Where can I track cryptocurrency rates
Main
The cryptocurrency market is very diverse, and it can be difficult to find an average market price for a particular digital asset. For this purpose, there are various services that allow you to follow the rates of cryptocurrencies and simplify the process of market analysis. Such applications include cryptocurrency trading data aggregators, news sites, investment portfolio trackers, crypto exchanges and others.
Each tool has its own characteristics. Aggregators collect information from multiple sources, but with a delay. On exchanges, you can track the dynamics of quotes in real time, but they may differ from the prices on other platforms.
In addition to tracking prices themselves, apps offer other features to help “keep your finger on the pulse,” such as mobile notifications of price changes or tracking lists.
Where to look for the rate of cryptocurrencies?
There are at least a few types of sources of prices for crypto-assets:
- Exchanges and trading platforms;
- cryptocurrency trading data aggregators;
- investment portfolio trackers;
- analytical and news portals
Why are cryptocurrency trading aggregators so popular?
CoinMarketCap is one of the most well-known aggregators of trading data on bitcoin and other digital assets. It helps conduct primary market analysis, including finding prices for cryptocurrencies.
The project was founded in 2013. It collects comprehensive data about the crypto market: cryptocurrency rates from multiple platforms, trading volume of each cryptoasset and the performance of individual trading platforms.
For convenience, all this data is presented in CoinMarketCap in a certain order. For example, the top 100 digital assets by capitalization are available on the main page.
On the aggregator’s website, you can find many rankings formed according to certain criteria: for example, trading volume over 24 hours, price dynamics and other parameters. The overall rating of cryptocurrencies can be segmented by the categories to which they belong: DeFi, NFT, meta-currencies and the like.
Each cryptoasset has a separate page with additional information: the number of holders, total turnover and other parameters. All platforms where the asset is traded are listed separately.
On the aggregator’s website, it is possible to register a profile for additional functions: notifications on various events related to the cryptocurrency, for example, reaching a certain price.
Besides CoinMarketCap, there are other aggregators, among them CoinGecko, CryptoCompare or CoinCodex. They have a similar interface and features, but the specific values of cryptocurrency rates may differ due to different sources and counting systems.
How are cryptoinvestment trackers useful?
If you have invested in several cryptocurrencies at once, special mobile apps can help track the price of the entire portfolio.
For this purpose, in an investment tracking app, you need to specify data on the price and volume of purchased cryptoassets. Using its own sources, the app will show changes in the value of the portfolio in real time and the accumulated profit.
In addition, investment trackers provide tools for analyzing returns and visualizing data.
Applications called CoinStats or CoinTracker, for example, have similar functionality.
Why watch quotes on the exchange?
Cryptocurrency rates are updated in real time only on the exchange, because it is where the trading takes place.
Another advantage of the exchange is that it has additional features for analyzing the current situation and trend forecasting, including the order book and the order feed.
If you use a particular trading platform, it is recommended to use it as the main source for prices of crypto-assets.
How often are cryptocurrency rates updated?
Different services have their own price update intervals. Aggregators usually have a rather long time interval, reaching several minutes. Therefore, cryptocurrency prices there are not provided with a small time lag.
CoinGecko updates data subject to the speed limits set by the data providers. Parameters such as price, trading volume and market capitalization of an asset are updated every 1-10 minutes, while onchain data (mining complexity, number of transactions per second, etc.) changes every hour. CoinMarketCap does not disclose this information at all.
Why are cryptocurrency prices different everywhere?
The market for digital assets is still young. At the same time, it has many more trading applications and platforms than the “traditional” financial market. Also, the crypto market is fragmented. For these reasons, the rate of the same cryptocurrency can vary quite a bit from one source to another.
Exchanges can also have an impact on quotes. On each exchange, the price of the asset is determined by the last transaction made and the supply and demand indicators.
It is worth focusing primarily on the largest exchanges with high liquidity and turnover. It is them where the bulk of transactions take place.
