Steemit Crypto Academy Season 3 Week 6 Homework Task By @deeni1: Cryptocurrency Investment Tools

Hello everyone. I'm very glad to be part of professor @reminiscence01 lecture and I'm here to present my homework task on the topic Cryptocurrency Investment Tools.

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Question 1

(a) Explain CoinGecko and why it is a good cryptocurrency investment tool

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CoinGecko is a cryptocurrency stage established in 2014 and propelled in April by 2 individuals as its co-founders; TM Lee and Bobby Ong. CoinGecko provides users with all the data they ought to know almost about cryptocurrencies. It is a stage that have all the available information on cryptocurrency assets so as to assist crypto lovers and financial specialists find information they are seeking out for to form great choices within the cryptocurrency market.

CoinGecko works from Singapore and gives a wide extend of data on crypto assets like prices, market esteem, market capitalization, news from the world, distributions, investigation from great examiners and so on. Individuals who don't know anything about a certain asset of choice can utilize the coingecko stage as a good starting point. This is often since you'll read generally on what the crypto asset is, the philosophy behind it's creation, and it's trusts for long run.

Considering a crypto asset like bitcoin, with coin gecko its current price in the cryptocurrency market will be shown, its expansion rate and many more about the coin will be shown. With this key data, financial specialists can foresee the prices of bitcoin. Also data about bitcoin's rank within the crypto market, its market cap and day by day volume can effortlessly be accessed on the site.

CoinGecko is really a valuable investment tool since dealers can utilize it to track the method of crypto resources in general. With coingecko dealers who take intrigued in particular assets can include them to their watchlist and portfolios to screen their assets and decide how much they are losing or gaining. Generally, CoinGecko makes different dealers to require great exchanging choices by giving adequate information for crucial examination.

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(b) Explore CoinGecko and explain at least 5 unique features of the platform (Take a screenshot of the page).

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Below are some of the five (5) features i have have come across in exploring CoinGecko;

1. Categories: The Categories feature allows users to gain access information like the coin market capitalization, market volume and prices of the various types of cryptocurrencies in the crypto marketplace.

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2. Recently Added: The Recently added coins feature give users information on coins that have been recently added to the platform. The names of the added coin can be found here, it's current price, when it was added, 24h volume, chain, percentage of holders, developers, socials etc.

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3. Portfolio: Coingecko also provides a portfolio feature that can make it easier for users to monitor the assets they will invest, this can make it easier for users to see the assets they have added, in this feature to be able to add these assets they must first log in.

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4. Exchange: This feature on the CoinGecko platform allows a user the freedom to choose a preferred service from a list of menus. The services are Spot, DEX, Derivatives, etc. Spot gives information on record of exchanges that offers spot services. Derivative gives information on exchanges that allows contract trading.

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5. Coin: This feature helps a users to explore the cryptocurrency market in great detail. You can do this with a wide variety of different filters. For example, you can list coins in a certain price, volume and category. This feature also contain all the crypto asset you will want to know about.

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Question 2

(a) Give a brief explanation of Tradingview platform.

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Tradingview stage is one of the stages most regularly utilized by dealers to carry out a specialized examination since a few of the features and indicators on this stage are exceptionally supportive for perusing charts. The indicators accessible on the tradingview stage are exceptionally complete, there are numerous indicators that dealers can utilize to form it less demanding for them to carry out specialized examination.

The show on tradingview is additionally very appealing and can make it simpler for clients to outwardly watch the chart, such as a few chart designs can be utilized for illustration bar charts, candlestick charts, line charts, and others.

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(b) Explain the steps involved in adding indicators on Tradingview chart. You can add any indicator of your choice except moving average. (Screenshots required)

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Below are the steps involve in adding an indicator on tradingview chart;

Step 1. You first visit the homepage of tradingview using the link (https://www.tradingview.com/).

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Step 2. You now click on indicator from the homepage of tradingview.

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Step 3. Now search the indicator you want to add. I wanted to add the Bollinger Band Indicator so i searched and selected it.

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Step 4. Your indicator is added to the chart successfully.

