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Apple to Catch Up On AI With $1bn Yearly Investment

By
Samuel Nwite
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0
An Apple logo is seen at the entrance of an Apple Store in downtown Brussels, Belgium March 10, 2016. REUTERS/Yves Herman/File Photo

Apple is making significant efforts to respond to the AI advancements that have taken the technology industry by storm, Bloomberg reports.

The company was seen as lagging behind when AI technologies like ChatGPT became prominent. While Apple’s CEO, Tim Cook, has stated that they have been working on generative AI for years, it’s evident that Apple was caught off guard by the AI developments in the industry.

To bridge the gap, Apple has embarked on an internal initiative, spearheaded by senior vice presidents John Giannandrea and Craig Federighi, who are referred to as the “executive sponsors” of the generative AI push. Eddy Cue, the head of services, is also involved. The company is investing approximately $1 billion per year in this endeavor.

Giannandrea is overseeing the development of the underlying AI technology and the revamping of Siri. The goal is to create a smarter Siri that could be ready as soon as next year. However, there are still concerns about the technology, and it may take some time for Apple’s AI features to be integrated across its product line.

“There’s a lot of anxiety about this and it’s considered a pretty big miss internally,” a person with knowledge of the matter told Power On.

Federighi’s software engineering group is incorporating AI into the next version of iOS. This involves filling it with features running on the company’s large language model (LLM), using a vast amount of data to enhance AI capabilities. These features aim to improve Siri and the Messages app, making them more adept at handling questions and auto-completing sentences.

Apple’s software engineering teams are also considering integrating generative AI into development tools like Xcode, which could expedite app development. Apple’s services group, led by Eddy Cue, is exploring how generative AI can enhance various apps, including Apple Music and productivity apps.

One internal debate revolves around how to deploy generative AI: as a completely on-device experience, a cloud-based solution, or something in between. The on-device approach is faster and more privacy-focused, while the cloud-based setup allows for more advanced operations. A combination of both approaches may be adopted to balance performance and adaptability.

Apple recognizes the significance of generative AI and its central role in the future of computing. The company observed as major tech companies like Google and Microsoft made significant strides in the field of generative AI.

Google and Microsoft introduced generative AI versions of their search engines that could provide human-like responses to user queries. Microsoft also enhanced its Windows apps with smarter virtual assistants. Meanwhile, Amazon unveiled an AI-enhanced revamp of its virtual assistant, Alexa.

These advancements in generative AI from rival companies highlight the competitive landscape in the technology industry and the need for Apple to catch up in this field. Thus, the iPhone maker is determined not to fall behind and is making substantial investments to catch up with the AI advancements in the tech industry.

In its “Scary Fast” event Monday evening, Apple unveiled a new family of chips: the M3, M3 Pro and M3 Max, and they’re all coming to the MacBook Pro. The 24-inch iMac will also get an M3 upgrade, which Apple says will make it twice as fast as the M1 24-inch iMac. The tech giant has spent the last three years replacing Intel chips in its products with the in-house M1 and M2. The M3 is expected to be faster and better at handling graphics than the previous iterations. The new 14-inch Pro laptop will start at $1,599; the 16-inch model will start at $2,499.The Verge notes the new M3 MacBook Pros bring an end to the era of the Touch Bar. Sales of Macs are expected to rise about 5% over the holidays, with revenue increasing 5.5% in the new fiscal year, forecasts Bloomberg. (LinkedIn)

Crypto Regulatory Developments in EU, Singapore, UAE and UK

By
Paul Ugbede Godwin
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0

The cryptocurrency industry is constantly evolving and adapting to the changing regulatory landscape. We will review some of the recent developments in four major jurisdictions: the European Union (EU), Singapore, the United Arab Emirates (UAE) and the United Kingdom (UK).

European Union – The EU has been working on a comprehensive framework for crypto-assets, known as the Markets in Crypto-Assets Regulation (MiCA), which aims to harmonize the rules and standards for crypto service providers across the bloc. MiCA will cover various aspects of crypto regulation, such as consumer protection, market integrity, anti-money laundering, prudential requirements and supervision.

