The cryptocurrency market is rapidly evolving with altcoins entering the stage every day. As an investor looking for the most gains, you need to be agile and fast in navigating the market. To do so, you should make sure you have the right tooling available. One of the essential tools is the cryptocurrency tracker. In this article, we will explain its core functionalities and how it can help you in analyzing the crypto market.
The Core Functionality Of A Cryptocurrency Tracker
To understand what a tracker does, we will look at how it builds on traditional means such as the Excel sheet. Lots of traders are still very keen on Excel sheets: they allow for flexibility and help you to write macros to retrieve real-time market data. Hereby you can create your tabs with your holdings, graphs, and the like. Naturally, it requires knowledge of writing in Visual Basic scripting if you want to properly execute it. This is not the case for a tracker application: it is user-friendly and plug-and-play for the user.
Information When You Need It
This is a functionality that Excel cannot mimic: having up-to-date information about market evolvements for the coins that matter to you. If you want to tailor this experience, you can set up custom push notifications that inform you about certain gains/losses and market developments.
You can also view a detailed analysis of your holdings and trading history. This enables you to understand your trading behavior and analyze what went well and what can be improved. This can be especially helpful for traders who are influenced by sentiment.
Staking Or Mining: Go With The Flow
A cryptocurrency tracker allows you to keep your holdings in your wallets. You simply connect to the wallet by providing your public key. This means that your holdings remain safe and cannot be tampered with: the tracker only retrieves all transactions from the blockchain. This also means that you can continue to participate in staking and mining, allowing your holdings to grow. You can see this growth evolve directly from the tracker.
Fancy The Exchange? Not A Problem
Trackers can communicate with exchanges through API, allowing for a secure connection based on the data you have selected. Hereby you can safely track your holdings within the tracker application. For example, Delta.app can connect with over 300 exchanges around the world.
Searching For The Next Big Thing
A tracker has lots of benefits for coin holders, what about the functionality to find the next big thing? You can analyze the market to see what else is out there. For example, you can view team information, trend charts, and transaction volumes. This provides you with a solid base to invest in. You can also add them to your watchlist, allowing you to see prices as well as receive news on the development of the coin. This is especially helpful if you are waiting for a better moment to buy.
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