Steemit Crypto Academy Season 3 Week 6 - Homework Post for @reminiscence01 [Cryptocurrency Investment Tools]
On this occasion, I will try to discuss the homework given by the professor @reminiscence01. Alright, let's try.
CoinGecko
CoinGecko
Coingecko is a well-known platform that provides information about cryptocurrencies. Coingecko is usually used by its users to be able to analyze one of the cryptocurrency assets that they will invest in. because in coingecko several features really help traders to get much-needed information such as the price of the asset, charts, exchange lists, and there is an official website page that can be visited through the coingecko platform.
Because the features are very complete and help traders, it can be said that traders are quite comfortable using the coingecko platform to carry out their fundamental analysis, because, before trading, analysis on cryptocurrency assets is very necessary to be able to optimize the selection of the right assets to invest.
Explore CoinGecko
well I'll try to explore some of the features contained in CoinGecko
Recently Added Coins
This feature displays some recently added coins on the coingecko platform we can see from the picture above there are some recently added coins such as DeRace which was just added about 4 hours ago
Top 100 Coins by Trading Volume
This feature displays some of the coins experiencing the highest trading volume, it provides important information that there are a lot of trades on that coin. we can see in the picture above that the coin that experienced the highest trading volume was USDT in the last 24 hours which was $51,244,298,863
Top Decentralized Exchanges
This feature displays these top decentralized exchanges all based on the trading volume we can see in the picture above that the top decentralized exchange is uniswap (v3)
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.
Compare Coins
this feature is very useful for users to be able to compare the two coins of their choice so that they can easily see the two coins to be compared on one page. like the picture above, I can see that I am comparing BTC and ETH
Explore All Coins
In this feature, we can see all the cryptocurrencies contained in coingecko from the first rank onwards. There are thousands of cryptocurrencies in coingecko and we can access this feature.
Tradingview Platform
Tradingview platform.
The Tradingview platform is one of the platforms most often used by traders to carry out a technical analysis because some of the features and indicators on this platform are very helpful for reading charts.
The indicators available on the tradingview platform are very complete, there are many indicators that traders can use to make it easier for them to carry out technical analysis.
The display on tradingview is also quite attractive and can make it easier for users to visually observe the chart, such as several chart patterns can be used for example bar charts, candlestick charts, line charts, and others. you can also edit in terms of color and appearance to make it easier to observe the graph according to each other's wishes
Adding Indicators to Tradingview
- First of all, let's visit https://www.tradingview.com/ and a screen like the one below will appear. then select chart
- After that, we can see the chart according to our choice, I choose (BTC / USD), then select the indicator icon or symbol in the form of Fx as shown in the image below
- Then we can see several choices of indicators that can be used, I took the example of choosing the zig-zag indicator (LUX), as shown in the picture. This indicator is usually used by traders to help define Elliott waves. because the pattern is very easy for us to determine the pattern of the occurrence of Elliot waves
- After that, you can see the zig-zag pattern (LUX) is formed like the graph below
Modifying Indicators On Tradingview
- To modify the indicator you can select the setting options as shown below
- Then you can see the indicator modification options as you wish such as Inputs, styles, visibility
- I take an example I want to modify the color of the lines in the zig-zag pattern and thicken it so that it is easier for me to see the formation of the zig-zag pattern
- You can see the change inline color and thickness after I modified the zig-zag pattern
Portfolio and Watchlist
Cryptocurrency Portfolio and Watchlist.
The cryptocurrency portfolio is one of the strategies of a trader to be able to maximize their profits, not only that with the cryptocurrency portfolio, but traders can also minimize their losses. because managing a portfolio means that traders do not only focus on one cryptocurrency asset, but traders can choose several cryptocurrencies to be included in their portfolio so that their capital does not only focus on one asset.
the watch list is one feature that really helps traders to be able to choose a list of cryptocurrencies to invest in because the number of cryptocurrencies is very large, this feature is very useful to be able to sort out which cryptocurrencies will be monitored. this feature is widely available on cryptocurrency platforms such as tradingview
The Importance of Portfolio Management
portfolio management is very important for a trader because good portfolio management will help traders to be able to optimize their profits. After all, the purpose of trading is to be able to make a profit.
so when you enter several cryptocurrency assets into your portfolio management, when one of your cryptocurrency assets experiences a loss, it can be covered by other cryptocurrencies that experience profits. this is the advantage when we can manage our portfolio well
5 Cryptocurrencies in My Watchlist
Bitcoin (BTC)
The first coin that I put on my watchlist is Bitcoin (BTC) because this coin is the coin that dominates the most among other cryptocurrencies. if we look at coingecko's data, the dominance of this coin reaches 44.41% for now. because the dominance of this coin is very large, it greatly affects other coins in price fluctuations. for now, the price of BTC is $ 38,344 and is ranked 1 among other cryptocurrencies.
Binance coin (BNB)
The next coin that I put on my watchlist is Binance (BNB) because this coin is a coin that has very good potential as a future asset. This coin maintains its price very well and has a coin-burning feature to make the supply of this coin limited which can cause an increase in asset prices. the. according to data from coingecko, this coin is quite promising and is ranked 4th out of other cryptocurrencies. and the current price of BNB is $321.82
Axie Infinity (AXS)
The next coin I put on my watchlist is Axie Infinity (AXS). Axie Infinity (AXS) is a pretty promising project that is engaged in gaming like and we can get these coins by playing the game. In a month that this coin experienced a very high increase in asset prices which we can see in the chart above, even though it is currently in a bearish period, it could turn into a bullish period and continue to increase again. according to coingecko data, the current price of AXS is $38 and ranks 52 compared to other cryptocurrencies
Steem (Steem)
The next coin that I put on my watchlist is Steem. steem is a coin that is earned by users who write on steemit. I put it in my watch because I hold this coin, I think this coin has very good potential as a future asset. for now, according to coingecko the price of steem is $ 0.47 and is ranked 213 of other cryptocurrencies.
Steem Dollars (SBD)
The next coin that I put on my watchlist is Steem Dollars (SBD). SBD is a coin that is also obtained by steemit users by writing. this coin some time ago experienced a very significant price increase so I included it in my monitoring. according to data from coingecko, the current price of SBD is $6.9 and it ranks 432th in the market compared to other cryptocurrencies.
Conclusion
Before trading, doing analysis is very necessary, coingecko is one of the platforms that provide information about cryptocurrencies so that this platform is very appropriate to be used as the right analysis. Tradingview is also a platform that provides features that really help traders to carry out technical analysis with a very attractive appearance and can be adjusted as desired.
Traders must also have a strategy in trading such as managing their trading portfolio so that they can optimize profits and minimize losses
Thanks...
CC: @reminiscence01
Hello @nazlaaulia, 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:
Recommendation / Feedback:
Thank you for completing this homework task.