MiCA is expected to be finalized and adopted by 2024. However, MiCA also poses some challenges and risks for the crypto industry, such as high compliance costs, potential over-regulation, lack of flexibility and innovation and possible conflicts with other jurisdictions.

Singapore: Singapore has been one of the most proactive and supportive jurisdictions for crypto innovation. The Payment Services Act (PSA), which came into force in January 2020, provides a clear and flexible regulatory regime for crypto businesses, such as exchanges, custodians, brokers and advisors.

The PSA requires crypto service providers to obtain a license from the Monetary Authority of Singapore (MAS) and comply with various rules on governance, risk management, disclosure, anti-money laundering and consumer protection. The MAS has also issued guidelines on the application of securities laws to digital token offerings.

The MAS also issued a consultation paper in August 2021, proposing to expand the scope of the PSA to include decentralized finance (DeFi) platforms and activities. However, Singapore also faces some risks in the crypto space, such as exposure to global market fluctuations, cyber-attacks, illicit activities and regulatory arbitrage.

In the United Arab Emirates – UAE has been taking steps to foster innovation and growth in the crypto sector, while ensuring compliance with international standards. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), a free zone and international financial center in Abu Dhabi, issued a comprehensive regulatory framework for crypto-asset activities in June 2018, which covers aspects such as licensing, capital requirements, risk management, disclosure and reporting.

The FSRA also launched a regulatory sandbox program, called RegLab, which allows crypto startups to test their products and services in a controlled environment. In addition, the Dubai Financial Services Authority (DFSA), the regulator of another free zone and international financial center in Dubai, issued a consultation paper in January 2023, proposing to introduce a regulatory regime for crypto-asset activities within its jurisdiction. However, the UAE also faces some risks in the crypto domain, such as legal uncertainty, lack of consumer awareness, competition from other regions and potential sanctions.

In the United Kingdom – UK has been taking a cautious and balanced approach to crypto regulation, aiming to strike a balance between innovation and risk mitigation. The Financial Conduct Authority (FCA) is the main regulator for crypto-asset activities in the UK, which fall under two categories: regulated tokens and unregulated tokens. Regulated tokens include security tokens and e-money tokens, which are subject to existing rules for securities and electronic money respectively.

Unregulated tokens include utility tokens and exchange tokens (such as Bitcoin and Ethereum), which are not subject to specific rules but are still subject to general principles of conduct and anti-money laundering requirements. The FCA also requires crypto-asset businesses to register with it and obtain approval before operating in the UK. However, the UK also faces some risks in the crypto field, such as regulatory fragmentation, Brexit implications, tax issues and legal disputes.

Role of Financial Institutions in Cryptocurrency

By
Paul Ugbede Godwin
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0

Cryptocurrencies are digital assets that use cryptography to secure transactions and control the creation of new units. They are decentralized, meaning that they are not issued or regulated by any central authority, such as a government or a bank. Instead, they rely on a network of computers, called nodes, that validate transactions and maintain a shared ledger, called a blockchain.

Cryptocurrencies have gained popularity in recent years as an alternative form of money that offers advantages such as lower transaction costs, faster settlement, greater transparency, and enhanced privacy. However, they also face challenges such as volatility, scalability, security, and regulatory uncertainty.

Financial institutions, such as banks, payment service providers, and asset managers, have a significant role to play in the development and adoption of cryptocurrencies. They can provide various services and solutions to facilitate the use and integration of cryptocurrencies in the existing financial system. Some of these services and solutions include:

Custody: Financial institutions can offer secure storage and management of cryptocurrencies for their clients, using specialized hardware and software to protect them from theft or loss. They can also provide insurance and auditing services to ensure compliance and trust.

Exchange: Financial institutions can enable the conversion of cryptocurrencies to fiat currencies and vice versa, as well as the trading of different cryptocurrencies. They can leverage their existing infrastructure and networks to provide liquidity, efficiency, and convenience for their customers.

Payment: Financial institutions can facilitate the transfer of cryptocurrencies between parties, both within and across borders. They can use their existing payment systems or develop new ones that are compatible with cryptocurrencies. They can also offer payment processing and settlement services for merchants and consumers who want to accept or pay with cryptocurrencies.

