Crypto Academy Season 3 Week 6[Beginner's Course] Cryptocurrency Investment Tools ||Homework For Prof. @reminiscence01 by @cinnymartins
1 a) Explain CoinGecko and why it is a good cryptocurrency investment tool.
b) Explore CoinGecko and explain at least 5 unique features of the platform (Take a screenshot of the page).
2 a) Give a brief explanation of Tradingview platform.
b) Explain the steps involved in adding indicators on Tradingview chart. You can add any indicator of your choice except moving average. (Screenshots required)
c) With relevant screenshots, illustrate how to modify the indicator you have added to your chart.
3 a) In your own words, explain cryptocurrency Portfolio and Watchlist.
b) Explain the need for Portfolio management.
c) Select 5 cryptocurrency assets you wish to add to your Watchlist and explain your reason for selecting each of them. (Show screenshot of your Watchlist. It can be any platform).
EXPLAIN COINGECKO AND WHY IT IS A GOOD CRYPTOCURRENCY INVESTMENT TOOL
To the best of my knowledge, CoinGecko is a cryptocurrency monitoring website where traders get necessary information about the prices of crypto assets. It is an independent source that helps helps cryptocurrency traders to analyze the crypto market. Far from that, it is a platform where traders but new and advanced access to track the value of a coin and also know how popular a particular coin is by relying on the activity rate if that particular coin online.
In a world like ours where thousands of cryptocurrencies are being launched in a month, no matter how experienced a crypto trader is, it becomes highly impossible to predict the best cryptocurrency to invest in but with the aid of CoinGecko, it becomes easier to track the best time to make an investment as well as when to sell.
CoinGecko site was launched on April 2014 by Bobby CE Ong and TM Lee. It was designed to track the trading volume of a cryptocurrency and also have a grasp of the growth of a particular coin. One good thing about the CoinGecko is that unlike other platforms, it does not give its users a shallow analysis about a particular coin but rather a depth analysis of what the market looks like and with this knowledge, the trader understands the driving factors of the crypto market.
WHY IS IT A GOOD TRADING TOOL?
Having made mention of CoinGecko being a cryptocurrency monitoring website that gives a trader an overview of what the crypto market looks like and providing him with fundamental details about a crypto assets, I would love to say that CoinGecko stands tall amongst other platforms and I can say it is a good cryptocurrency investment tool for the following reasons:
It can be used to maximize ones profit and design ones trading according to his risk level per time.
Another reason I consider CoinGecko a good trading tool is because it serves as a trader's guide.
It helps you manage your risk and understand what drives the crypto market.
Buying and selling of crypto assets becomes easier using CoinGecko and most times, this is simultaneous.
The platform is a very reliable one as it gives a detailed analysis of a cryptocurrency.
Trading of assets becomes easier as the platform is user friendly.
EXPLORE COINGECKO AND EXPLAIN AT LEAST 5 UNIQUE FEATURES OF THE PLATFORM
To explore CoinGecko you should first of all visit the website at and personally I accessed this website with a mobile phone and for that reason, some features of the website did not reflect as seen below.
The CoinGecko website contains important data like number of coins launched on the website, exchange, market capitalisation, volume which happens to be in 24 hours and the Dominance coin which is Bitcoin followed by Ethereum.
Next we have the lists of coins across active exchange tracked by CoinGecko in order of preeminence. With important data like their prices, volume, market cap, last 7days chart and so on.
Next I was able to access another page still on CoinGecko website which contains some options or features of which some of them are contained in the home page.
EXPLAIN AT LEAST 5 UNIQUE FEATURES OF THE PLATFORM
Exchange: Cryptocurrency traders can identify assets with the help of exchange ranking. Under this feature, you get to access options like Spot, DEX and Derivatives.
Resources: Options like Earn cryptocurrency, compare coins, Bitcoin halving, yield farming, explore all coins come under this feature. With these informations detailed, the trader is armed with all he needs about the crypto assets.
Community: Under the community feature, traders can connect with other traders around the globe with the help of social media like Twitter, Facebook, telegram, discord, YouTube channels, Instagram and the likes of it.
Publications: This is Avery important feature for every trader as it helps him to access informations like How to DeFi, How to Bitcoin. He can also have a great knowledge about cryptocurrency by accessing crypto reports, newsletters,Blog, Books, CoinGecko guides, glossaries and so on
Coins: Under this feature, important information that can guide the trader on assets to invest in are contained like coin ranking, recently added coins, market cap, high volumes, categories of crypto in the market etc.
GIVE A BRIEF EXPLANATION OF TRADING VIEW PLATFORM
Trading view is a social networking software both for old and new traders that contains a cloud based charting tool which enable users connect with each other.
It is basically a charting platform but far from that, it also contains features that makes it possible for traders, market analysts and investors to connect and share their ideas about the market.
It is a good platform that facilitates the growth of a trader as long as he or she is actively involved in the community engagement. It is an environment where traders are enlightened on manifold strategies and ideas that can help accelerate his growth.
