I have spent a few hours on trying to figure out if initial coin offerings with coin market cap a time waster. If you ask me, I would say Yes over the long run. When you work with exchanges like Coin Market Cap, you can find the best performing coins in real time with huge swings like 500+%. A recent example would be this ICO of Trump Coin which clearly shows 2 spikes. The last one spike lasted about a week
This kind of reminds of penny stocks which means these alt coins can be manipulated quite easily. I find this is the case with ICOs in the crypto world. Why do you think the SEC is protecting investors against when it comes to crypto ETFs.?
How to vet these new alt coins?
Even though you can find these high performing alt coins, you need to vet the quality of these. One way to do this is simple test if the coin is listed on Binance. This exchange will not list it unless they have a float of at least $25 million last time I checked. This means it needs to be mature with some solid volume in order to be listed on Bnance. As a result, I just do a simple download request test to see if they are listed. I just spent a few hours testing this. I was able to rank the best performing 100 coins from Coin Market Cap. From there, I wanted to test to see if the coin was on Binance by listing it against Ether, Bitcoin, and Binance Coin. Guess what? I was not able to see any of those 100 were listed on Binance. It seems rare to see this case so it makes wonder if this whole process may be a time waster to chase after initially list coins that after.This was a complete waste but that is now out of my system.
Let me know your thoughts on this.
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