Lending: Financial institutions can provide loans and credit to individuals and businesses who want to borrow or lend cryptocurrencies. They can use their existing credit scoring and risk management models or develop new ones that are tailored to the characteristics of cryptocurrencies. They can also offer collateralized lending services, where borrowers can use their cryptocurrencies as collateral for loans.

Investment: Financial institutions can offer investment products and services that are based on or include cryptocurrencies. They can create and manage funds, portfolios, indexes, derivatives, and other instruments that allow investors to gain exposure to the performance and potential of cryptocurrencies. They can also provide research and advisory services to help investors make informed decisions.

Financial institutions have the opportunity to benefit from the growth and innovation of cryptocurrencies by providing value-added services and solutions to their customers. However, they also face risks and challenges that require careful consideration and adaptation. Some of these risks and challenges include:

Regulation: Financial institutions have to comply with the laws and regulations of the jurisdictions where they operate, which may differ or conflict with those of other jurisdictions where cryptocurrencies are used or traded. They also have to deal with the uncertainty and ambiguity of the regulatory environment for cryptocurrencies, which may change rapidly or unpredictably.

Security: Financial institutions have to ensure the security of their systems and processes that handle cryptocurrencies, as they may be vulnerable to cyberattacks, hacking, fraud, or human error. They also have to protect their customers’ data and privacy, as they may be exposed to identity theft, phishing, or other malicious activities.

Reputation: Financial institutions have to maintain their reputation and trust among their customers, partners, regulators, and the public, as they may be associated with the risks and controversies of cryptocurrencies. They also have to manage their expectations and perceptions, as they may face competition or criticism from other players in the cryptocurrency ecosystem.

Crypto enthusiasts often praise the benefits of crypto, such as its transparency, immutability, privacy, and global accessibility. However, crypto also comes with significant risks that investors should be aware of before diving into this volatile market. Here are some of the main risks in crypto:

Crypto prices are determined by supply and demand, and they can fluctuate dramatically in a short period of time. Crypto markets are often influenced by factors such as news, rumors, regulations, hacks, technical issues, and human emotions. Investors should be prepared to face high volatility and potential losses in their crypto portfolio.

Crypto transactions are irreversible, meaning that once they are confirmed on the blockchain, they cannot be undone or refunded. This also means that if investors lose their private keys, which are the passwords that grant access to their crypto wallets, they will lose their funds forever. Additionally, crypto wallets and exchanges can be vulnerable to cyberattacks, theft, or fraud, resulting in the loss or compromise of users’ funds or data.

Crypto is still a relatively new and unregulated industry, and it faces many legal and regulatory uncertainties and challenges around the world. Different jurisdictions have different rules and attitudes towards crypto, ranging from supportive to hostile. Investors should be aware of the legal status and implications of crypto in their country and region, as well as the potential changes and developments that could affect their rights and obligations. Crypto investors may also face tax issues, compliance requirements, or sanctions depending on their activities and transactions.

Crypto relies on complex and innovative technologies, such as blockchain, cryptography, smart contracts, and decentralized applications. These technologies are still evolving and improving, but they also pose operational risks such as bugs, errors, malfunctions, or compatibility issues. Investors should be careful when using new or experimental platforms or protocols, as they may not have been fully tested or audited. Investors should also do their own research and due diligence before trusting any third-party service or provider with their funds or data.

Crypto is a complex and dynamic field that requires a steep learning curve and constant updating of knowledge and skills. Investors should educate themselves on the basics of crypto, such as how it works, how to use it safely and responsibly, and how to evaluate its value and potential. Investors should also be wary of misinformation, scams, or hype that may mislead them or lure them into risky or fraudulent schemes. Investors should always verify the sources and credibility of any information or advice they receive regarding crypto.

These are some of the main risks in crypto that investors should be aware of and prepared for. Crypto is not for everyone, and it is not a get-rich-quick scheme. It is a high-risk, high-reward investment that requires careful consideration and due diligence. Investors should only invest what they can afford to lose, diversify their portfolio, and follow best practices for security and privacy. Crypto can be an exciting and rewarding venture for those who are willing to take the challenge and embrace the innovation.

