I've been involved in crypto for over 5 years now and I've seen a lot of wasted potential, scams, easily avoided mistakes, and negligence. However, I do also understand that in the grand scheme of things, cryptocurrency is still fairly new.
We recently had the Ethereum Merge which was met with a lot of differing opinions; some good, some bad. The reason I believe I've done so well in Crypto is that I've done my research, and I'd like to help you guys do the same.
This is a list of tools that I've been using on a daily basis and come to love, some are new, and some are already well known.
Glassnode
I use glassnode for gauging the current crypto sentiment
If you love raw data, glassnode offers that. Not only is it incredibly clean to read, but it also offers a huge range of data points that any fan of numbers will appreciate. The metrics dashboard is perfect for most traders but they do offer a paid version if you're looking for a further extensive breakdown of the markets.
If this seems daunting, don't worry, they also have a free academy which is essentially a tutorial on how to read charts and investigate on-chain data in depth.
alphaday
A great dashboard tool, I have this set to my \"home\" URL in my browser
Alphaday is a fairly new tool that allows you to keep track of crypto-related news and information all from one hub.
The dashboard itself is customizable and allows you to drag and drop different elements into view as well as connect multiple wallets so you can monitor your tokens and how well your portfolio is doing without any excess steps. I'm personally a huge fan of the Events calendar which breaks down huge cryptocurrency events.
And best of all? It's free.
MarketCapOf
Easy to obsess over but great for planning/dreaming
MarketCapOf is a staple within most Cryptocurrency communities, it allows us to see how our altcoins will perform if they had a market cap of another token. For example, in the picture above you can see if Doge had a market cap of BTC it would be worth $2.78.
It's easy to get overly excited about the numbers this tool provides, but fundamentally it's great for helping you understand the market as a whole and has helped me with comparing my altcoins.
Altcoin Season Index
A fantastic speculation tool for deciding when to flip between Altcoins and Bitcoin
On the topic of Altcoins, Altcoin Season Index is another tool that allows you to work from concept data. In short, when bitcoin pumps, altcoins drop and vice versa. When an altcoin season is typically seen as ending or in a downwards trend many traders will move their funds to Bitcoin in hopes that it will pump with the swing up to "Bitcoin Season" or just keep their funds safe during a bear market.
Take this information with a pinch of salt, as obviously markets can change. But it's a good way of seeing the current market conditions in an easier to understand format.
Crypto Fear & Greed Index
Another speculative tool for estimating market sentiment
The Crypto Fear & Greed Index is another speculative tool that pulls in data from varying sources and uses its own algorithm to determine market sentiment. This can be a great way to know when to buy in and sell, especially if you're a day trader or do swing trading.
The data sources work on a variety of metrics which are as follows: Volatility (25 %), Market Momentum/Volume (25%), Social Media (15%), Dominance (10%), Trends (10%), Surveys (15%) currently paused
Koinly.io - Crypto Tax Software
This tool has saved me a lot of hassle
Koinly is an easy-to-use Crypto Tax software that allows you to hook in varying exchanges and wallets through the use of their API, it's been incredibly useful for both myself and my accountants and has helped save me plenty when using LIFO, HIFO & FIFO methods of declaring my taxes.
You may still need to manually tweak some inputs but for individuals who only use major exchanges this is a game changer and is well worth using for the free version and additionally upgrading should you need it.
Conclusion
Thanks for coming to my /r/CryptoCurrency talk, this is something I've been planning on writing for a while so if you have any suggestions or alternatives please do chuck them in the comments!
Some honorable mentions:
- freqtrade - A FREE self-hosted and fully open-source trading bot written in Python. It does require a little bit of knowledge but once setup is fantastic. It can be controlled via a Web interface or Telegram and is better than most exchanges trading bots.
- 3Commas - This tool much like freqtrade allows you to set up trading bots, but isn't 100% free. The upside is that they have other tools like portfolio rebalancing which is really good if you're looking to diversify your profits.
- Cryptoresearch.report - A personal favorite news blog of mine, nothing more nothing less.
- ccmoons.com - Because who doesn't like earning crypto whilst posting on reddit? ;)
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