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(c) With relevant screenshots, illustrate how to modify the indicator you have added to your chart.

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To modify the bolligner bands indicators, I used the below steps in doing that;

Step 1. Click on the Bollinger Band and click on the gear or settings icon.

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Step 2. After clicking on the setting icon, you can change the length, properties, style and visibility of the Bollinger Band. To change the length of the Band you will click on inputs, key in the length you want and click on ok. I changed length to 40.

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Step 3. The length of the Bollinger Band is modified.

Question 3

(a) In your own words, explain cryptocurrency Portfolio and Watchlist.

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Cryptocurrency Portfolio can be alluded to as a bunch of crypto assets claimed by a financial specialist. This involves the determination of a few cryptocurrencies by the financial specialist and designating diverse rates of reserves to them. This technique puts the financial specialist in a win-win circumstance, because it minimizes his misfortunes and increments his chances of getting higher benefits.

Again with cryptocurrency portfolio a financial specialist can monitor the performance of his assets by giving the price rises, price falls and other updates about the crypto assets.

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Watchlist is a feature on cryptocurrency stages that permits you to choose and monitor the execution of a collection of cryptocurrencies. This feature helps an investor to monitor a coin of interest. These chosen coins are checked so that after you think there's likely to be an opportunity you'll contribute, you take that opportunity.

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(b) Explain the need for Portfolio management.

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Portfolio administration is exceptionally essential to a financial specialist who looks for to cut his misfortunes and make benefits within the cryptocurrency market. Some key components like enhancement and resource assignment are exceptionally imperative in portfolio administration.

Broadening alludes to the distinctive sorts of assets and ventures in one’s portfolio. Asset allocation moreover alludes to how the financial specialist isolates up stores for all the assets and speculations within the portfolio. Asset allotment is more approximately chance administration; the different assets within the portfolio decreases the risk chance of a financial specialist.

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(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).

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The 5 cryptocurrency assets i will like to add to my portfolio are, Bitcoin, USDT, Dogecoin, Steem and Cardano.

Bitcoin: BTC is the first coin on my watchlist. It is known that BTC's trend usually affects the prices of other crypto assets and so monitoring BTC would allow me to make a purchase of BTC when its price is low or sell when it goes high. The price of BTC crossed $40000 last week but has gone down to $39,281.13 as at the time i was doing my homework task.

USDT: USDT is currently valued at $1.001, USDT is additionally another coin which ought to show up on my watchlist. It is a stable coin and can be utilized to store funds that are not however valuable without it deteriorating in value. Tether moreover make it easy to exchange in USD identical within the crypto market. It is additionally less demanding to perform spot exchanges utilizing tether since its esteem is consistent.

Dogecoin: Dogecoin is one other coin I would like to add because it has been in a downtrend for a long-term now and I feel it could break that trend. It is currently valued at $0.1983. The influence of Elon Musk has given the Dogecoin an upper hand this year. But the excitement went down when he said Doge was a hustle which saw financial specialists move their minds out of it.

Steem: Another coin that i would like to put on my watchlist is steem. It is a coin that is earned by users who are on the steemit platform. I put it in my watch because I hold this coin and i think this coin has very good potential as a future asset. It has a current value of $0.4818 and is ranked 213 of other cryptocurrencies.

Cardano: Cardano is a cryptocurrency that appears to have a great future. It is as of now worth $1.296 and right now positioned 5th on coinmarket cap. I would like to include ADA to my watchlist since it has got a part of consideration this year and was on a rise as of late. It is as of now in a downtrend and I need to screen it's cost so that when it plunges encourage, I can make a buy.

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My watchlist on Coinmarketcap;

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Conclusion

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To conclude with, CoinGecko may be a stage that can provide a client all data required to form principal examination on crypto assets so as to form great exchanging decisions. CoinGecko has various features like portfolio that can offer assistance to dealers to track the advance of their resources.

Tradingview is also a platform that provides features that really help investors to carry out technical analysis with a very attractive appearance and can be modified as desired.

With this educative lecture, i can now add and modify indicators using tradingview. Thank you all for your time.

@reminiscence01