Hello my Crypto Currency Enthusiasts!
On my first post of this series , I shared a very broad outline for rookies to understand before daring to take on the waves of the crypto market. Its worth a quick glance, but not necessary for understanding this post. In this post, I will share the top tools, applications, and websites I use to make accurate predictions on certain crypto currency assets. Lets get started!
One note to be taken before sharing these strategies is to know that Pumps and Dumps surely exist in the crypto market, and although reading what others have to say is important, you must be in the mindset to understand if the information is true, accurate, or just a straight up manipulation. Ill touch up on this comment throughout the post.
CoinMarketCap
I would be surprised if you haven’t at least heard of CoinMarketCap yet. Regardless, if its your first time researching a currency, this is the place to come. CoinMarketCaps most useful feature is that is supplies a graph for the history of the currency that you can view according to parameters you control. The market tab also shows you were the particular currency is traded. This is actually EXTREMELY important for news gathering and its effect on price. If most of the volume is coming from Bithumb, we can assume Korean based news is going to have a bigger impact on the price than US news. It also helps you know at what time you expect the news to take action on the price since peoples time zones are different. Anyway, there is also a social media tab, but were better than that. We need to dig deeper. From here, we can get a good idea of what we are dealing with, if its currently bullish or falling. To the left, there will be a link to the official organizations website. Not only is CoinMarketCap useful to briefly view what's going on with the currency, but you can feel safe its redirecting you the official website and not a clone, which is more common than you think. Crypto Currencies attract nerd, nerds hack stuff. Lets move on.
We will continue to use Ethereum for the sake of this post. There are 2 reasons why we come to the organizations website.
General Knowledge about the function of the coin (Look for whitepaper and/or roadmap)
Community
General Knowledge is a must about the currency before you think about investing in it. The Ethereum website does a great job at this.
If you can find a roadmap or white paper, its worth taking a look at. Sometimes just looking at a roadmap can let you know when you should be looking out for gains before the event hits. For example, Brass (a service) is about to be released soon according to Golems roadmap and its already causing some hype in the price.
If we come to the bottom of the Ethereum website, we can view the community.
GET IN THESE
These are the most important part in finding out how the community feels about the currency and/or project. Especially on reddit, your friends will link you to helpful current news when they find it. Just remember everyone here is to make money in the long run with these new technologies. Don't believe everything they say, but just take note, and add it in to your evaluation.
That'll sum it up for this post, but I will be posting another expanding on this same topic.
Good night my fellow millionaires!
Feel free to please leave me some comments.