Trading on its own involves risk, so in other to help a trader minimize risk and maximize profits, Trading view platform equips the trader with everything he needs to improve and as well trade responsibly.
EXPLAIN THE STEPS INVOLVED IN ADDING INDICATORS ON TRADING VIEW CHART. YOU CAN ADD ANY INDICATOR OF YOUR CHOICE EXCEPT MOVING AVERAGES.
To do this, you need to access the website but because I already have the application in my mobile phone, I proceeded to using it directly and below is what the trading view app looks like.
- First I clicked on it and the first page that showed was the watchlist.
Note: This might be different from any other user as my own version is likely to be different from others.
From my watchlist,I selected the currency of my choice which is BTC/USDT and next the chart page opened up.
- From this page, I selected the indicator icon which is represented by fx and then the page to select my desired indicator resurfaced.
- My desired indicator happens to be the first one on the list which is Accumulation/Distribution and I clicked on it to be added on the chart as seen below.
This is a simple step to add indicators to the trading view platform.
WITH RELEVANT SCREENSHOTS, ILLUSTRATE HOW TO MODIFY THE INDICATOR YOU HAVE ADDED TO YOUR CHART
To do this, I had to long tap the indicator I added to my chart and I clicked on thesetting icon that showed up as seen below.
It took me to the next page where I need to modify the necessary settings on the indicator I chosed and this is seen below
After making modifications on my inputs, styles and visibility I clicked onOK and it reflected on my indicator in the chart as seen below.
IN YOUR OWN WORDS, EXPLAIN CRYPTOCURRENCY PORTFOLIO AND WATCHLIST
Cryptocurrency portfolio is a platform that tends to manage the investment of traders online. It is a software that provides an investor with analytical tools to track the performance of each coin. With this platform, a crypto trader can monitor his or her coins and when this is thoroughly done, the trader gets to maximize profits.
To be able to do this, one much First of all have a portfolio account and with the help of a portfolio, a trader is armed with necessary day like market cap, coin price, price chart of the coin in 7 days interval. With portfolio, traders can compare their cryptocurrency investments to see which assets are performing better than the other. In some cases, portfolio provides the trader with live feeds and price updates from different verified cryptocurrency exchanges.
CRYPTOCURRENCY WATCHLIST
As the name implies, a watchlist is a list of cryptocurrencies that a trader gives maximum attention by keeping a watch over it. With over thousands of cryptocurrencies launched and available in the digital market, it becomes Paramount for a trader to select his favorite coins as watchlist so as to monitor the market value of those assets.
With watchlist, a trader is covered even when changes occur in the market prices of those coins because risks are better minimized and profits maximized.
EXPLAIN THE NEED FOR PORTFOLIO MANAGEMENT
Portfolio management is succinctly described as the ability of a trader to select and properly manage his risks in trading and it is a very important tool every trader should embrace. The following are some of its importance:
Portfolio management is one strategy traders embraces to minimize losses when necessary. investors can keep track of the assets that perform well and those that don't by virtue of portfolio management.
Another significant role of portfolio management is that trader after evaluating the market use it to make setting that will suit their profit level.
A well-Managed portfolio would help the trader minimize risk and increase his chances of making profits.
With good portfolio management, a trader has detailed data about his desired cryptocurrency and is properly guided while making investments.
SELECT 5 CRYPTOCURRENCIES YOU WISH TO ADD TO YOUR WATCHLIST AND EXPLAIN YOUR REASONS FOR SELECTING EACH OF THEM
I already have a watchlist now with 6 cryptocurrencies but my top 5 are:
Trx
Btt
Shiba
Steem
Hot.
And my reason for having those coins in my way hlist is so I can closely monitor them than I do to other coins. I will explain why.TRX: Currently Trx price is $0.069 and it is listed 28 on CoinGecko website. Trx was formerly built on Ethereum blockchain although it now has its own platform. It has been a promising token that I so much believe in and love it for a long time investment.
BTT: Currently ranking 54 on CoinGecko website and is sold at the price of $0.0034. specially, I love this coin because it is affordable at the moment and a good investment too. Before now, Btt token has risen 3 times its current price now and will do more in the nearest future.
Shiba: Shiba coin is a meme coin ranking 45 in CoinGecko website. Its current price is $0.000006. what really attracted me into making investment in this coin is the price as one can invest as much as he wants with just a token. Even though I have more of this coin, I will still invest more in future.
Steem: I would like to say that the consciousness that steemit has come to stay was what inspired me into investing in this coin and adding it to my watchlist as steemit is a business of steem. This is a very promising coin and would not disappoint its investors. It is currently at the price of $0.49.
Hot: Hot is a crypto assets powering Holochain. It is currently at the price of $0.0064 and just like other coins I invested in and added to my watchlist, it is a very affordable coin and promising at that.
CONCLUSION
I would say that it was worth it coming under this lecture has been an eye opener as I was able to learn about the CoinGecko website, it's unique features, portfolio and more about watchlist and I must say it is worth it.
Hello @cinnymartins , 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:
Observations:
You were required to present relevant screenshots here.
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You have produced an amazing content. Thank you for completing your homework task.
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