5 Crypto tools for investors you might need
The cryptocurrency market is extremely volatile, which means the crypto price will be changing every second. Hence, hundreds of coins will either go “to the moon” or fail over time. So how would you efficiently manage your fast-changing crypto portfolio and manage crypto risks in trading? In this article, Tokenize Xchange would introduce to you 5 useful crypto tools to help you track your investment, catch up with the newest event, and evaluate crypto coins. Let’s find out!
CoinGecko is one of the largest data aggregators to track the crypto prices and market cap. With Coingecko, you can view live price changes, trading volume, and market capitalization of over 11,000 crypto coins. Moreover, the platform provides a list of more than 500 crypto exchanges ranked by the trust.
Aside from crypto tracking, CoinGecko provides users with a specialized analysis of the market. The platform also has many advanced features in Premium and Premium+ accounts to help you dig deeper into the crypto world like ad-free, WeeklyFarm Watch, or private chat. Premium account costs $49.9 per year and Premium+ is $99 per year.
2. CoinMarketCap portfolio tracker
Coinmarketcap is such a familiar tool for all crypto investors to check cryptocurrency prices, however, have you ever tried CoinMarketCap portfolio tracking function?
In fact, tracking your digital assets can be challenging if you are using more than a single exchange or wallet.
The CoinMarketCap’s portfolio tool is a great tool to help you track your crypto assets including the overall performance of your portfolio by day, week, and month and the changes of a specific cryptocurrency. Also, it would show you the profit and loss of your investment, also the best and worst-performing items in your coin list. To use this tool, users need to add the transaction to their portfolio.
>>>Click HERE for more Crypto portfolio trackers
With CoinMarketCap’s tracker, you can also set up a watchlist to monitor interesting coins — and use its other tools to research cryptocurrencies and dive deep into the industry.
3. CoinMarketCal Event
The next one on the list of 5 crypto tools is CoinMarketCal Event. By tracking big events in the crypto market, you may find out some important information that may affect your investment. Be noted that CoinmarketCal is not the same as CoinMarketCap’s myriad products. This platform is a separate website with a full calendar of crypto-related events.
This tool would be a solution for experienced investors who want to catch potential events before they hit the headlines. Select a period of time and filter by exchanges, crypto coins, type of event. For example, if you want to check the upcoming events of a crypto coin in your watchlist, you just need to select all the coins and filter by types of news like a partnership, new listing, or technology updates.
The next one in the top 5 crypto tools for traders is Glassnode, a blockchain data and intelligence provider that generates innovative on-chain metrics and tools for digital asset stakeholders.
Glassnode collects data from multiple blockchains and generating meaningful information from it necessitates high operational costs and time commitments, as well as a comprehensive infrastructure of databases, tools, and skilled data scientists. Glassnode provides weekly newsletters to analyze the market change in a week.
5. Greed and Fear Index tool
The greed and fear index is an indicator of market sentiment which helps predict market behavior. Developed originally for the stock market by CNNMoney, it provides a way to measure how greedy or fearful people are when it comes to investing in crypto.
>>>Read more: What is Crypto Greed and Fear index?
The index for bitcoin and other cryptocurrencies was calculated based on analyzed data from a variety of sources. It not only gives people advice on how emotional the current market is but also saves investors from overreaction. Moreover, it plays a role in determining if the market is fairly priced on a daily, weekly, monthly, or yearly basis.
There is a scale of 0 to 100, which is related to two opposite assumptions: 0 means “Extreme Fear” and 100 means “Extreme Greed”. A low score means fear takes over the market, a higher score indicates that investors are becoming greedy.
In specific, there are 5 measurement ranks including Extreme fear, Fear, Neutral, Greed, and Extreme greed. Which have scores varying from 0 to 30, 31 to 49, 50, 51 to 75, and 76 to 100, respectively.
When it comes to Fear and Extreme fear, selling orders overpower the market. So that is a good time to buy and stock more coins. On the other hand, FOMO might happen, leading to unstoppable buying orders. So it would be a great opportunity to sell coins at a high price.
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Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.