Crypto Academy / Season 3 / Week 6 - Homework Post for Prof. @reminiscence01
Hello everyone, Good Evening. Hope we are all fine? It is my first time participating in steemitcryptoacademy and am so glad to read, understood, and attend to the questions of the topic tutored by prof. @reminiscence01, "Cryptocurrency Investment Tools".
As we all know that cryptocurrency is a digital currency that was created as an alternative to our traditional currency. Since 2013 more than 4,000 cryptocurrencies as came into existence and it has been a currency that many as adopted to use instead of our local or traditional currency. Cryptocurrency has saved many Life's financially, and to keep prospering financially as an investor or trader we need to know cryptocurrency investment tools to minimize loss.
Cryptocurrency is very risky in all ways which are either by trading or investing(HODL). But we can minimize the risky (loss) part by having an understanding of the business we are into. In terms of trading, we need to understand the analysis. Such as fundamental analysis, technical analysis, etc. To minimize loss. On the other hand, in terms of investment, we need to know and understand the investment tool such as CoinGecko, Lunarcrush, Coin Metrics, Coinmarketcap, CryptoMiso, and so on.
In this topic today, the question that was given to me by Prof. @reminiscence01 is mostly based on cryptocurrency investment tools. The first question is based on Coingecko. CoinGecko platform is a crypto instrument for investment. It is the world's largest decentralized reliable cryptocurrency data source. It is a platform that is good and safe to use and has also been rated well by many users. I will be writing further about Coingecko and other cryptocurrency investment tools by answering the question that was given by Prof. @reminiscence01.
(Question 1a)
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CoinGecko is a decentralized platform that was founded in the year 2014 by TM Lee (CEO) and Bobby Ong (COO). As I had mentioned earlier, It is the world's largest decentralized reliable cryptocurrency data source. CoinGecko is a platform that is Singapore-based. It was developed with the main aim of helping users/investors to have valuable background information or understanding cryptocurrency in which investors may decide to invest in. CoinGecko is a platform that provides necessary information about cryptocurrency, to help investors in decision making.
Why is CoinGecko a good cryptocurrency investment tool?
It is a decentralized platform.
Coingecko provides all the valuable information needed for users to make an investment decision. Such as the team behind the project, the token market cap, social media links, and so on.
It provides live updated feeds of cryptocurrency in a well-organized manner. That is, in a way that even a newbie will understand.
CoinGecko platform rank cryptocurrency exchanges using Trust Score, for the favor of the investors or traders. So that investors will not make decision-making mistakes.
CoinGecko platform has a friendly interface.
(Question 1b)
Exploring CoinGecko
I will start from the main page before I select the five unique features. Coungecko is a unique platform that displays valuable information in a well-organized manner, that even a newbie will understand because of the way it was arranged.
As we can see in the above image, Coingecko is a platform that displays live feed information with the main aim of helping users to have the valuable knowledge of cryptocurrency they may decide to invest in, in an organized manner. As we can see from the beginning of the page above to end, we can see that it display valuable information such as the live total amount of coin, Exchanges, market cap, 24hrs volume, dominance. All this is listed on a line, at the upper part of Coingecko's homepage.
In the image I displayed earlier, there is another straight line that has another detail. Such as portfolio, coin, recently added, categories, etc. Each of these represents some information if we click on them. But Coingecko made it simple by using simple English to represent that information. Anyone that sees the Recently added will know they are talking about the recently added coin. And so on.
Coingecko made everything simple by also displaying the list of coins, this is under coin which is in line with the portfolio and recently added. Coingecko as displayed coins with each price at the front and also displayed 1hr, 24hrs, and 7days price changes of the categories along with its 24hrs volume and market cap.
As you can see in the image, there is. An icon at the upper part of the page which I used the red circle to differentiate, there are some features there, that represent different information. I will be selecting the 5unique features from the icon.
CoinGecko Podcast
CoinGecko podcast is several episodes of spoken audio files that allow users to transform files into a personal one by downloading the file to listen or acquire knowledge from it. CoinGecko podcast can also be said as a way of creating an easy and convenient platform for users to learn about cryptocurrency technology, blockchain, bitcoin, and so on.
