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Investing in cryptocurrencies, just like in the financial stock market, requires some strategies. If you are going to make a considerable profit from your investment, it would be wise to set up a portfolio.
It is essential to have different digital assets in your wallet. These assets have different prices, are volatile, and trade round the clock. All these factors mean that the value of your portfolio could shift at any time. So, how do you keep up with the changes?
This is where crypto portfolio trackers come into play. Whether you are trading professionally or casually, holding your cryptos long-term, or for shorter periods, these trackers are quite handy. Although many of them are entering the market over the last few years with different features, they all aim to make crypto trading more manageable.
A cryptocurrency portfolio tracker is any tool that helps investors track the prices of the assets in their portfolio and manage their investments. These trackers could either be websites, downloadable apps, or any software that links to the investors’ wallets and exchanges.
The choice between a web-based tracker and a mobile app will all boil down to preference. The essential factor is that the tracker contains all the features you would need to manage your digital assets.
There’s no doubt that crypto portfolio trackers have played a significant role in shaping the crypto space. Here are some of the ways that the trackers have shaped the crypto world.
More Exposure for Lesser Known Assets
Trackers often contain vast information on different digital assets available in the market. This information includes prices, market caps, among other critical bits on the assets.
As such, crypto portfolio trackers help expose investors and other crypto enthusiasts to other digital assets that may not be well-known. Whenever they use the trackers, they get access to all the information on the assets listed. They, therefore, get to notice lesser-known coins that may be performing well but are not yet a force to reckon with in the crypto world.
More exposure to these assets comes with two advantages. For starters, these coins get noticed easily, bringing more people on board, which eventually leads to them performing quite well in the crypto scene. On the other hand, investors get a wider range of coins to invest in, instead of only focussing on the major ones.
More Money Flow in Crypto Markets
Portfolio trackers expose investors to a variety of digital markets. Thanks to them allowing investors to diversify and manage their portfolios, trackers make it easier for crypto enthusiasts to trade more and place larger amounts in the crypto markets.
Suppose an investor was previously only trading in two cryptocurrencies. Then, with the help of a tracker, they are able to up the number to about five of them. Now, if ten investors all do the same, it means that there will be more investment in the crypto space.
More investment translates to more cash flow in the crypto markets. Therefore, as more people adopt the use of crypto portfolio trackers, so does the amount of money in the markets increase.
The issue of taxing cryptocurrencies has been a topic of discussion in the crypto world for a long time. There hasn’t been a consensus in the direction to take, with some countries imposing taxes and others not doing so.
For countries that impose crypto taxation, there has also been an issue of how to go about it. Some countries have strict regulations in place, while others only have vague guidelines. Either way, you will need to file your crypto taxes, if you want to stay on the right side of the law.
Some crypto portfolio trackers make it easier for you to file your taxes. These trackers keep accurate records of all your digital assets and are compatible with the tax system in various countries. Some even have guidelines in place to help you file your taxes the correct way and on time.
Many crypto traders will agree that CoinStats is one of the best trackers out there. The tracker, which was founded in 2017, comes with a mobile app. The app is available for both iOs and Android devices, Mac OS, and in the Chrome Web store.
One of the best things about this tracker is that it is an excellent tool for beginners and experienced traders alike. You can either set up your portfolio manually or sync it with your wallet and exchanges and have everything done for you.
CoinStats offers some impressive analytic features. Through the platform, you get to track the prices of more than 7,000 cryptocurrencies from over 300 exchanges. You will receive personalized alerts from around 40 sources, including Twitter and Reddit, for each asset. CoinStats also provides you access to the News section. Here you get to follow the latest happening in the crypto world from a variety of sources. You can even customize what publications to include in your newsfeed.
Getting started with CoinStats is free, and you only need to set up your portfolio to get everything rolling.
Delta by Opus Labs is another great crypto tracker. The free tracker is available as an app for iOS and Android devices. It is ideal for anyone who would love to keep track of their portfolio while on the go.
As is the case with CoinStats, you will get customized news and alerts. You can choose to track the prices of bitcoin and over 5000 other altcoins from seven popular exchanges.
One of the most significant selling points for Delta is its simplistic design. The impeccable look makes the platform quite easy to navigate, even for someone with no prior experience. Delta comes with several other exciting features, such as a Watchlist. This feature lets you create a list of cryptos that you can track, even if not in your portfolio. The platform also automatically tracks airdrops and transactions associated with your wallet.
With a user base of over 5 million people, BlockFolio boasts of being the most popular crypto tracker. The platform supports over 8000 cryptocurrencies in 300+ exchanges. It is available as an app on both iOS and Android devices.
Like other trackers, you only need to connect your portfolio to keep track of the assets’ pricing. You get detailed insights into your portfolio, including profit/loss trends, real-time order books, and breaking news. The customized instant price change alerts ensure that you never miss a trading opportunity.
BlockFolio takes things a notch higher with BlockFolio Signal. This feature ensures one-of-a-kind communication directly from the team behind your tokens. You will receive the latest trusted updates directly from founders and leaders of the cryptos in your portfolio. The platform also supports multiple portfolios, which make it ideal for investors with a variety of assets.
Cryptocurrency portfolio trackers are, undoubtedly, useful tools for any trader. These trading tools make it easier for you to keep up with the price changes in your assets and get the latest news updates.
These trackers have helped the crypto industry achieve some significant numbers. Because they help crypto enthusiasts to manage different digital assets, more people are open to diversifying their portfolios.
As more trackers hit the markets, we may expect higher numbers in the crypto markets. Investors get to diversify their portfolios with different digital assets through crypto trackers, which offer more info to cryptos that are not popular but pose significant rallies in the market.
Regardless of the kind of investor that you are, you will agree that crypto trackers can come in handy. So, why don’t you check out some of the suggestions above? You are sure to get one that works for you and will help you tons when it comes to crypto trading.
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