Just like any other currency, cryptocurrency can gain or lose its value. It gains value based on the demand of the coin by the community or users. Since they are very volatile, you must keep up with the news about cryptocurrencies to learn when they gain or lose value.
Investing in crypto provides a user with a lucrative opportunity to make money when they invest. As it gains value, the user will gain more and make more from it. Although it is tricky for some people, you can choose the best one for you.
You will know which crypto is gaining popularity because of its use in sites like Fanspel so the price will get higher as the demand goes higher. Here is how cryptocurrencies are gaining in value.
- Coin’s utility.
To make the cryptocurrency gain value, you need to make it utile by using blockchain technology. When the crypto goes through the blockchain ecosystem, it becomes more utile and becomes more popular with other users. This will, in turn, make it more valuable than others.
You need to have the coin to use the crypto. For example, to use Ethereum, you will need the Ether coin. The value of the coin will be determined by other people’s demand for the coin’s use in their services and transactions.
- Scarcity of the cryptocurrency in question.
The demand for the coins should be more than the supply for it to gain value. Take, for example, bitcoin that has a finite amount of $21 million. If they do not go beyond that, then people will strive to get a share of the coins so that they are not left out. If there is an infinite amount of coins, almost everyone will have them, and there will be no demand for more. This will make it lose its value. It means that the scarcer the cryptocurrency is, the higher its value.
- Perceived value.
Many projects keep developing and achieving milestones because they are getting more partners. These partners are lucrative and help with the way the project is seen by people outside. In the same way, cryptocurrencies need to partner with lucrative projects and companies so that many people have a different and positive way of perceiving them.
When sites like Fanspel choose to partner with particular crypto, the users will perceive it as trustworthy. They will invest more, and the value of the crypto will rise higher.
- Markey capitalization.
The value of any crypto also depends on its market cap because it is a more precise indicator that the currency value is rising. The market cap should be equal to the total circulating supply.
Here is an example:
If a coin has 100,000 coins in circulation and is worth $3, the market cap will be 100,000*3, which is 300,000. Another coin has 50,000 in circulation at $4. Its market cap is 200,000.
You might see that the value of the second coin is higher than the first, but the market capitalization of the first is better.
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