Cryptocurrencies are a relatively new asset class, but they have taken the world by storm. The market is volatile, which makes tracking crypto portfolios more important than ever. In this article, we will discuss the various ways a self-investor can track their crypto portfolio and consolidate important information in one place.
Tracking Your Cryptocurrency Portfolio
Here are some tools and methods you can use to track your cryptocurrency portfolio:
1. Coinmarketcap:
Coinmarketcap.com is one of the best platforms to track your crypto portfolio. Once you add your holdings onto the platform, it displays the current market value of all your cryptocurrencies in one place. Coinmarketcap has a user-friendly interface and provides options to filter cryptocurrencies based on market capitalization, current price, and trading volume.
2. Blockfolio:
Blockfolio is a mobile app that helps you track your cryptocurrency portfolio. It is easy to use and shows charts and graphs that help you analyze your portfolio performance over time. It is a popular choice among cryptocurrency traders as it provides real-time updates on market prices, news, and analysis.
3. Cryptoportfolio:
Cryptoportfolio is another amazing platform built expressly for tracking cryptocurrency portfolios. It helps you monitor the performance of your crypto-assets, such as Bitcoin, Ethereum, Litecoin, or any other cryptocurrency. It allows investors to set their target holdings for each asset so it can alert you when you reach or exceed your goal.
4. Delta:
Delta helps you monitor your cryptocurrency holdings and sends you daily or weekly updates on your investments. It provides analysis of your portfolio holdings, which can be helpful in making investment decisions. Delta also allows investors to set price alerts, track trading history, and view global cryptocurrency news.
5. Binance:
Binance is a trading platform, but it also allows investors to track their crypto-assets and monitor their portfolio performance. It is perfect for people who have invested in cryptocurrencies on their platform. However, it is not recommended for those who use other wallets or exchanges as using one platform may lead to mismanagement of funds.
Apart from these tools, leading cryptocurrency exchanges like Coinbase or Kraken also provide portfolio tracking tools, and it is worth checking out these platforms if you already have an account there.
FAQs
1. Should I track my crypto portfolio?
Yes, it’s a good idea to track your cryptocurrency portfolio. With high volatility in the market, investing in cryptocurrencies can be risky. By tracking your portfolio and getting real-time updates on market conditions, trends, and other factors that impact performance, you can make better decisions about when to buy, sell or hold your investments.
2. Which cryptocurrency tracker is the best?
It depends on your needs and preferences. All of the platforms mentioned above have their pros and cons. Coinmarketcap is great for beginners, while Blockfolio is for people who want to monitor their portfolios on a mobile device. If you use Binance, you can track your portfolio there, and Coinbase provides crypto tracking tools for its users. It is best to try each of these and decide which one suits your investment style and goals.
3. Can I track my cryptocurrency portfolio for free?
Yes, most of the platforms offering crypto portfolio tracking have a free version. However, some of the features are limited or paywalled, and you may need to sign up for a premium subscription to access them.
4. Is it safe to track my cryptocurrency portfolio?
Yes, using reputable platforms like the ones mentioned above to track your cryptocurrency portfolio is safe. You don’t have to worry about sharing your personal or financial information. However, the platforms will require you to link your wallet or exchange account to monitor your holdings. So, make sure the platform you are using is trustworthy and reputable before sharing your details.
Conclusion
Tracking your cryptocurrency portfolio can be a daunting task, but by using one of the tools mentioned above, it is much easier. Knowing the value of your investments in real-time helps you make informed decisions about when to buy, sell, or hold your assets. It is worth the effort to monitor your portfolio and use it as a tool for investment diversification and management.