Blockchain, exchanges, cryptocurrencies, decentralized finance, tokens, spread, cold and hot wallets — if all these words give you a headache, don’t worry since you’re not alone in this boat. The burgeoning crypto industry is striving to become an important, if not the main, part of the global economy, introducing its currency and services, as opposed to traditional finance. But alas, all this is in the distant future because not everyone can understand all the technologies behind this market, which is quite complicated. But if you already know a little about cryptocurrencies and even have some experience in trading them, you should know about quotes. In our article, we will tell you all about cryptocurrencies prices and how to follow them.
Explaining the Concept of Quotes
A quote is the price of a commodity that a seller or a buyer announces to make a trade. It is the price at which the former or the latter is willing to buy or sell. Cryptocurrencies and pairs of cryptocurrencies to different world currencies can also act like commodities. The most popular cryptocurrency pairs are pairs to the dollar. Accordingly, the quotation of cryptocurrencies is the price of one cryptocurrency (base) expressed in units of another currency (quoted).
Tracking Cryptocurrency Quotes
Since almost all strategies for earning cryptocurrency are based on volatility, namely on the difference in value during a day (and even during nighttime because the crypto market never stops), a trader cannot do without online quotes. There is no basis for opening/closing trades without actual quote data. Real information about the value serves as a starting point for all strategic decisions.
Where to Track?
To check the price of crypto (for example, Ethereum charts), you can find many special services, broker exchanges, sites, and programs on the Internet. Bots, which react to quotation changes in seconds, also become popular. Here are some examples:
- Specialized resources allow you to track rates in real-time online. The information is always honest and useful. Often, such information sites are maintained by professionals, who also write their expert opinion on a particular pair. In addition, cryptocurrencies platforms offer ratings of all types of electronic money. They contain indicators such as the ratio to the dollar, daily trading volumes, and the size of the market capitalization.
- Popular apps or, as they are also called, crypto alarms are available for download on any phone and tablet, This is another option to avoid missing price changes. The app adjusts to a specific coin and alerts you to changes in its price.
- You can also find someone to help you stay up to date on new developments. Many experts charge fees for signals and their forecasts, but the responsibility for the outcome remains solely on you.
- However, the most convenient way to keep track of the rates is a cryptocurrency exchange. It is possible to make deals and check the data without leaving the site. This option will suit experienced traders who are ready to make deals.
Why Do I Need to Know This?
Currencies, especially crypto, are highly volatile. Traders make money on the fact that the value of coins changes sharply, going up or down. Therefore, investors should carefully follow the changes and read the latest news in order to sell their assets at a higher price when it goes up or to buy coins cheaper if the price falls. Such knowledge makes it possible to calculate profits on special calculators.