When investing in a cryptocurrency what's the first thing that you take in account?

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The first thing I take into account is whether it has natural demand. 

The law of demand states that price and quantity demand of any good and service are inversely related to each other. If a product has demand for it, then it will have a value or price set by the market.

But if the project has no working product and therefore, no natural demand then theoretically it is worthless. This kind of token could in fact go down to zero. That is why I generally ignore them.

On the other hand, if a cryptocurrency has a natural demand for it, it will have a market value even if no speculator put money in it. 

Take for example, Kyber Network burns a portion of the fees collected in the Kyber Decentralized Exchange. If the price of Kyber Token or KNC Token went down to 1 cent for a while, it will lead to a huge amount of supply getting burned (around 120k KNC Tokens per week at current volume). 

This will automatically increase the price of KNC Token. It can't be manipulated to make it worth less than its natural price. If someone tried that then only he will lose money because the market will correct itself even if a lot of KNC is sold. 

This is why I put my eyes on tokens with actual, functional products and a natural demand for the coin or token I will buy. 

[Note: I own some Kyber Tokens]