For those of you who follow our beginner’s guide to coding, you should feel fairly confident now. We’ve reviewed all the basics – from how blockchain technology works, to the different types of cryptocurrencies, stablecoins, NFTs and DeFi.
in partnership with LunoWe also emphasized the importance of doing research the right way so that you are always equipped to make informed decisions. Although this space offers a lot of opportunities, there are also a lot of dangers and misinformation. Scam projects and scams are becoming pervasive in the crypto space, and it is imperative to learn how to spot red flags.
At this point, you may have realized that investing in cryptocurrency can be a time consuming process – even more than traditional, highly regulated financing – and the responsibility to protect your assets remains primarily with you.
In the latest edition of our series, we’ll look at 10 free tools that can help make life easier and guide you through the ever-changing world of crypto. These cover a wide range of uses including charting, price analysis, and portfolio tracking.
Price tracking and portfolio management
When you decide to buy a cryptocurrency, you want to check the price it is trading at and find a good entry point. CoinMarketCap And the Queen Gekko They are two of the most used websites for this purpose. The former tracks over 20,000 different coins, while the latter tracks around 12,000 coins. Both sites list new coins on a daily basis.
Price information is freely available to all users without the need for a subscription. It is possible to look at historical prices for coins, often dating back to years or when the coin was first introduced.
Besides, both sites also report stats like the highest and lowest price a coin has been traded for in a certain period of time. This can be useful in gauging the sentiment around the currency you are looking to invest in.
By creating a free account on any website, users can also access their wallet trackers. This allows you to manually enter the coins you’ve invested in – the amount and purchase price – and track their value over time.
For those who invest in stock markets as well, Delta It is an all-in-one wallet tracker to consider using it. The app lets you track your investments on the go – crypto, NFT, stocks – using the same interface. Delta is free to download on Google Play and the App Store, and is only available for use on phones and tablets.
Analytics is one step beyond price tracking. This involves using the wide range of information available on the blockchain – price movements, number of active wallets, transaction fees – to give you an idea of future performance.
Most crypto analytics platforms only offer real-time data analytics as part of their paid subscription plans. However, they may also have free plans that usually provide enough insights for retail investors.
glass It is a beginner-friendly platform, which provides access to essential metrics like market capitalization, transaction rate, and conversion volume for free. There are descriptions that explain the purpose of each metric, and users can also compare different metrics on the same graph.
Using quantitative data is an important part of researching a cryptocurrency as it can help provide objective insight.
For example, if you see someone praising the potential of cryptocurrency on Twitter, it is hard to tell if their visions are legitimate or if they are simply promoting projects because they have invested in them and want to make the hype more.
The latter is a popular form of cryptocurrency promotion known as shilling. Communities try to draw attention to their project on social media, using information that may not always be correct or designed to improve clicks, also known as clickbait.
People may use fake accounts to make it look like a project has more followers than there actually is. Through data analytics, you can check the number of wallets that actually contain the cryptocurrency of the said project and make a judgment on your own. This can help establish whether the community is legitimate or not.
Emotion It is another popular analytics tool that offers a free plan. Users can create their own personal watchlists, and access up to two years of historical data, albeit with a difference of 30 days.
If you are looking to engage in your own technical analysis, TradingView It is the ideal platform for reading charts, drawing indicators, and testing strategies. The platform has always been very popular among stock traders and over the years it has introduced cryptocurrencies as well.
TradingView offers free access to a wide range of indicators, although users will have to look elsewhere to learn how to understand them. Those already familiar can get started right away and start planning their investment strategy.
The platform allows the community to create and share their scripts well. These are lines of code, which can interpret price information and prove useful in determining future trends. With these scripts, users are free to test their theories about market movements and gauge how well their strategies are performing based on historical data.
While this beginner’s guide gives you everything you need to get started with coding, there will always be a need to continue building your knowledge, learn about new trends, and even read on again if things get a little murky. The crypto space is constantly changing and to ensure that you are making the right investments, it is important to stay informed.
Luno takes coding education to the next level with Discover Luno. It provides daily cryptocurrency updates, weekly roundups, development news, as well as a variety of how-to content for both beginners and advanced crypto enthusiasts. The content is written to be easy to understand and free of jargon.
If you like to read on the go, Luno Discover is also available within the Luno app and is free to download. Even if you only have a minute, there’s a lot Luno Discover can teach you in that time.
To get smaller doses of cryptocurrency knowledge on the go, it is also worth subscribing to it Luno Telegram Channel and follow them in luno_sg on Instagram. It’s a way to stay up-to-date with all of the day’s headlines, and if any catches your eye, there’s always a link to read and learn more. Challenge what you’ve learned through their weekly pop quiz – if you get it wrong, don’t worry because explainers are always available.
Finally, for those looking to invest in NFTs, knowing historical floor prices – the lowest price an NFT is offered from a pool for sale – can be helpful in making a buying decision. It also helps to know how many sales the group sees per day. This can tell you the demand for a particular set of NFTs.
Different blockchains tend to have their own implementations designed to track NFT prices. NFT Price Floor and Solsniper are popular trackers of the Ethereum and Solana blockchain, respectively.
Since NFTs can be listed in different markets, these trackers can help ensure that you get the best deal.
For example, the lowest price for an NFT kit might be 20SOL on Magic Eden Market, but 18SOL on OpenSea. Solsniper can save you the trouble of checking each market individually, and instead lets you know the lowest price you can buy an NFT for.
Solsniper has charting tools built right into the TradingView website, allowing users to perform technical analysis of NFT price movements as well. The website also keeps track of the unique holders of each NFT, and the number of NFTs held by the top 50 owners.
If the supply of an NFT set is concentrated among a small number of holders, there is always a risk that they can dispose of their possessions and affect the price significantly. This is an important data point to consider when looking at NFTs. Just like with crypto, quantitative data can help you make better investment decisions here too.
With that being said, we’ve come to the end of our beginner’s guide to coding. You should now have everything you need to take your first steps in this exciting world.
This guide was created as part of Luno’s ongoing mission to encourage responsible participation in coding. In this ever-growing space, it is important to make education a priority and ensure that users – new and experienced – are well-informed to make the right investment decisions. If you feel the need for a refresher, revisit the other parts of the guide linked below.
This article is part of a six-part series to a beginner’s guide to coding. You can check out other articles here:
– Part 1: Blockchain and Cryptocurrency
– Part Two: Types of Coins and Their Risks
– Part 3: NFTs, DeFi, and the metaverse
– Part 4: Stable Coins
– Part Five: HOW TO “DYOR”
This article was written in collaboration with Luno.
This partnership between Vulcan Post and Luno is for educational purposes only. Luno Singapore has been granted initial approval by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Cryptocurrency is a high-risk investment. The value of the cryptocurrency can fluctuate greatly and you may lose the capital you invest. Before investing, we urge you to educate yourself about cryptocurrencies and learn about the risks involved, which are detailed in Luno Hazard Warning.
Featured image credit: CoinGecko/Luno/Delta/Art Haus
#Free #Encryption #Tools