Financial institutions have a vital role in the crypto space, as they can bridge the gap between the traditional financial system and the emerging cryptocurrency system. They can leverage their expertise, resources, and networks to provide services and solutions that enhance the value proposition of cryptocurrencies for their customers and stakeholders. However, they also have to navigate the complex and dynamic landscape of cryptocurrencies with prudence and agility.

Build AI-powered products to develop Effective Management Tactics

By
Paul Ugbede Godwin
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0

AI-powered products are becoming more and more prevalent in today’s world, from smart assistants to self-driving cars. But how can you build AI-powered products that are effective, ethical and user-friendly? And how can you manage the teams and processes involved in developing such products?

AI-powered product. What is the pain point or opportunity that your product is addressing? Who are your target users and customers? How will your product make their lives better or easier? How will you measure the success of your product? These are some of the questions that you need to answer before you start building your product. You also need to conduct market research and user research to validate your assumptions and understand the needs and preferences of your potential users.

Second, you need to design the user experience and the AI functionality of your product. How will your users interact with your product? What are the key features and functionalities that your product will offer? How will you balance the human and AI aspects of your product? How will you ensure that your product is trustworthy, transparent and fair?

You need to create user personas, user journeys, wireframes, prototypes and mockups to visualize and test your product design. For additional understanding of the benefits of wireframing, you may find useful information in this article. You also need to define the data sources, algorithms, models and metrics that you will use to power your AI functionality.

Third, you need to develop and deploy your AI-powered product. How will you implement your product design using code, data and AI tools? What are the best practices and standards for coding, testing, debugging and documenting your product?

How will you ensure the quality, security and scalability of your product? How will you deploy your product to the cloud or on-premises? How will you monitor and update your product after deployment? You need to use agile methodologies, DevOps practices, CI/CD pipelines and AI platforms to develop and deploy your product efficiently and effectively.

Fourth, you need to manage the teams and processes involved in building your AI-powered product. How will you organize your team structure, roles and responsibilities? How will you communicate, collaborate and coordinate with your team members and stakeholders?

How will you manage the scope, schedule, budget and risks of your project? How will you handle feedback, changes and issues that arise during the project lifecycle? You need to use project management tools, frameworks and methods to manage your project successfully.

AI-powered products are becoming more common and accessible in our daily lives. From smart speakers to self-driving cars, AI is transforming the way we interact with technology and the world around us. Here are some examples of AI-powered products that you may have encountered or heard of:

Amazon Alexa: This is a voice-activated assistant that can answer questions, play music, control smart home devices, and more. Alexa uses natural language processing and machine learning to understand and respond to user requests.

Netflix: This is a streaming service that offers personalized recommendations based on your viewing history, preferences, and ratings. Netflix uses deep learning and collaborative filtering to analyze user behavior and content features to suggest relevant titles.

Spotify: This is a music streaming service that creates personalized playlists based on your listening habits, mood, and taste. Spotify uses deep neural networks and natural language processing to generate playlists that match your preferences and discover new songs.

Google Photos: This is a photo storage and sharing service that uses computer vision and deep learning to organize, edit, and enhance your photos. Google Photos can recognize faces, objects, scenes, and events in your photos and create albums, collages, animations, and movies.

Tesla: This is a company that produces electric vehicles and solar panels that use AI to optimize performance, safety, and efficiency. Tesla vehicles have a self-driving mode that uses cameras, radar, and ultrasonic sensors to navigate traffic, avoid collisions, and park autonomously.

Building AI-powered products is not easy, but it can be rewarding and impactful if done right. By following these tips and best practices, you can develop effective management tactics and create AI-powered products that solve real problems and delight users.

The Best Crypto to Buy Now

By
Olaseni Kehinde Precious
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0

Over the years, cryptocurrency has been a financial groundbreaker, providing numerous investment opportunities for those willing to tap into the digital space. Since the initial launch of Bitcoin, the first cryptocurrency, in 2009, several smart contracts have been deployed, leading to the emergence of over 20,000 cryptocurrencies in today’s market.

While some cryptocurrencies solve real-life problems, many are solely built on hype, exposing more investors to perplexing situations. This makes market understanding significant to avoid unbearable losses.

