Cryptocurrencies have caught the attention of the mainstream media as well as the politicians. From ‘what even is a cryptocurrency’ to ‘crypto is a bubble’ to major investment bankers now giving it a serious thought, cryptocurrencies have gone through the whole cycle of ignorance to denial to acceptance. Cryptos are becoming popular with every passing day – and the number of cryptocurrencies keeps on rising. You can imagine the popularity by looking into the number of cryptocurrency guides available all over the web.
As of this writing there are over 1500 cryptocurrencies being traded across various exchanges. With the number of cryptocurrencies increasing, it becomes hard to keep a track of the up and coming names in the market. Let us take a closer look at some of the hottest cryptocurrencies that you should consider investing in, over the next few months.
7 Cryptocurrencies Expected To Perform Well Over 2018
NEO has a unique advantage when it comes to the world of cryptocurrencies – the support of China. The government of China has supported the NEO blockchain system and it is being used by a number of major organizations in the country. NEO’s popularity has been on the rise and it has earned it the moniker of ‘Ethereum of China’.
Moreover, in 2018 a shift in the trends is being sensed as NEO is slowly becoming the platform that ICOs are preferring over Ethereum. Ethereum based ICOs are still the norm, but of late NEO has become a popular alternative. As of this writing NEO is ranked 11th in the list of cryptocurrencies by market capitalization.
Privacy-focused cryptocurrency Verge (XVG) has been a controversial name when it comes to the world of cryptocurrencies – however, these controversies have earned the attention of the mainstream media. Verge has the advantage of having a close-knit community of investors who continue to believe in Verge’s potential regardless of these controversies.
What is likely to work in the favour of Verge in 2018 is the numerous partnerships that it has been forming. Verge recently teamed up with Pornhub and Mindgeek – two partnerships which are likely to help the currency become mainstream in terms of adoption. Moreover, Verge is also being listed on a number of exchanges, most recently on global giant Bitfinex. 2018 is indeed going to be a great year for Verge when the price of the currency will get quite a boost.
Cardano, in a very short time – has proven to be highly successful. Having started operations in October 2017, Cardano hasn’t even been around for a full year – but in this short span of time, the currency has become a part of the elite group of top 10 cryptocurrencies by market cap. Cardano (ADA) focuses on the needs of private investors as well as corporate players. The currency continues to be a ‘bootstrapped startup’ – but is expected to go into a full-fledged rollout sometime in 2018. This is expected to help the currency gain momentum and a price boost is expected over the course of the year – Cardano is a currency to keep track of!
Another exciting prospect when it comes to investment opportunities in 2018, Monero (XMR) is a privacy focused cryptocurrency which has gained the attention of millions across the world. Privacy focused currencies are usually controversial and Monero has had its fair share of controversies in the past. However, in terms of investment opportunity, Monero stands tall as a strong player in the crypto markets, as the 13th largest cryptocurrency by market cap.
Problems faced by Verge and Monero are similar – and so are the solutions. Monero is now being accepted by many major musicians – and is also being used by UNICEF to mine for charitable causes. These recent chain of events have helped Monero gain the respect of the crypto community at large – and it continues to be a leading player in the markets – and an exciting investment prospect as well, as 2018 is expected to be the year the acceptance of the currency grows as Monero gets ready to shed its image of being associated with cybercrime.
Internet of Things based platform IOTA has been one of the most innovative names in the crypto space. IOTA’s popularity can be gauged by the fact that in less than one year of its existence, the currency has managed to become a permanent fixture in the top 15 cryptocurrencies by market capitalization.
The currency focuses on becoming a major player in the world of machine to machine communication, especially when it comes to payments technology. IOTA’s uniqueness lies in the fact that this currency has no miners, no trading fees and no blocks! It was recently associated with Microsoft as well – which gave a major boost to the credibility of the currency. In 2018, more such partnerships are expected from this currency – making it a safe investment bet for the year.
Practically anyone who was following the cryptocurrency markets last year would know that Ripple was one of the most successful names of 2017. The currency has shown a tremendous potential for growth – growing by 36,000% over the past year. However, while last year’s Ripple growth was organic – this year, Ripple has a well-planned approach to replicating this success.
Ripple’s growth in 2018 will be powered by the fact that the company has been entering in a number of partnerships with financial institutions and banks across the world. Ripple teaming up with the likes of MoneyGram and Western Union, as well as banks in the Middle East and several Asian nations is going to provide a major boost to the international acceptance of the currency – helping it grow in leaps and bounds over the course of the year.
final name on our list is that of Bitcoin – the apex cryptocurrency. Bitcoin price has been tumbling down of late – but history has been witness to the fact that every time it has fallen – Bitcoin has bounced back harder than ever. Historical reasons aside, Bitcoin’s growth in 2018 is expected to be fueled by the fact that institutional investors are now rallying behind hte currency. Much of the price growth in 2017 was attributed to retail/individual investors – but the heavyweights are now entering the arena.
With major names setting up Venture Capital firms and Hedge Funds – these are the biggest factors which will help drive Bitcoin prices forward in 2018, with the market expectation being that of a new all-time high being recorded this year.
Let us now take a look at how to identify currencies that are likely to perform well over the year. This is not a sure-shot, guaranteed method of identifying which currencies are going to make a major profit, but can help traders apprehend the market movements and invest in a smarter manner.
How to Identify Potentially Successful Cryptocurrencies
When you look at a new cryptocurrency, there are some questions that you need to ask yourself – these questions will help you identify if a currency is likely to perform well in the markets.
1. Who are the people behind the cryptocurrency?
One of the primary questions that need to be asked is – who are the people behind this cryptocurrency. Are the founders linked with other successful projects in the world of finance or tech? Are the developers associated with other projects which have been popular in the past? – while this might sound ridiculous, it also needs to be checked if the names and faces listed on the website of the company are even real.
Moreover, you not only need to check who the developers and the founders are, but also who the promoters are. The kind of people who are associated with, or backing a project often tell you a lot about the platform.
2. Does this platform solve a real-world problem?
All cryptocurrency platforms are created to solve a real-world problem. However, you need to take a look at the kind of problem that this currency intends to solve. One needs to ensure if the currency is solving a problem that really needs a solution to. Are there better solutions that already exist? There needs to be a strong use-case for the currency. Moreover, you also need to ask yourself that do you support the cause that the currency is campaigning for?
3. Are the goals set by the platform attainable?
Another thing that needs to be checked is – are the goals set by the platform you are about to invest in, attainable? Does the platform make random promises such as ‘solution to global hunger’ or ‘end to poverty’, etc? Goals must be attainable – such as ‘tracking the supply chain of a product’ or ‘helping raise donations for a particular cause’, etc.
4. Going Through The Historic Data of the Currency
If this currency has been around for a while, it must be checked if their performance has been consistent – certain currencies exist only to become a part of pump-and-dump Ponzi schemes. A consistency in performance and stability of growth are good indicators that the currency will perform well in the future.
5. The X-Factor
Finally, the currency needs to have an ‘X Factor’ to it. Something that makes it unique and attractive to a large group of people – something that other currencies do not offer. This can be in terms of speed, privacy, or features – however the X-Factor is a make-or-break factor when it comes to the long-term success of currencies. Each of the top 100 currencies have something unique about them!