Whether you’re an investor or an entrepreneur, you may think the cryptocurrency trend has already passed you by, that you can’t recreate the cultural or industrial impact of Bitcoin or Ethereum. While the latter may be true, the former represents a narrow view of the current and still-developing cryptocurrency space.
Last year the cryptocurrency market hit an all-time high, with a market cap of $166 billion. Many analysts believe that despite market volatility and changing regulations, it will cross the $250 billion mark later this year.
This leaves new investors and potential startups with the question; what possibilities exist in the market beyond the most well-known, widely purchased, and widely held tokens.
The answers is “alts.”
“Alts” are broadly defined as any cryptocurrency besides Bitcoin and Ethereum, the “big two” of the space. There are over a thousand alts and growing, as new business ventures and innovative projects look to expand, by creating and marketing their own tokens.
When it comes to purchasing alts, the first question is always: which exchange can I buy it on? Traders and investors tend to open accounts on multiple exchanges so they can buy all the different types of coin they want, since different exchanges list different coins (sometimes with different tickers).
Exchanges such as Binance offers a mobile app and is quite possibly the fastest growing exchange. Likewise, Bibox is known as one of the strongest exchanges and offers a mobile app as well. Gate.io and Cryptopia offer many new and undervalued tokens, while Bittrex offers a large variety of coins. Changelly is known as an easy and quick-to-pick-up exchange for beginners.
Which of these exchanges to use depends on personal preferences. Each exchange has a different user experience (UX), verification process, and specifications for funding methods. Investors should also consider how the exchange operates according to their country’s tax and funding laws.
When it comes to creating your own digital token, you don’t have to be Bitcoin or Ethereum to be successful, or even make a global impact. The most important question to ask yourself isn’t how popular the trend may be. It’s how strong is your project, product, or service, and how deeply can you integrate a cryptocurrency token into it?
The value of your potential coin is inextricably bound to the validity and future of the innovation it’s funding. This is what savvy investors will look for when considering your token.
If you’re interested in investing in or creating a new alt cryptocurrency, rest assured the space has only begun to find its identity in the global marketplace, and many opportunities lay ahead.
To learn more about creating and marketing your company’s official cryptocurrency token, contact the experts at iAM Marketing today.