In this article, we’ll explore cryptocurrency evaluation methods.

The 5 Best Cryptocurrencies to Buy Right Now

Although there are a few high-potential crypto assets in the market right now, only the investors who understand the market can discover these hidden gems. To succeed in a volatile market like cryptocurrency, you need to build a portfolio of both promising and low-risk assets. Here are the 5 top cryptocurrencies to invest in now:

Bitcoin (BTC)

The digital form of money has grown beyond its primary exchange value. Over the years, Bitcoin has adopted several innovations to scale its ecosystem.  Since its recent embrace of Non-Fungible Tokens (NFTs) through inscriptions, Bitcoin has displayed huge potential as a digital value.

Ethereum (ETH)

The Ethereum blockchain has grown, following its support for Web3 scaling solutions like Non-Fungible Tokens (NFTs), Decentralised Autonomous Organisations (DAOs), the metaverse, and Decentralised Applications (Dapps).

The flexibility of Ethereum in emerging markets is why investors consider it the future of digital finance. With more innovations ahead, ETH may become one of the most lucrative investments in the realm of finance.

MATIC

The previous Matic network, Polygon, is one of the most innovative blockchains at the moment. Polygon provides open-source opportunities for developers to build scalable solutions. As a result, its native token, Matic, may become one of the most valuable cryptocurrencies in the future, making the top list of every crypto investor.

Binance Coin (BNB)

BNB, the native cryptocurrency of the leading exchange, Binance, is attracting the interest of many investors today due to its wide range of opportunities. From the scalability of the Binance Smart Chain to BNB historical data, the coin has a positive outlook for both short-term and long-term investments.

USDT

While cryptocurrency assets are volatile, stablecoins like USDT have allowed investors to maintain price stability in recent times. Its real-life use-case as a store of value makes it a top-tier investment for investors looking to consider less risky opportunities.

A Closer Look at The Top Crypto Investments

Every successful cryptocurrency project emerged due to several factors. Now, let’s take a closer look at some of them.

BITCOIN

The Bitcoin currency is the first cryptocurrency to ever exist on the blockchain. It was first invented in October 2008, and later launched in January 2009 by an anonymous, called Satoshi Nakamoto. Since then, it has continued to act as a frontier for other cryptocurrencies and altcoins.

How Does Bitcoin Work?

When a user transfers BTC from their wallet address to another person’s address, the transaction is stored on the Bitcoin network and later assembled into blocks, which will be included on the blockchain when every block is mined.

What Are Bitcoin Block Rewards?

The Bitcoin network operates a proof-of-work (PoW) consensus mechanism. In such a mechanism, the network rewards miners to contribute to its computational power. The stronger a computer is, the more likely that it will earn a block reward, which is the incentive that the Bitcoin network pays to miners.

What is Bitcoin Halving?

Bitcoin halving is when a block reward is a reduction in the Bitcoin block reward. The halving occurs every four years after 210,000 blocks are reached and reduces the block reward by half.

Why is There a Total Supply of Bitcoin?

Bitcoin has a total supply of 21 million due to the long-term effect of the halving. Since Bitcoin can only be divided into 100 million units of Satoshi, someday, the block reward will be smaller than a unit of Bitcoin. During this time, there will no longer be new Bitcoin in circulation, and miners will solely earn from transaction fees.

Bitcoin Price History

According to Statista, Bitcoin skyrocketed to its All-Time-High of $65,000 in 2021 following the launch of a Bitcoin ETF, BITO, in the United States. Other factors include the IPO launch of Coinbase and Tesla’s announcement of purchasing $1.5 billion worth of BTC. However, the cryptocurrency plummeted after a crypto exchange and hedge fund, FTX, filed for bankruptcy in July 2023.

Recently, BTC has continued to experience a price hike due to a combination of factors. On 5 April 2023, Bitcoin grew by 25% due to the adoption of Ordinals and the US banking crisis. On May 1, 2023, Bitcoin’s price surged 47% since June 2022, before the financial company Celsius went bankrupt. On June 1, 2023, Bitcoin volume increased after it declared network support for BRC20 tokens.

