The Indian Cryptocurrency Terrain: Growth of the Altcoin domain
With millions of unique tokens on the market, the cryptocurrency ecosystem has expanded far beyond its pioneers, Bitcoin and Ethereum. These tokens range from some of the most well-known Defi initiatives in the world to quickly expanding GameFi projects. The term “altcoin” refers to any cryptocurrency asset that is not Bitcoin or Ethereum. Examples include Solana, Polygon, Sandbox, and many more.
Crypto exchanges allow you to purchase crypto or altcoins. Prior to purchasing any cryptocurrency coins, you must conduct careful due diligence. On the top cryptocurrency tracking website, Coinmarketcap, as of September 2022, there are more than 21,000 altcoins listed.
Responsible Crypto Investing
Compared to more established asset classes like equities, commodities, and bonds, cryptocurrencies are a young asset class. The entire market capitalization of all cryptocurrencies as of September 2022 is $1.2 trillion and is predicted to increase at brisk rates.
There are, however, a few crucial guidelines that must be adhered to. The cryptocurrency market is a dynamic one. Coloured coins were the norm for the introduction of new cryptocurrencies between 2011 and 2013. However, as the ERC 721 standard for Ethereum was introduced in 2015, everything fundamentally altered. Back then, there were a lot of coloured coin-related ventures that are now essentially worthless, wasting a lot of money from investors. It is therefore best to invest only the amount of money that you can afford to lose.Another thing to keep in mind is how volatile the cryptocurrency market is. Prior to making an investment, you should also take this into account. Before you spend your money on a crypto project, do extensive research on it. Here’s CoinBharat’s take on new crypto coins .