Investing in cryptocurrency and digital assets can be one of the most profitable and risky methods to build your money these days. Because of the market’s volatility, you may earn or lose hundreds of dollars overnight, and if you don’t know what you’re doing, you could easily lose everything. However, several tools and websites are available to help you control your risk and protect your savings. The first step is to understand what resources are accessible to you, so let’s get into the specifics.
Here are four critical information sources that every cryptocurrency investor should know and have in your crypto business toolkit.
News can be both a blessing and a curse for cryptocurrency investors. It can be challenging to keep up with breaking news in an industry that changes on a regular basis. As a result, many investors resort to aggregators like CoinDesk, Cointelegraph, or Coindesk to obtain a rapid summary of what’s going on in crypto—and to get it all in one place. The most significant advantage of these websites is their capacity to provide timely updates on what’s happening across numerous sources at once. We looked back at three big events in 2017 to demonstrate how quickly things change in crypto:
- China banned ICOs on September 4th.
- South Korea revealed intentions to restrict cryptocurrency trading on September 28th.
- Japan recognized Bitcoin as legal tender in April.
Each of these events had significant ramifications for cryptocurrency markets, although mainstream media covered none until months later. In other words, if you followed traditional news sites like CNN or CNBC, you might have missed out.
The following are some well-known news aggregators:
1. CoinDesk – CoinDesk is a well-known website that provides news on Bitcoin, Ethereum, Litecoin, ICOs, pricing, blockchain technology, and other topics. This is a terrific resource if you want to stay up to date on breaking news. However, there are some drawbacks. For example, if you’re seeking information on tiny coins or tokens, you may have to sift through several search results pages before discovering what you’re looking for. It also does not include summaries of each article, so if you’re looking for a fast overview of what happened, you might be better off visiting another site.
2. Cointelegraph – Another free and simple solution is Cointelegraph. The platform is updated several times per day with news about blockchain technology, new coins, market trends, trading tips, ICOs, etc. It also provides brief descriptions of each story to get a sense of what each piece is about without having to read every word.
3. Crypterium – Besides being an exchange, Crypterium is a terrific way to stay up to date on what’s going on in crypto—and get all your information from one place. And, as previously stated, it is completely free! If you don’t have time to read everything or want a fast glimpse of what transpired on any given day, Crypterium will be a useful tool.
Market Research Tools
The top market research tools provide more than just data and statistics; they also provide relevant insights that help you make better decisions. For example, if a currency is down 80% but only in a bear market and has a narrow daily trading range, there’s certainly little reason to be worried (or panic sell). The social sentiment is also included in these technologies. You can utilize them to understand what other people believe about specific coins or assets, giving you significant information about their possible future value.
Here are some well-known market research tools.
1. CoinMarketCap (CMC) is a cryptocurrency market cap and price checker tool that delivers real-time cryptocurrency information. It includes price statistics, market capitalization, exchange volume, historical prices, coin supply, analyst predictions for future values, and a cryptocurrency calculator. Because of the vast amount of information it provides, CMC has been dubbed the “Google of crypto.”
2. CoinGecko – This app evaluates and ranks digital currencies based on developer activity, community, and liquidity. It provides a comprehensive list of coins rated according to a wide range of metrics and thorough information on each coin. This is one of our favourite market research tools because it allows you to compare the performance of other cryptocurrencies in terms of price, the volume traded, market size, and other parameters. For example, we can see from their data that Cardano (ADA) has outperformed most other significant cryptocurrencies over time.
Tools for Technical Analysis
Knowing when to buy and sell a coin is crucial as a cryptocurrency investor. Technical analysis refers to studying past price movements in relation to current price movements to predict future price action. We’ve compiled a list of tools you may use as a crypto investor to assist you in making wiser trades. Technical analysis, or TA, uses market price charts to forecast trends. There are numerous technical analysis tools available; these are a few of our favourites.
1. TradingView – Tradingview is a prominent technical analysis tool because it provides a wide variety of charting options, including technical indicators such as RSI, MACD, and Bollinger Bands. It also allows you to set up notifications to tell you when a coin reaches a specified price point (or reaches specific volume levels). Users can also utilize the site’s chat rooms to debate trading tactics and gain feedback on their charts from other traders.
2. Coinigy – Coinigy provides real-time pricing data from numerous exchanges, eliminating the need to wait for slow APIs or CSV imports. If you’re more interested in portfolio tracking than individual trades, Coinigy is worth a look; it supports most major exchanges and cryptocurrencies. The alert system eliminates the need to have your browser open all day observing trades.
Risk Management tools
Every cryptocurrency trader should have a basic understanding of risk management to avoid losing money over time. An investor can reduce risk while maximizing possible rewards using the correct tools and tactics. Risk management typically involves monitoring your portfolio, establishing stop-losses, and even hedging against unforeseen occurrences that could negatively impact your holdings.
Due to a lack of regulatory control, cryptocurrency investors are particularly vulnerable to market volatility; nevertheless, knowledgeable investors properly understand how to manage their assets in times of market turmoil. Monitoring your accounts 24 hours a day, seven days a week is not realistic (or wise), but there are several simple strategies to keep track of your investments without sacrificing too much of your valuable spare time. When it comes to risk management, just one name comes to mind:
1. Metalpha – This digital crypto asset management platform offers a comprehensive range of investment tools for managing your cryptocurrency portfolio effectively. Metalpha offers comprehensive blockchain-based solutions to investors, allowing them to invest in their preferred assets without a need for intermediaries or brokers.
While investing in crypto can be profitable, they’re also risky as there is the potential for loss. So make sure to do your research before investing in crypto coin to understand the full features of each crypto coin to choose the right one for your crypto investing goals.
Metalpha was created because of these potential unforeseen circumstances. This Singapore-based company is supported by well-known ASIC miner manufacturers and offers flexible deposit and great investment strategy options to customers. The Metalpha algorithm allows you to manage your assets easily and reduce the risks in your crypto investment path..
All you have to do is download the Metalpha App at Metalpha.finance, and complete the registration and KYC. Executive team members will assist you at every step to provide you with proper risk management solutions.
Conclusion If you want to start a career in bitcoin investment, you should learn about market trends by using one or more of the aforementioned handy tools and news sources to track your investments. Metalpha, as a digital risk management solution, assists you in mitigating any potential obstacles in your crypto journey. Visit our website to further explore the numerous ways we can assist you manage your crypto risks better.