If you’re just starting out with cryptocurrency trading, let us give you a helping hand. Every successful trader has some go-to resources they need. These are the must-see sites and places to visit to gauge the state of the market, gain analytical insights, and find out breaking news. So, if you haven’t already, be sure to add these five awesome resources to you your crypto trading tools.
5 Resources to Add to Your Crypto Trading Tools
Millions of traders in the cryptocurrency space rely on CoinMarketCap as their go-to source for price information and changes. It’s probably the best-known source of accurate cryptocurrency data, at least if you’re taking market cap as a key metric. CoinMarketCap isn’t the place to go for a holistic experience, in that this isn’t the place for breaking news.
You can get a high-level overview of over 3,000 crypto coins and token though and analyze their performance over your chosen time period. It also ranks exchanges by both reported and adjusted volume and allows you to take historical snapshots of the market if you want to compare, say, last year’s November with this year.
If you find CoinMarketCap a little too bare-bones for your needs, you might want to try using CoinGecko instead. You’ll notice that it has a very similar layout to CMC, but its chart has an additional feature that allows you to see the hourly, 24-hour, and weekly change of all coins at a glance.
In addition to that, you can click on its news tab and immediately find out the key topics of the moment as CoinGecko aggregates news from all the major crypto sites. It also has a little more in-depth information on all coins (more than 6,000!) and you can catch the latest announcements and updates from most projects here, making it one of the more comprehensive resources to add to your crypto trading tools.
Don’t be put off by the complex user interface. If you’re serious about your crypto trading tools, you’ll need to get used to seeing plenty of numbers in red and green. While CoinMarketCap and CoinGecko are great places for an overview or a snapshot, Coinalyze goes into way more depth and gives you a lot more options.
For example, you can set up alerts for price changes on your favorite coins (although, you may end up disabling this feature when you realize how frequently the price fluctuates). Especially useful for traders is the fact that this platform scans all the cryptos it lists and points out technical analysis indicators as they appear. This means that you won’t have to spend hours charting on sites like TradingView.
Reddit can seem highly obnoxious if you’re new to it with a hideous design and plenty of ridiculous comments. However, Reddit can be a powerful tool and one of the best sources of breaking news in the crypto industry along with Twitter. Once you filter your way through the noise, you’ll see that you can learn a lot from the active Reddit crypto community.
You can join what is called a “subreddit” group to interact and engage with the Bitcoin or Ethereum communities, for example. You’ll often gauge the sentiment in the market from the content here. You can also use it to find out more information in a (mostly) helpful environment. So, if you want to know more about bitcoin futures or no fee trading, you can ask someone your question in the group.
Another site that’s not easy to look at, CryptoPanic is worth a mention if you’re interested in finding out the latest news from all sites in one place. CryptoPanic even pulls news from articles, Reddit, mainstream media, company blogs to deliver all the salient points you need to know. Not only that, but it lets members vote on the quality of the content, so you can see whether a piece of news is considered a trustworthy source or not.
As Digitex Futures gets ready to open up our testnet, we have plenty of plans to help you become better traders along the way. However, no trader should start the day without at least a quick glance at these key resources to add to your crypto trading tools.