Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,09 trillion. Bitcoin is up by over 2% to reach around $27,200. Ethereum increased by nearly 6% to close to $1,700. XRP gained almost 2% in value during a highly volatile week. Almost all altcoins are trading in the green, with virtually no exceptions. The DeFi sector maintains the total value of protocols (TVL)…
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10 Tools Every Cryptocurrency Investor Must Have From Day One
The growth of the cryptocurrency world is enormous, which has been a point of attraction for many investors worldwide to maximize their incomes. However, although highly beneficial, getting things done right when investing in crypto without cryptocurrency analysis tools is not easy.
The processes involved in trading, exchanging, trading, storing, buying, and tracking transactions can be complicated. With the right crypto analysis tools, investors will gain fortunes from trading.
This guide discusses vital tools that all crypto users must have from the day they join the crypto world. The tools mentioned below will help you start investing and begin making profits later.
1. CoinMarketCap
Coinmarketcap is the most used platform for tracking the overall performance of cryptocurrencies. Its commonality arises from being among the eldest and most trusted crypto analysis networks.
Investors use it several times to follow up on a particular crypto asset’s general growth in market caps. This network updates every day. As such, it does not give misleading information about the asset’s financial position.
Additionally, Coinmarketcap displays information about the real-time volumes, the price surges, and the chart of the preceding seven-day period. This platform has over 8 thousand crypto assets support.
If you are a beginner or experienced crypto user, you need the Coinmarketcap platform for your daily crypto adventures.
2. Crypto Wallet
A wallet for coin storage is the primary thing every investor should have when signing up for crypto trading.
An online wallet is advised if you are storing on a short-term basis, but you need to get a cold wallet that holds your addresses on the hardware and not on bandwidth in the case of long-term storage.
Among the best cold and hot wallets include;
- Cold wallets like Ledger Nano S and Trezor One will protect the investor’s private address and assets.
- Hot wallets like Exodus, Mycelium, and Electrum provide unique capabilities for excellent user control.
3. Exchange Platform
Exchange platforms exist, but only some thrive in service provision and tower over the rest.
- Binance: One exchange you must have to maximize crypto use is Binance. This platform hosts more than 100 coins and has relatively low transaction fees.
- Coinbase: Another common exchange platform is Coinbase, but it hosts a relatively less number of assets
4. Portfolio Tracker Tools
Large-scale crypto investors often aim to diversify their assets and create portfolios to maximize returns. For instance, one may have invested a significant amount in Bitcoin and Ethereum but other smaller amounts in other less productive assets with good prospects.
However, the mathematics behind portfolio analysis is complicated, especially for people without financial backgrounds. As such, the crypto portfolio tracking tools will be of great help.
The following are some of the best portfolio trackers:
- Blockfolio
- Delta
- Cointracking
- Coinstats
5. Crypto Rebalancing Tools
Whenever you run a cryptocurrency portfolio, you will have to rebalance the portfolio to maximize your income from time to time. The crypto rebalancing tools will help you by automatically rebalancing your crypto portfolio depending on your set parameters. A good example is 3commas, which offers rebalancing options.
6. Crypto Trading Bots
Any digital asset investor would want to maximize their gain by trading their Crypto assets. Therefore, another essential application tool you should own to assist you in your crypto endeavors is a good crypto trading bot. One such tool is the HaasOnline bot.
7. Crypto Tax Tool
Crypto taxing is quite a tussling task; every crypto trader feels that too. The crypto world is so complicated. Analyzing data is hard, but taxing is even more challenging.
Therefore, a crypto enthusiast should leverage tax tools to help you organize your crypto tax problems. Among the best taxing tools include:
- Accointing.com allows you to import your historical transaction data, after which they calculate your tax liability
- Token tax platform offers taxing services at affordable rates.
8. Crypto Calendar
A crypto calendar platform is a network that majors in displaying the schedule of different activities in the crypto world. Using these platforms, you can always take advantage of some of the best opportunities in the crypto world.
Here are some excellent crypto calendar platforms;
- Coinmarketcal
- ICO calendar
- Coin Calendar
- Cryptocurrency coin event
- Wiser ICO
9. Mining Tools
Mining is primarily the process of participating in transaction validation and releasing blocks. There are many mining platforms in the crypto world; thus, you should thoroughly research the best platform and results.
10. Block Explorers
A block explorer is primarily a platform allowing you to view network transaction data. Block explorers help you trace the transaction’s status by searching your wallet address.
Blockchain.com and Etherscan are among the best block explorers in the crypto world.
Conclusion
All crypto investors must have the best crypto services tools to survive and thrive in crypto. Among the tools include coinmarketcap, crypto tracker, cold wallets, mining tools, blockchain explorers, etc. Using such will guarantee an investor an easy time trading assets.
However, there are even more platforms offering other valuable services. Take, for instance, crypto-related news, blogs, and articles released by the Crypto Adventure platform and other news platforms.
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Others include mining calculators, network statistics, and many others. Taking advantage of the platforms highlighted above is the first step to ensuring you have the best future in crypto trading.
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