For those wanting to begin investing in cryptocurrency, it can be difficult knowing where to start. The industry is confusing, things change in an instant, and sites designed to help can often be intimidating to beginners. But don’t worry, there are certain tools you can utilize to help with monitoring, predicting, and keeping track of the market.
In this article, we’ll look at some examples of tools that can help investors stay on top of what’s new. These including charting tools, trading bots, portfolio trackers, and cryptocurrency calendars. All can be utilized to make buying, selling, trading, and even just holding crypto, a lot easier.
Charting Tools
A cryptocurrency charting tool is a software platform that provides graphic representations relating to the value of a particular currency. They allow users to monitor price fluctuations over specific periods of time. Most also provide a way for users to track the volume of coins that have been exchanged.
They’re useful in cryptocurrency investing because it enables people to conduct real-time analysis of coin performance. This can help with estimates of how a particular currency may perform in the near future. Of course, they aren’t guaranteed to be accurate, but they do provide the means to analyze past and current performance. This results in users making more educated estimates about the future.
Portfolio Trackers
If a cryptocurrency investor is holding a number of different currencies, it can be hard to keep track of them. A portfolio tracker allows them to monitor the value of each cryptocurrency in real-time, all in one place.
The tracker shows how much of each currency you have, and what their current values are. It also tracks performance so you can see upwards or downwards trajectories in a graphical format. These tools are particularly useful for those looking to find the optimum time to buy, sell, or trade a specific unit of currency.
Trading Bots
Trading bots utilize computer algorithms to research current market conditions. They then relay it to the investor and to guide them on when to execute certain trades.
Some bots, such as Bitcoin System, are able to instantly execute trades, preventing the investor from missing out. Bitcoin System’s robot brokers are also able to provide leverage on trades, receive deposits, and facilitate financial transactions. This tool is great for those that want to stay on top of the markets without having to be glued to their phone.
Cryptocurrency Calendar
There are two kinds of cryptocurrency calendars; automatically generated and user-generated. They note events and points of interest that are scheduled to occur and could impact the value of different cryptocurrencies.
Events include airdrops, releases, hard forks, listings, updates, exchange listings, and conferences. All of these events can have positive or negative repercussions on the value of a currency. Therefore, being aware of these dates can be helpful for those wishing to trade, buy, or sell.
Profit is never guaranteed when investing in cryptocurrency. But, as an investor, there are various things you can do to enhance your chances of making a profit, and making shrewder choices in the future. Of course, such a dynamic industry can often be unpredictable but armed with these tools, you have a slightly better chance of success.