ETHEREUM

In 2013, a developer named Vitalik Buterin proposed the initial idea of Nick Szabo on smart contracts, which later led to the creation of the Ethereum network.

How Does Ethereum Work?

Ethereum records transactions on the Ethereum database network, which is distributed among several computers (nodes).

Unlike the Bitcoin network, the Ethereum network allows developers to deploy smart contracts and create decentralized applications (dApps) through open source.

What Are Smart Contracts?

Smart contracts are self-executing contracts executed by computer programmes that remove the need for an intermediary during a transaction. These contracts store transactions on a public ledger, which makes them traceable and irreversible.

What is The Ethereum Consensus Mechanism?

Ethereum operated a proof-of-work (PoW) consensus mechanism until September 2022, after the merger. Since then, it has continued to operate on proof-of-stake (PoS), a protocol that helps the network maintain higher security and lower transaction fees. In a PoW, node validators stake capital in the form of ETH into a smart contract.

Ethereum Price History

According to Statista, Ethereum’s price surged in 2021 after an NFT sold for 38,000 ETH, which was equivalent to $69 million at the time. In 2022, the price declined along with BTC after the cryptocurrency exchange, FTX, collapsed.

2023 is an interesting year for Ethereum. In April 2023, the successful launch of Ethereum’s Shangai Upgrade increased the price of ETH to $2100 before the price reacted to volatility.

How to Pick the Best Crypto to Buy Now

Deciding which cryptocurrency to invest in can be challenging when there are many scam tokens in the market. Considering the potential damage of hype-built cryptocurrencies, you want to ensure that you get substantial value for your time and money. Here are 5 key ways to choose the right crypto:

Evaluate the project’s website

A website is the research bedrock of every cryptocurrency. Apart from giving you a grasp of its future expectations, it’s your walkthrough to a sound investment judgement. While a website is mandatory for every crypto project, some criteria require your attention to invest in worthy assets.

Firstly, the language usage on a website can inform you about the end goal of your potential investment. So, you want to examine the spelling, punctuation, and other linguistic elements to prevent falling victim to scammers.

While navigating through the website, perform a quick user experience test. Even though crypto websites vary due to their respective protocols, a reputable project must have both straightforward content and a standard interface. Also, ensure that it’s recently updated so you don’t entrust your money to a team that’s unwilling to put in the work.

More so, founders are the spearheads of every cryptocurrency project. So, you want to ensure that their real identities are included rather than an anonymous profile. Aside from this, look out for the partner’s page so you can use their strategic partnerships to gain insights into their core values.

Additionally, thoroughly evaluate the whitepaper page for a comprehensive project understanding. A whitepaper is a document that outlines the plans of every cryptocurrency project and should spell out the token goals and objectives.

Evaluate The Social Media Channels

Community is a core part of every successful cryptocurrency project. As a result, founders employ certain marketing tactics to increase their product’s reach. Although projects use several social media platforms to improve their token awareness, most cryptocurrencies invest their marketing efforts in Twitter, Discord, Telegram, and Reddit.

On their Twitter Channel, scrutinize the account’s longevity, followers, content engagement, and influencer partnerships. If the page was recently created, you want to make sure it doesn’t have an outrageous number of followers within a short time. Otherwise, the project is likely to invest in bot followers, which in some way signals desperation. At the same time, low engagements on big accounts can showcase illegitimate promotion.

More so, join their Twitter spaces and be attentive to how they handle constructive criticism. If they avoid major questions or are unable to make necessary corrections, then there’s an underlying problem.

Additionally, evaluate their influencer partnerships. The kind of influencers promoting the coin is a reflection of their values. So if their reputation is jeopardised, consider it a red flag. You can also scrutinize their content to discover whether or not they are value-driven. If they post mostly giveaway content to expand their reach, then you may want to take some steps backwards.

While Twitter is the centre of promotion, Discord and Telegram are the homes of every project. The social media channels provide an avenue for founders to build a community around their projects. So, you want to ensure that the community is organic and value-oriented. If a channel is flooded with bot followers or pump-and-dump members, then it’s a red flag. Also, pay attention to how the moderators respond to complaints and suggestions. If they are reluctant to help the members, such an investment is tricky.

