Barely a week goes by nowadays without some great crypto success or failure hitting the mass media and picking up thousands of new coin collectors across the globe. This has led to an extremely volatile and speculative market which can be difficult to navigate if you don’t know what you’re doing.
If you’re looking for long- or short-term investments into crypto currency, you’re going to need to know when to put money in and when to take it out. Luckily, there are a host of ways you can monitor your coin’s worth no matter where you are.
The One True Coin
This guide is going to be heavily focused on BitCoin (BTC) as it is the most popular coin with the highest market cap, but these tips can be applied to most widely traded crypto currencies. BitCoin, like every crypto currency, is extremely volatile and can spike or dip at any moment, with the backing and popularity to take almost the entire market with it.
As a result, any budding crypto investor should be using all the technology they have available to help them track the worth of their wallet. Luckily, with BTC being entirely an online entity, it is securely cemented in the technological and online world, and there are seemingly endless ways to keep track of BTC’s worth.
Price Tracking Sites
The easiest and most obvious way to keep an eye on the price of your BTC is by use of some of the world’s finest crypto tracking sites. These sites will give the user an overview of the price history of the world’s top coins, and almost all of them will keep track of BTC.
Many of these sites can also give new traders an idea of where to start with investing in and trading with crypto, as well as forums where you can find advice and multilingual support if you aren’t a native English speaker or are looking for a guide to bitcoin in German.
As one of the oldest crypto comparison sites, CMC has earned a reputation as the standard homepage for anyone who is actively involved with crypto, even being mentioned specifically by Bitcoin.com as the “go-to price checker for as long as anyone can remember,”.
This site offers a detailed history of pretty much any coin out there, allowing users to do some deep research into predicting the future of the market. Also included is other useful information such as the trading volume and market cap of each coin, and even a list of known trading pairs (two separate coins whose worth is proportional to each other).
While CMC has been around the longest and has the most public support, I actually prefer to use Coinlib. It has most of the standard features of CMC, while adding its own systems to build its own personal niche userbase. This site shows its loyalty to BTC with its own generated stat, “BitCoin Dominance”, which proudly displays the current market control of BTC using their own custom metric.
Coinlib pulls its data from a different, wider set of exchanges, which can help find better buy and sell prices than its competitors. There is also an extremely rugged price comparison tool which can bring up a live comparison map for up to 4 coins from a variety of exchanges at the same time.
Another niche feature of this site is the full-featured price tracking tool which can be used to easily identify opportunities for arbitrage. This is a trading strategy where you can make small amounts of completely risk-free profit by exploiting the differences that can sometimes be found in the price of coins between different exchanges.
While these price tracking methods are brilliant while you’re at a desk and keeping an active watch, this isn’t the best method humanity has available to it. Unlike the stock market, crypto trading has no operating hours due to its truly global identity.
Coins will generally follow an eb and flow in their worth following the times of day with the highest and lowest trade volume, but as anyone who follows crypto news will know, a huge dip or spike in price can happen at any time of any day for seemingly no reason.
To help get around this, many coin trading apps offer features which track a specific coin’s worth and will push you a notification to let you know about a variety of things as soon as they happen. The most obvious use of this is to alert you to any sudden drops or rises as they are happening, allowing you to keep your eye off the screen until your attention is needed.
Many price alerts systems will also allow you to enter a threshold for various crypto currencies. This means that you will get an alert whenever a coin hits the value you determine. Using this, you can set alerts for coins to tell you when something is cheap enough for you to want to buy it or expensive enough to sell.
The Internet of Things
Going one level deeper into winding crypto into your life, the world’s ever-growing Internet of Things (IoT) is the best way to keep yourself aware of prices. The IoT describes the idea of many physical devices being connected to the internet, often for indirect use, such as all the various smart devices you may have around your house.
Integrating a price alert system into your IoT means that you can have price alerts come through anything from your Alexa to your Roomba and can be synchronised with your daily schedule to make sure that you are always kept up to date with the latest stats.