It is not far from the truth that cryptocurrencies are still perceived by a section of the public today as a “fad” or an asset that will disappear within a few years, and they are negatively discussed in negatives, especially when their price falls.
It is the valuation of cryptocurrencies in classic fiat money, especially US dollars, that has become a natural tradition in determining their value and potential. This is also related to the fact that due to their high volatility we find “fixed” and low volatile prices in cryptocurrencies, excluding stablecoins (cryptocurrencies with minimal volatility, usually tied to government currencies or assets, editor’s note) only rarely.
However, the prices of cryptocurrencies are also determined in many cases by the so-called “Psychological frontiers” in their trading, such as the $ 20,000 or $ 50,000 threshold for bitcoin, or $ 3,400 for ether.
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Thus, reaching a certain price level or falling below an important cryptocurrency threshold can be a key event for traders, which often indicates the next direction of the market, and limit orders use automatic purchases and sales of cryptocurrencies held to “catch” such a price cap or bottom.
However, for less experienced traders and investors who do not trade on a daily or weekly basis, it is more important to be “in the picture” and have a constant overview of the market situation without the need to sit in front of the chart all day.
In this article, we therefore bring you some simple instructions and tips for platforms, through which you can effectively monitor the prices of selected cryptocurrencies and the value of your portfolio.
There are many platforms, each offering something different
Tracking the prices of cryptocurrencies is very simple, and if you already own one, you probably at least initially focused only on the prices on the selected cryptobourse on which you bought digital currencies.
The fact is that if you do not plan to trade cryptocurrencies and you plan to “evaluate” purchased bitcoins or other cryptocurrencies on the stock exchange or in your wallet for years as a long-term investment, it is useless for you to monitor their price every day. The occasional “peek” into the application or on the stock market page is probably enough for you to have at least some overview.
However, if you are interested in market development or trade in cryptocurrencies more actively, it is never harmful to effectively monitor the price of other cryptocurrencies you have purchased as well as other promising cryptocurrencies. For this reason, for many years, there have been a number of “trackers” on the market, ie platforms that focus only on monitoring the price of cryptocurrencies.
CoinMarketCap as an ideal choice for beginners and advanced
You will find out in this article after unlocking
- What useful features does CoinMarketCap offer and what can you watch through the app?
- How to create a price alert for cryptocurrency
- What are your options for tracking your entire portfolio at once?
- Which platforms offer the best features for tracking the entire cryptocurrency portfolio
- How to link a portfolio tracking application to an exchange account
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