins with the intention of selling them or converting them to bitcoin when their value soars. But, never hodl it for longer than a year or two because anything can happen during that time (such as an altcoin losing its value or fading out totally), leaving you at a loss.

Top coins will always gain more interest than new projects and if ever there is a drop in its rank certainly means something and that is a trust issue.
However, people don't just keep tops coins forever, they'll sure try some experience in buying new coins to compare which is more profitable. In a few years from now, changes will come and it was not because of the tough market competition but it is because the mindset of the investors had also changed. What matters for them is profit, not rank as we can't deny that the new project is more profitable but yes, it is too risky as most of them are scams.

Investors are there buying some top coins in the market because they think they are the safest coin to invest. But same as what you said they are not there to hold but rather to take chance to gain when the price pump.

This is what common thing happen since by now bullish market condition is questionable and many trade for short term to gain for the current small bullish run happening these days.

But also what I notice investor is also seeing the rank of the coin as valid points for them to hold but as what OP discuss the unfortunate incident happen to Luna and FTT is indicator that we should be realistic approach on the the coins and never be greedy on projecting some profits on your acquired crypto's.

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