As we can see in the above images, the Coingecko podcast can be located at the upper part of the homepage in the list of the features under Publication. CoinGecko podcast is a platform that users can acquire more knowledge about cryptocurrency. It displays the latest news accordingly.
CoinGecko News
CoinGecko News gives the latest and the best news about cryptocurrency and blockchain. As we can see in the above screenshot. The latest news link is located at the upper part of the coingecko homepage under resources.
CoinGecko news shows or displays the latest news about cryptocurrency and blockchain. It gives information about market insights. It helps users to know what is going on in the crypto world. It shows the Latest valuable updating news that is best for users/investors to acquire more knowledge from. It also gives information about expert opinion. Such as market predictions and so on.
CoinGecko Glossary
CoinGecko Glossary is one of the coingecko features. It is located at the upper part of the coingecko homepage under publication. It is also a very good feature of coingecko, it provides daily updates of words that can be beneficial to users.
CoinGecko Glossary is a unique feature that is different from others. It arrangement of words is arranged alphabetically as you can see in the above image. It provides valuable updated words that can benefit users.
CoinGecko Ethereum Treasury
CoinGecko Ethereum Treasury tracks down and reviews the public company that is holding ethereum. It tracks down and gives information details of a public company that buys ethereum as Part of corporate treasury.
As you can see in the above image, when I screenshotted the page, the total ETH holding by the public company is 63,368.0. and that valued $170,861,978. The public company ETH dominance is 0.05%. According to the display on Coungecko, or shows that the 63,368.0. Is only owned by 3 companies which are Coinbase, Meitu, Mogo inc. Coingecko gives details about them such as their symbols, country, the total amount of Eth each of them is holding, total value in USD, daily value in USD, And the percentage of total ETh supply, as you can see in the above screenshot.
CoinGecko Beam Update
CoinGecko beam update is a platform that was launched on November 15, 2018, with the main aim of promoting communication and transparency in the Crypto community. Coingecko beam update gives updated information about developers' activities. With the information, the potential of blockchain can be judge and it can also be a good indicator for users to decide the prospects of a project.
As you can see in the above image, the entry to Coingecko beam update can be located at the upper part of the homepage, under resource. Coingecko beam update provides news about developers' activities and the crypto community.
(Question 2a)
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Tradingview can be defined as an online web-based chart or chatting platform where investors, educators, traders, market enthusiasts share ideas and talk about market activities. It is a good social chatting platform with many features such as, it provides chatting tools for traders, it provides indicators that can help investors or traders to carry out their technical analysis, and so on. Tradingview is also a platform that provides the latest and updated markets such as stock, futures, index, Forex, etc.
(Question 2b)
I will be explaining the steps involved in adding indicators on the Tradingview chart.
To add indicators, we need to visit the Tradingview website by clicking here. On the trading view homepage, on the left-hand side, you will see an icon, click on it, it will display a list where you will see chart. On the list, click on the chart.
After when you have clicked on the chart, it will redirect you to the chart page where you will indicate are the upper part of the page as you can see in the below image.
Click on the indicator, it will show you a list of indicators. For easy identification, you can type your choice of indicator at the search button to select the indicator. Also on one side as we can see in the below image, users can access built-in indicators, a public Library that contains scripts written by other users, Candlestick pattern (if you want tradingview to identify for you), and so on.
As you can see in the above image, I have added a Relative Strength Index (RSI).
(Question 2c)
I will be showing us how to modify the indicator I added earlier to the trading view. Relative Strength Index (RSI).
Click on the indicator bar at the upper part of the trading view chart page. After that, choose your choice of the indicator. After when you have done that, it will show on your chart. However, you can hide or show it on the screen.
After that, click on the setting icon to modify or configure the indicator. That is the Relative Strength Index (RSI).
As you can see in the above image, I have modified the Relative Strength Index (RSI) indicator by changing the length to 50 and the color to yellow.
(Question 3a)
Cryptocurrency Portfolio
Cryptocurrency portfolio is an analysis that is simple and easy to use for traders. It is a platform that is created for traders to choose the coin of their choice to properly manage, monitor the market price of the selected coin, to maximize profit and minimize loss.
As we can see in the above screenshot, on the cryptocurrency portfolio page there is no limited amount of cryptocurrency, users can see the market cap, the price chart of each coin for the last 7 days, with other valuable information. However, if the coin is carefully chosen, it can be of help to the trader in maximizing profit.
