Blockchain represents a portfolio of technologies and approaches that create new possibilities in how we manage digital trust, transactions and exchanges of value. – Gartner 2018

Navigating the cryptocurrency market

The digital currency revolution is here and you need to know how to navigate the market and grow your portfolio. 2017 was a year of enormous growth for the cryptocurrency market. The entire market mushroomed from $16 billion to $600 billion. Crypto skeptics were disproven and many shrewd, early-adaptors made millions overnight. However, this hype peak in December 2017 was swiftly followed by a trough as the market came crashing down again in January 2018. In addition to individual investors suffering a loss, poor investment decisions are bad for the market overall. Volatile peaks and troughs increase the investment risk for everyone and render the crypto market no better than a game of roulette. Investing in digital currencies without the necessary due diligence is just gambling.

Tracking your portfolio of digital currencies

This is where Coinprofit comes in. It is a portfolio of all your cryptocurrency investments. You can track high, low and open values of the day in realtime. Keeping up to date with a coin’s pattern can help you predict future profits. This is particularly important during the frequent hype stages of the digital currency market, when billions can be lost or gained in a single day. Coinprofit has a database of all cryptocurrencies that can be refreshed to display current values every second.

Keeping an eye on the crypto market and geopolitical forces

But raw data and values are not enough for success in this market. An additional layer to navigating the cryptocurrency market is to stay updated via social media platforms such as Twitter, our fastest news source. Currencies, digital as well as traditional (e.g. the dollar), are intrinsically linked to politics and news headlines. Keeping informed on the forces that will impact your cryptocurrency portfolio is essential. Prudent investors respond instantly to news headlines and adjust their portfolios before the values are impacted. This is known as technical analysis. It is the only way to win success in this volatile market, and the best way to help the cryptocurrency market earn a prominent and reputable status.

Stabilising digital currencies together

Indeed, the cryptocurrency market is dependent on intelligent investment. Without regulation or government, crypotcurrency values can yoyo drastically. However, investing with caution stabilises the market, benefiting everyone. Reckless investing in fact poses a threat to cryptocoins and can lead them to fail. The wrong projects are still receiving immense funding, hurting the wallets of naive investors. Disciplined, cautious long-term investing has proven to be the safest way to grow your portfolio. A simple but regular check-in on your cryptocurrencies benefits the entire cryptocurrency market. Our next post will delve into this cautious method of investment known as technical analysis, educating you on how to use this platform to maintain your portfolio.