One thing about the crypto industry is that it always stays active. At every point in time, things are changing and these have massive implications for investors. As such, anyone who is involved in the crypto industry needs to be on top of the different developments within it.
Not doing so means that you could miss out on beneficial information and could even end up losing your sensitive information or funds. If you are a crypto investor, here are some of the things you should always keep track of for your own benefit:
New Cryptos In the Market
The number of cryptos in the market is always on the rise, despite there already being thousands of them. Some of the new crypto coins in 2024 are very promising and could lead to significant profits for users, and some are essentially shitcoins that should be avoided. According to Alan Draper, CoinMarketCap, CoinGecko, Twitter and Reddit are great sources to keep yourself informed about the best upcoming coins to invest in.
So, every crypto investor must stay up-to-date with the latest tokens hitting the market and what the industry’s opinions on them are. By doing so, you could find out and invest early in the next big token and make a profit from it and also know which are to be avoided.
New Scams
Just like with any industry that deals with finance assets, scams abound within the crypto sector and they are changing every day. Phishing schemes, for example, change their approach as previous tactics become well-known. First, it was emailing that was the common method then fake airdrops and giveaways became the norm. These days, private messages on social media channels are the norm.
By keeping up-to-date with how scammers target and extort crypto users, you make yourself less likely to become one in the future.
Market Movements
Ultimately, if you are investing in cryptocurrency, your goal is to make a profit. It is virtually impossible to do so if you don’t monitor the movements of the market. Knowing the state of the market will let you know whether now is a good time to buy a token or sell it.
Needless to say, every crypto investor should be monitoring the market at all times. This can be through price alerts from their trading platform of choice, following news stories, and so on. There are even bots that will automatically make a trade on your behalf when certain price points are met and this is something to take advantage of.
Market Predictions
No one knows for certain where the crypto market will be in the future but it is still important to follow predictions being made about it. Any wise crypto investor should have an idea of what price point their token of choice could reach at any given time. For example, many analysts predicted Bitcoin would go into a bull run once its spot ETF was approved. This prediction came true and Bitcoin investors who had kept on top of market precision would be able to take advantage of this.
This is not limited to Bitcoin as regardless of which token you invest in, you should be aware of its current market predictions.
Developments Within Major Ecosystems
The crypto scene is full of successful and prominent projects and these evolve along with the industry. Because the decisions these projects take will affect the wider market, it is important that you keep up with them, even if you are not very invested in the projects directly.
For example, Bitcoin will undergo a halving in the next few months, which will impact the industry as a whole so you want to be aware of this. The same can be said of the previous Bitcoin hard forks and Ethereum’s protocol switch. Knowing these sorts of things will help you make better investment decisions and will simply keep you informed.
New Projects Being Launched
Besides cryptos themselves, new blockchain-based projects are being launched all of the time and you need to be aware of them as an investor. These include new metaverses being launched, gaming initiatives, crypto exchanges expanding to new regions, and so on.
These projects could represent new investment and entertainment opportunities for you, could impact the value of the tokens you already have, and much more. These blockchain-based projects could have as much impact on the industry as cryptos and so, should be followed just as carefully.
Regulatory and Legal Developments
Because cryptos deal with money and are relatively novel, there is always something happening on the regulatory and legal side of it. Every crypto investor must stay on track of these as they inevitably affect their bottom line. For example, 2022 saw several crypto projects collapse and in the case of FTX, even found themselves in trouble with the law.
If a crypto exchange you use has been served by the SEC or a new investment vehicle has received legal backing, you want to know about it well and on time. In the case of the former, it could be a signal to retrieve your assets immediately and in the case of the latter, could represent a new investment opportunity.
Conclusion
Information is power and this is especially true in a fast-changing industry like crypto. As an investor, it is paramount that you know about legal developments, new tokens, new scam tactics, and many more. These will help you protect yourself and your assets as you invest and will help you have the most profitable journey in the industry possible.