Cryptocurrency Watchlist
Everyone trader or investor always looks for a way to minimize loss and maximize profit. Cryptocurrency watchlist is a way or system of minimizing losses and maximizing profit. Cryptocurrency watchlist is a watchlist that can be chosen or selected, combining crypto assets such as index, stock, futures, forex, cryptocurrency, and so on. In cryptocurrency watchlist, you can add coins to see if there is any increase or decrease in price or to make decisions and also to minimize profit.
(Question 3b)
This is all about how important it is to manage our cryptocurrency portfolio. The purpose of doing business is to yield profit. Cryptocurrency portfolio management is very important to minimize loss and maximize profit. Investing in one cryptocurrency can expose traders to more risk than investing in different crypto assets. Because if you invest in 5 cryptocurrency or different crypto assets. If 2 or 3 among it is actively increasing compare to 1 cryptocurrency and it results in a 50% loss.
Furthermore, It is always better for investors or traders to choose different crypto assets to invest in, instead of investing in one crypto asset. Investing in one crypto asset can maximize loss because cryptocurrency can suddenly be a 30% increase or decrease in price. And if it is 30%low in price, that is a very big loss. So, splitting capital on different crypto assets is better and if the asset is carefully chosen, it can be of help in maximizing the investor's profit.
(Question 3c)
Tradingview
Steem Coin
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Steem coin can be a very good investment if we decide to invest in cryptocurrency. We may be doubting just because it has not hit a big price since but no one knows when the price going to increase or decrease we can only predict. I decided to add this coin to my watchlist because it has a future. It has been predicted by traders and the coin also can go to hit a big price soon.
As at when I was doing my homework 1 steem price is 0.5294 as you can see in the below image. Steel coin is ranked #174 among other tokens.
coinmarketcap
Ethereum Coin
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Ethereum coin is the second to Bitcoin which is the largest cryptocurrency in the world. Ethereum is a coin with a future. Though cryptocurrency has been in a bear situation lately it has started going to the moon and I believe is just the beginning, that is why I added it to my watchlist in case any changes occur.
As we can see in the below image, when I was doing my homework 1 ethereum is $3,089.59 and it is ranked the number 2 on the list of coins.
coinmarketcap
Bitcoin
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Bitcoin is the first cryptocurrency to be created. Bitcoin is referred to the mother or genesis of other cryptocurrencies. It is a unique coin that has been maintaining in the first position in everything. Such as price, market cap, dominance, and so on. I choose this coin to be added to my watchlist because it has started recovering back its price after a long and short bear market. I believe this season will be a time when traders earn a lot of gains because the price has started increasing.
As we can see in the below image, the Bitcoin price, when I was doing my homework, is $43,364.68. It is ranked number I with a total market cap of $819,083,269,047.
DOGE Coin
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Dogecoin came into existence in the year 2013 but in December 2020 dogecoin has been gaining a high price because of the acceptance of the coin by many. The price of dogecoin dropped in some months back when the market was in the bear season. It has started increasing in price and I believe this is just the beginning. That is the reason why I added it to my watchlist to see if any change occur.
As at when I was doing my homework, 1 dogecoin is $0.2362. It is ranked number 7 on the list of coins in coinmarketcap.
coinmarketcap
Binance Coin (BNB)
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Binance coin came into the year 2017. It worked on the ethereum blockchain let been a cryptocurrency that grows very fast and I believe it will be a very good investment for investors, to be added to their watchlist.
As we can see in the below image, the price of the Binance coin at the time I was doing my homework is $350.88. It is ranked number 4 according to coinmarketcap.
coinmarketcap
In conclusion, every trader or investor needs to understand the cryptocurrency investment tool. So that we can maximize profit and minimize loss.
I want to say a very big thanks to prof. @reminiscence01 for this wonderful lecture. I really appreciate. Thank you for reading through my post.
Hello @tejumola, I’m glad you participated in the 6th Week of the Beginner’s class at the Steemit Crypto Academy. Your grades in this task are as follows:
Recommendation / Feedback:
You have explored CoinGecko perfectly the way i expected. Thank you for completing your homework task.
Thank you very much Professor. I will work on my writing skills. Happy Sunday to you sir