Hello Steemians,
a. Explanation of CoinGecko and why it is a good cryptocurrency investment tool.
CoinGecko is a crypto data aggregator that provides a fundamental analysis about the crypto market. It is a very useful tool for both old and new crypto investors, that provides crypto traders with bunches of informations at a glance.
It has been operating since early 2014, and so far it has helped crypto investors with market insights as well as the fundamental factors that drives the market. It has tracked over 5,000 tokens, and more than 400 cryptocurrencies exchanges.
The reason why CoinGecko is a good cryptocurrency investment tool is because it helps traders in tracking of prices, volumes, as well as market capitalizations.
It also helps crypto investors to track community growth, major events, open source codes development, as well as on-chain metrics.
b. 5 unique features of CoinGecko includes:
1. Crypto Exchanges:
Crypto exchange is a very important feature of the CoinGecko platform. In a situation where you want to buy or sell a particular coin, all you need to do is to click on the coin, and under the market you would see various pairs and exchanges. You can simply choose any exchange of your choice and perform your trade.
As you can see in the screenshot above, I want to see exchanges available for Dash coin, and I selected the Binance exchange and it automatically directed me to the Binance exchange platform.
2. CoinGecko Trust Score Algorithm:
In CoinGecko, exchanges are ranked basesd on the trust score algorithm. It helps investors to identify exchanges with fake volume issues.
As you can see in the screenshot above under the trust score column, It is displayed in yellow, green, red, or none as the case may be.
3. CoinGecko Portfolio:
This feature can help a trader to easily check his/her crypto holdings/desired coin, by starring them. First you open a CoinGecko account and then star🌟 all your favourite coin to add to Portfolio.
Above are examples of some starred coins.
4. Trending Search:
This feature helps investors to know the latest trending coins in the crypto market. To check trending coins, you simply click on the search bar at the top of the platform.
5. CoinGecko Candy:
This is referred to as our loyalty point system which rewards CoinGecko users. To get this point, sign up to CoinGecko.com, and click on the candy jar at the top right hand corner. This candies can be collected and used to redeem exclusive guddies on our candy reward store. Below is a screenshot of CoinGecko Candy.
a. Brief explanation of Tradingview platform
Tradingview is a website that enables traders to perform analysis on the stock/crypto market. It consists of set of tools and options that helps traders with technical Analysis.
Tradingview is one of the most accurate trading website used by investors, because it has alot of Indicators and timeframes, as well as virtually every necessary tools needed by the trader for an accurate analysis.
b. Steps to adding indicator (Vortex Indicator) to my Tradingview chart
Using the Google search engine, I typed the Tradingview website link to tradingview
And I selected the
BTC/USDpair with a 3 hours timeframe
To add the Vortex Indicator, I clicked on the "Indicator tab"
In the search bar, I typed and selected Vortex Indicator
And Boom! Vortex Indicator was successfully added to my chart.
c. How to modify the VI Indicator in my chart
To configure the VI, I tapped on it, and clicked on the setting icon
I left the period length at 14, while the positive and negative VI were blue and red respectively.
a. Cryptocurrency Portfolio and Watchlist
Cryptocurrency Portfolio: This keeps track of all the cryptocurrencies that I am holding, as long as I star it. Adding a coin to your portfolio will make it easier for you to find and click it. It can equally help a trader that is closely investigating on various crypto coins for quick access. Coins that have been added to your portfolio can still be removed by unstarring them.
Cryptocurrency Watchlist:
Cryptocurrency Watchlist is simply just a few different coins that you are gonna be watching out for, or keeping your eyes closely depending on the duration you are comfortable with (weekly, monthly, or even yearly). This is very important to investors, because some coins usually have upcoming news and a watchlist could be all you need at that moment.
The Need for Portfolio Management
Portfolio Management is the selection and control of an organizations project. The major need for portfolio management is balancing of risks and reward. It won't be wise for any investor to focus or invest all his assets into one project. So it is necessary that an investor invests in a portfolio of investments with different levels of risk and conditions to the market trends .
Another reason for portfolio management is that that market can sometimes be unpredictable and we wouldn't even know which of our investment will do well or fail, so this portfolio management will go a long way to help investors do well in the large market.
Selecting 5 Cryptocurrency Assets to Add to My Watchlist
I will be using the Coinmarketcap to set my watchlist, and below are the 5 coins am watching out for.
1. Cardano
The reason why I choosed to watchout for this coin was because of the news I read about it on the 5th of August 2021. The news stated that investors should look out for this ADA token because the RSI which is above 60 is an indication of an upcoming trend in the market, and that buyers are on the winning side.
2. Dogecoin
Elon Musk recently made a tweet which stated "Release the Doge!", this tweet went a long way in the increase in price of dogecoin. So I be watching it closely so that I can take advantage at the right time.
3. Polkadot
This is a fast growing coin, and in recent weeks the coin have increased significantly. Predictions are stating that a major uptrend might likely occur, so I would be watching this coin closely.
4. Dai
I observed that Dai is a stable crypto coin so am looking to take advantage of it's stability to pair it with other coins. So I want to watch out for the possible change in the coin.
5. SHIBA INU
They have been lots of predictions be divert experts lately that this coin is likely to continue moving further. So because of the positive reviews on this coin lately, I have decided to keep a close watch on it.
Final Words
There is no doubt that CoinGecko is one of the best investment tool for traders in the crypto market, because it provides the trader with basically every necessary information to surf the crypto market. The various features as well as the interface of this platform are very nice.
Tradingview is equally another important investment tool, popularly used to add Indicators to crypto charts, as well as various technical analysis.
This lecture is really an educative one, and I thank professor @reminiscence01 for bringing this topic to us this week.
Hello @preye2 , I’m glad you participated in the 6th Week of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Recommendation / Feedback:
Thank you for participating in this homework task.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for your guidance and remark respected prof. @reminiscence01, I promise to improve in my writing skills
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit