Coinmarket cap (Brief overview)
Id say id check this website at least once a day, it can tell us valuable information at a glance, for nearly all crypto currencies in existence.
Price - it can tell us the price per coin/token.
Circulating supply – This is the amount of coins that are available on the market to buy.
Total supply – This is the total supply of coins, Companies often lock their coins up in smart contracts for a few years, so there is an incentive for them to work hard on their project! But also it sends out the message to the community that, 'we believe in ourselves so much we won’t touch our coins for two years!'
Market Cap - This is the Price per coin/token X Circulating supply. This is a valuable tool as it will give the valuation of the Coin/token! It is very useful when comparing projects. This is the tool you should use and not price, when comparing projects against one another.
Volume – This tells you how much of said coin/token has been traded in a 24 hour period. If a coin has a lot of volume, there is a lot of buyer/seller pressure, conversely if there is low volume it may be hard to sell your coins!
NB beware: Some coins will show tremendous gains on coin market cap, and you may be tempted to jump into them! But if there volume is low! It could be a pump an dump scam, and you may be left stuck unable to sell your coins.
Exchanges – When you click on a coin it will show where the coin is traded! As well as which exchanges have the most volume, its preferable to trade on an exchange that has high volume as your trades will be processed more quickly, and often times is a much better representation of the market price.
%Change – Probably the most powerful tool, coinmarket cap offers the ability to track the changes between coins in a 24 hour period. This could be Change in USD price, or even Changes relative to other coins such as BTC/ETH. So you can check the changes in volume/price/marketcap etc. Very powerful when analysing market sentiment
Thanks for Reading
Disclaimer : All investing is speculative. This isn't financial advice. Just one man's opinion of a complex fractal world with infinite variables, affecting the system, at exactly the same time.
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