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In the world of cryptocurrency investment, every little bit of information is too little. Therefore, I offer you a selection of the favorite tools to invest in cryptocurrencies and not die trying.
In order to know how to invest in Bitcoin and other cryptocurrencies, it is essential for the trader to have as complete a set of tools and tricks as possible. Knowing how to choose which cryptocurrency to buy is only the first of a long series of steps along a process in which having knowledge is equivalent to having power. In the world of crypto investing, all information is too little.
Attention, scalping fans. We can't think of a better way to show which cryptocurrencies are trending than the one devised by Crypto Bubbles: red and green bubbles that can be sorted by five time ranges: hour, day, week, month and year. We can choose to have the size of the bubble indicate the cryptocurrency's performance, its market capitalization or volume.
Can you imagine how wonderful it would be to have a website with a calendar that would notify us of all NFT game releases, airdrops, pre-sales, cryptocurrency listings on exchanges, events like Cardano Summit 2021, DEX launches, network updates and, in short, a calendar with any relevant event that may affect the crypto ecosystem? Well, stop imagining. The website is called Coinmarketcal.
The website is the result of a collaborative effort among all its users. Anyone can include an event and vote on the suitability of the rest of the publications to avoid fakes. Coinmarketcal has the option to post notices, newsletters and has its own app on Android and iOS.
There are many websites where you can check the current price of a cryptocurrency (CoinmarketCap and Coingecko being the best known), but few offer in a prominent and contextualized way the historical maximum of the cryptocurrency (essential data to put into perspective the current situation of the currency).
As we mentioned in our article with tips for beginners when buying cryptocurrencies, it is essential to take into account the ath (all time high) of a crypto before investing in it. In Coingolive we found a formidable ranking of cryptos detailing how much each crypto has fallen since it reached its ath. It also specifies the elapsed time. Huge resource for finding investment opportunities that were not on our radar. CoinGecko also has its own version.
Tradingview is, without discussion, the best tool for viewing and understanding cryptocurrency (and stock) price charts. But it doesn't stop there. One can spend the whole day exploring the vast array of tools and indicators offered by the site (not to mention the contributions made by the users themselves).
In this article of tools and tricks to buy cryptocurrencies we want to highlight the real-time Crypto Screener from Tradingview. This tool allows us, for example, to sort cryptocurrencies by trading volume to see which are the hottest cryptos of the moment. Of course, we can also see the current price, the % change in the last 24 hours and the recommendation offered by Tradingview regarding whether it is a good time to buy or sell. Indispensable tool.
CoinTracking analyzes your trades and generates real-time reports on profit and loss, the value of your coins, realized and unrealized gains, tax reports and much more. With prices for 12,606 coins and assets, you will always have the most complete view possible of the health of your portfolio.
Cryptocurrency market behavior is very emotional. People tend to be greedy when the market is rising, resulting in FOMO (fear of missing out). The opposite sentiment is known as FUD.
People often sell their coins as an irrational reaction to seeing red numbers. The so-called Fear & Greed index of cryptocurrencies is based on a famous indicator devised by CNN that tries to condense the current sentiment of the Bitcoin market into a figure from 0 to 100.
Extreme fear may be a sign that investors are overly concerned. This could translate into a buying opportunity. Conversely, when investors are too greedy, it means that the market is about to undergo a correction. This indicator takes into account variables such as Bitcoin volatility, dominance, trends, social media activity, market momentum and volume.
Staking or accumulation of a crypto during a certain period of time in which you can not trade with the currency, has become a very popular and profitable practice. In Staking Rewards we find the classic ranking of cryptos, but prioritized in the world of staking: when have we lost or gained value in the main cryptos that offer this option to make them profitable
Bitcoin dominance is a measure of the proportion of the total cryptocurrency market capitalization that is made up of Bitcoin. It can help us understand the trend between BTC and alts and anticipate the arrival of altseasons (periods when Ethereum, Solana, Polkadot and the other major altcoins experience higher growth).
The most important thing about Bitcoin's dominance is that it can help us understand whether altcoins are in a downtrend or uptrend versus BTC.
As the dominance of BTC increases, altcoins, in general, lose value against BTC.
When the dominance of BTC decreases, alts in general gain value against BTC.
This means that in most cases we will want to be in Bitcoin (or cash) when Bitcoin's dominance is in an uptrend, and then we will be more interested in being in alts (including ETH, large caps, mid caps, low caps, etc) when Bitcoin's dominance is in a downtrend.
In most cases, a pronounced downtrend in Bitcoin dominance occurs in cryptocurrency bull markets because intense bull markets tend to drive the capitalizations of alts more than that of Bitcoin. Similarly, a pullback from this trend is typically a sign of a bear market.
The Rainbow Chart is a... different chart. The image speaks for itself: The Rainbow Chart should not be taken as investment advice. Past performance is not an indication of future results. As we read on their website, "The Rainbow Chart is intended to be a fun way to look at long-term price movements, regardless of the "noise" of daily volatility. The color bands follow a logarithmic regression (introduced by Bitcointalk user trololololo in 2014), but are otherwise completely arbitrary and without any scientific basis. In other words: it will only be correct until one day it is no longer correct."
Investing in CryptoMoonShots shitcoins or tokens of dubious provenance is a high-risk investment, short expiration date and an ill-advised practice. If you still feel like trying your luck, the subreddit is a good place to hunt for newborn gems. At your own risk.