For more than a decade, cryptocurrencies have been in the spotlight. As time passes and technology becomes more advanced, the value of cryptocurrency is becoming ever more clear.
With thousands of cryptocurrencies on the market today, it’s important to understand the value of what you’re investing in. Moreover, just as traditional currencies fluctuate in value, the value of a cryptocurrency can change in the blink of an eye.
Let’s take, for example, Bitcoin, the first cryptocurrency. In the year 2018, one Bitcoin was worth about $4,000. That seems like a lot, right? Just one year prior, in 2017, one Bitcoin was worth $15,000. That means in a year’s time Bitcoin’s worth fell $11,000, a major blow to investors.
So if you want to steer clear of major losses, it’s important to stay up to date on what’s happening in the market and act promptly on this information. That’s where companies such as Coinranking come into play. These cryptocurrency portfolio managers help you make informed decisions about trading and investing, all while keeping track of your cryptocurrency.
What is Coinranking?
Coinranking allows you to track the prices of cryptocurrency. Currently, it ranks up to 10,627 different coins while allowing you to purchase crypto directly from their website. You can see the value of coins in various international currencies, making it easy to relate the value of crypto to the currency you’re most familiar with.
While Coinranking is one of the most popular websites for tracking cryptocurrency, it doesn’t have all the features that alternative managers do. For example, if keeping track of your portfolio on the go is important to you, a downside of Coinranking is that it lacks a mobile app or smartwatch compatibility.
Alternatives to Coinranking
If you’ve used Coinranking in the past and weren’t completely satisfied, it’s possible that you’re looking for some alternative platforms. Although there are hundreds of crypto portfolio managers out there, it is important to find one that is accurate and that has a user-friendly platform.
If you’re always on the go and need a portfolio manager that you can access from any device, Coinstats is a safe choice. Whether you are using your desktop, laptop, tablet, or mobile phone, you’ll be able to stay on top of your portfolio, no matter how many exchange accounts you have.
CoinStats keeps you up to date on the market by collecting news about cryptocurrency from over 40 sources. They notify you of fluctuations in the market so that you don’t miss trading opportunities. Overall, CoinStats is great if you want to organize your crypto from multiple wallets and accounts into one easy-to-access platform.
If you’re highly driven by competition, this app is for you. While managing and tracking the growth of your cryptocurrency, you can see how you compare to others with similar portfolios. Some users compare this app to a game, as they compete against others’ performance returns.
Even if you don’t have a competitive spirit, this app is completely free and available on both iOS and Android platforms. The accessibility of a mobile app makes it easy to always stay up to date on your portfolio, even when you are away from your computer.
When it comes to keeping track of your cryptocurrency, CoinTracking has you covered. Not only will this help you stay on top of your transactions, but it will certainly save you a huge headache when tax season rolls around.
In fact, CoinTracking has its own tax software specially designed to determine how much you owe on your cryptocurrency exchanges.
Additionally, CoinTracking helps you manage your currency across multiple platforms, even if you haven’t paid for a subscription to the service. They also make understanding the trends simple with the various charts and tools offered on their platform.
CryptoCompare, like other portfolio managers, allows you to see your portfolio’s growth and perform a risk analysis. However, what makes CryptoCompare different is the in-depth statistics that it offers. It boasts visualizations of the most traded coins, top mining companies, and initial coin offerings (ICOs).
App developers or those doing extensive research on cryptocurrency can certainly benefit from this platform. If you happen to be in London, they also offer in-person educational events that investors can attend in order to learn more.
If you are interested in knowing the true worth of cryptocurrencies while getting incentives, Evai.io will be of interest to you! Based in the UK, Evai.io is an independent company that creates unbiased ratings for over 5,000 cryptocurrencies listed on leading exchanges globally.
The ratings are generated according to six criteria. These include:
- Liquidity: The ability to transfer assets to cash
- Systematic risk: Although impossible to completely avoid risk, it measures the risk to the market or market segment
- Profitability: The ability to produce a return on an investment
- Momentum: The speed at which the value is changing
- Peak-to-end value demand: The last value and the peak of an asset over a period of time
- Investment: Putting money into an asset with the hope of a future profit (what everyone ultimately wants!)
Using the above system, Artificial Intelligence, and Machine Learning, Evai.io creates unbiased and fair ratings that you can trust.
In addition, Evai.io has a wallet app where you can store your digital assets safely and view your transactions directly from your mobile phone.
Choosing Your Cryptocurrency Portfolio Manager
Now that you know a little more about these five alternatives to Coinranking, you can make more informed choices when managing your cryptocurrency. Clearly, no two services are alike and everyone will have their own opinions about which services are best. The most important thing to consider is which portfolio managers fit your needs so that you can make smart investment choices and ultimately make a profit.