Cryptocurrency analyst Alex Saunders is offering tips to investors probing the crypto markets for altcoins with the potential to surge 100x.
In a new interview with Austin and Aaron Arnold of Altcoin Daily, Saunders tells the pair’s 719,000 subscribers that one of the first things he looks for when researching a crypto project is if it is led by a solid group of individuals.
Saunders mentions RedFOX Labs (RFOX), which has already appreciated by 2,263% from $0.011 in October to its current value of $0.26, as a project he’s invested in that has a quality management team in place.
“I’ve got literally a cheat sheet, checklist that I sort of go through. [RedFOX Labs] was a good strong team, I knew one of the leaders personally.”
The crypto analyst also favors projects that are serving an untapped market rather than those operating in saturated subsectors.
“So [RedFOX Labs is] based in Vietnam. So again, that Asian region is just fast growing, high mobile usage. They’re just like begging for the Ubers and Airbnbs and all these apps, you know. The digital economy there is just booming.
So that’s a big space that’s just free to be disrupted, more so than trying to go in and gain market share and users in America. A, there’s no one there already and B, the population’s way bigger so there’s huge opportunity there.”
A well-diversified business is important, according to Saunders, as illustrated by RedFOX Labs which has a presence in niches such as non-fungible tokens (NFTs) and decentralized finance (DeFi).
“…[RedFOX] are in gaming and NFTs, [which] is kind of their initial focus. It’s flavor of the month at the moment in the crypto world. They’ve got the DeFi aspects to it. Then you’ve got, as I said, I don’t know many projects that have got that multi sort of narrative or subsector potential.”
Saunders adds that a low valuation is key as it leaves a lot of headroom for the price to increase.
“And when you look at something that’s a $300,000 market cap if you find anything that’s, you know, probably these days under $10 million, and you think it’s a pretty good quality project… they’re sort of things that I look to invest in because all it requires is for other people to find out about it.”
The cryptocurrency analyst, however, warns against investing in projects that have already rallied massively.
“I actually tell people not to ever buy something that’s gone up 100X or 1,000X because you’re starting to get pretty late to the party at that point.”
l
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/merge/REDPIXEL.PL
Credit: Source link