Study The Price History

The price movement of a coin can provide you with insights into whether or not it is a safe investment. Although cryptocurrencies are volatile assets, this metric can help you decide on what crypto to invest in.

Websites like Coingecko and Coinmarketcap are fundamental tools where you can track the price of your potential cryptocurrency. If the coin is launched, you can use these websites to check the historical data.

Look out for a gradual increase in the price, and if there’s an outrageous movement, it’s a sign of a pump-and-dump project or a rug pull. Scammers pump and dump these cryptocurrencies to make profits off their followers and community. They create hype around such projects through promotions to bait their followers into investing in them for liquidity exit.

Track the price history across different spans, from yearly to hourly movement, and pay close attention to whether there’s anything unusual. Also, check the “All Time High” and the “All Time Low” to gain insight into the coin’s future. Combining these metrics can give you insights into the highest and lowest prices that your potential investment can get, so you can evaluate whether or not it’s worth your money.

Check The Trading Volume

Every successful cryptocurrency should be a liquid asset. Liquidity determines how urgently you can exchange your coin in the market. When buying or selling a cryptocurrency, you’re operating as a liquidity provider to drive the coin’s volume.

The trading volume is a technical indicator that provides insight on your potential investment. Investors use this metric to determine a potential upward trend or a reversal. If the volume is high, that can signal that investors are constantly trading it, while a low volume indicates a coin that lacks the faith of other investors.

A trading volume can also help you validate the market’s strength. The metric serves as a yardstick to discover a cryptocurrency’s demand. If there’s a change in the asset price in relation to the trading volume, it can help you determine whether the current trend is strong or weak. The asset price and trading volume correlate to showcase the investor’s interest and strike a balance between market demand and supply.

Finally, low liquidity in the market can influence the token’s authenticity. Oftentimes, when investors are unable to sell off their low-priced assets, it creates a pump-and-dump situation for liquidity exit.

Determine The Coin’s Utility

Cryptocurrencies showcase their potential through their use cases. A promising cryptocurrency should serve a purpose and offer a solution to real-world problems. Although not all cryptocurrencies solve a practical problem,  major coins provide usefulness to the blockchain. A prominent example is Bitcoin, which has become a digital high-value asset today. Bitcoin allows people to exchange products and services using a decentralized mode of payment. Other notable examples are Ethereum and Polygon, which help developers deploy smart contracts for innovative products.

However, some tokens are solely built on hype or exist as mere jokes. These types of tokens are regarded as meme coins, and instead of being value-focused, they’re heavily dependent on social media noise. Meme coins use community raiders and influencers to push the token and drive the price higher. Although you can make a decent profit from these kinds of tokens, they are high-risk investments with little or no potential in the future. So, only invest in what you’re willing to lose.

Finally, the utility of a coin can influence its potential price. Whether or not a token has utility can determine its market demand in the future. Since every successful cryptocurrency convinces investors to hold onto the asset, you want to ensure that you put your money in an asset with a potential demand.

FAQs

I’ve answered some of the most popular questions below:

What is The Best Cheap Crypto to Buy Now?

Pay attention to market capitalization, which is the multiplication of the current price and the circulating supply. The higher the market cap ranking, the lower the risk of your potential investment.

Additionally, use cryptocurrency tools like DefiLiama to conduct in-depth research on the price movement while considering important factors like the whitepaper, utility, and other evaluation methods shared in this article.

What is The Next Crypto to Hit $1?

There are some promising tokens out there below $1. However, such tokens require in-depth cryptocurrency research. Therefore, you may have to combine both fundamental and technical analysis to draw your conclusion.

Conclusion

Knowing the best crypto to buy may seem challenging, but it’s not. You’re most likely experiencing difficulties due to several available cryptocurrencies and market speculation. While there are many tokens with no real-life value, assets like Bitcoin, Ethereum, Matic, Binance Coin, and USDT provide usefulness in the cryptocurrency ecosystem. Regardless, it’s important to conduct due diligence before buying any coin and invest only what you’re willing to lose.

If you learned something from this post, you may as well check out some of our other interesting articles.

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