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Cryptocurrency Prices – How To Keep Up With The Changes In Digital Money Value
For anyone new to cryptocurrency, the seemingly ever changing valuations of its major brands – sometimes by a significant amount – can be confusing, even off-putting. However, once you learn why cryptocurrency prices fluctuate, it’s really nothing to worry about. Honestly!
Over the past 12 months, digital currencies such as Bitcoin, Ethereum and Ripple all have acquired proven track records as highly investable commodities. All three have multiple cases of people who have purchased their coins, then made huge returns when selling some, if not all of them a short time later. During 2017, when many cryptocurrencies experienced record peaks in value, there were many examples of investors becoming millionaires even billionaires from cryptocurrency.
Checking Your Crypto’s Value
Whether you are already an owner of cryptocurrency, or you plan on taking the plunge and purchasing some soon, it won’t be long before you are checking your crypto’s value – converted to your currency of choice – and whether its value has increased, gone down or stayed the same. Checking your crypto’s value will become addictive – especially if you visibly see the value rising,
You might be confused as to when is the right time to hang onto your digital currency, when is a good time to purchase more of the same, and when is the right time to part with them – ideally for a significant profit.
Why Do Cryptocurrency Values Fluctuate?
The value of any cryptocurrency, be it Bitcoin, Ethereum, Dogecoin or Nano, is – like most markets – based purely on the laws of Supply And Demand. Simply put, the price of Bitcoin for example is determined solely by how much the purchasing market is prepared to pay for it, and how many Bitcoin they are prepared to purchase.
If the number of people who want to buy Bitcoin increases, then so the price of Bitcoin will also increase. However, the reverse is also true; if less people are willing to buy Bitcoin than the day before, and If more people want to sell their Bitcoin than the day before, the price will decrease.
Because of this, the value of any cryptocurrency can appear to be somewhat volatile when compared to more established currencies and commodities, with prices rising and falling several times – within the same day!
This price volatility can also be attributed to the relative newness of the cryptocurrency market, which is still less than a decade old, but the blink of an eye in comparison with the commodities and precious metals markets for example. Also, because of the crypto market’s relatively small size, an amount of money either going into or leaving a particular currency will have a significant effect on its value, and it means that a smaller amount of money can move the Bitcoin price more significantly. Obviously, as the crypto market continues to expand and mature, such things will instantly affect a coin’s valuation less and less.
How To Monitor Cryptocurrency Prices
There are three quick and easy ways to find out the latest price of the Bitcoin, Ethereum, Ripple, Dash, Litecoin, or indeed any of the 1,500 currencies currently available.
- A) Exchange Sites (Search For “Cryptocurrency Exchange”)
Check the figures at the exchange you bought them from. There are several top-quality exchange sites that deal with most cryptocurrencies, including Binance, Bitstamp, Bitfinex, Coincheck, Kraken, Gemini and CryptoTraderPros, among many others. A downside of using some exchanges to get a quick price update is that they can sometimes look very complicated and technical, a la the Binance homepage.
Others are far more user-friendly, and you will instantly be able to see the current value of your crypto, and how much it has risen or fallen within the past hour, day, or weak.
- B) Ranking Sites (Search For “Cryptocurrency Rankings”)
Much easier to use are ranking website such as CryptoSlate, CoinRanking, CoinMarketCap and CryptoCoinRankings. These sites usually feature their rankings right on their homepage, and simply by scrolling right you can find the Market Cap of the cryptocurrency, its Coin or Token Price, Circulating Supply, Volume (24h), plus how its price has fared over the past hour, day and week, all at a glance.
If you are not sure where your particular crypto ranks, just type its name into the search box and it will instantly appear.
- C) Crypto News & Finance Sites (Search For “Cryptocurrency News”)
Almost as easy to use as the rankings sites are the news sites, and even the crypto sections now provided by some major financial sites are quite comrehensive. For example, the Financial Times now has a crypto section, as do Forbes and Bloomberg. Crypto news sites include BitMoneyNews, CoinDesk, CCN and cryptocurrencynews, and these are 100% devoted to all news blockchain-based.
Most of these sites feature the top-five cryptos and their current prices somewhere on their homepage, in the case of CoinDesk for example, it’s in the top right-hand corner. The downside is not all of these sites have a full rankings page, so if you own digital currency from a crypto outside of the top-five, you might have to look elsewhere.
How News Affects The Market
The news sites will comment on the various movements of the crypto market from the previous day or week, and give explanations as to why Bitcoin has “gained 10% increased value in 24 hours”, or why EOS is “down a third on its January valuation” for example. News sites will also cover the stories that are about cryptocurrency, or might affect the market in the near future.
For example, if a major country is yet again stating that it will never entertain Bitcoin, Ethereum and the like within its borders (think China and the UK, even those its citizens are already crypto-crazy), it could affect the market negatively, as the fear would be among investors that there could be a chain reaction, with many more nations taking the same stance.
In the same way, a positive news story, such as a major corporation like Samsung or a major bank like Goldman Sachs stating their intentions of using blockchain technology and Bitcoin respectively (both of which actually did recently happen), it will affect the crypto market positively, because the feeling is that when one major corporation or bank begins using blockchain technology or cryptocurrency, many more will follow suite.
How To Purchase Cryptocurrency
If you want to buy cryptocurrency, either as an investment or for use in bank transfers, simply open an account with CryptoTraderPros.com today.
Buying cryptocurrency with CryptoTraderPros.com could not be easier:
- Select your preferred cryptocurrency
- Click on the “Invest Now” button
- Add your details to the Contact Form plus the amount of Ripple you wish to purchase and hit “Send”
A salesperson will contact you to guide you through the purchase process. Your coins will appear in your CryptoTraderPros.com account as soon as the transaction is complete. You can access your account at any time, allowing you the option of purchasing more coins, selling some or all of your currency and have the balance paid out to your bank account, or using your coins to make a bank transfer or online purchase.