Guide on How to Read Coinmarketcap Data for Altcoins Trading
So Bitcoin went down after the bull run, now we have more opportunities on trading and buying altcoins.
The most popular website for checking the global market price moves is http://coinmarketcap.com/
It lists verified by them exchanges and all currency pairs on them, updates live and is a number 1 spot for most altcoin people to look at before buying coins.
Here is a short guide on how to use the site and find good buy or sell opportunities.
1 Just get to the site and look on top coins
If one interest you get inside of it and check markets it trades. If it has just 1 exchange or worse.. 1 exchange that nobody knows - if it had big raise it can be just a pump and dump. I would ignore coins from unknown exchanges.
Ie here we can check STEEM: http://coinmarketcap.com/currencies/steem/#markets
Now if you choosen a currency from here, get to its markets and check charts if its a stbile uptrend/downtrend or rather a manipulation.
2 Check coins that gained most in last 24h
This list will have the most likely pumps and dumps or one exchange currencies. Up here you can find gems that just released and had bullish news dropped but also just scams.
3 Check coins that lost the most
The coins that have many exchanges and are also in point 1 listed here if you check and they had no super bad news - those are most likely investments that will soon raise again. The ones that have volume of like 17 USD are likely a flop. Others - do the research as before.
Now with this 3 easy clicks on this website and a little research you can find new coins to trade and make money off.
I just want to reiterate how important it is to pay attention to volumes when looking at currencies in this manner.
This is quite helpful. Which trading platform do you prefer?
that depends but check my previous posts:
https://steemit.com/crypto/@kingscrown/cryptocurrency-exchanges-you-might-never-hear-of-and-reasons-to-use-them
https://steemit.com/bitcoin/@kingscrown/my-review-of-bitcoin-leverage-trading-platforms-choose-best-one-for-your-needs
https://steemit.com/crypto/@kingscrown/chinese-exchanges-that-you-should-be-keeping-eye-on
Awesome. Thank you
I have been finding these coins and have been successfully identifying these coins. The problem is when I look at the exchanges I don't see those multiplication factors. The buy and sell orders in the past or the chart nothing shows the growth I could see on coinmarketcap
cheers