Enter Crypto Currency which was relatively undeveloped as a traders’ market until the huge rise of BTC/USD in the fall of 2017. Now there is a quickly growing community of Crypto Day Traders and Total Cryptos is here to facilitate that. The problem with trading Crypto vs. other markets is there is a huge amount of fake data in Crypto. As any trader knows, information is king – which is why it’s important to have real-time information that matters. Just like in FX, that may mean looking at multiple exchange prices. It means having multiple sources of news and data. It means paying for information. How bad is the problem of bad data? Just look at today’s news, from Coin Desk, where ‘A CoinMarketCap “data issue” caused significant artificial inflation of several coins listed on the platform on Friday, with some prices inflated by nearly 1000 percent.’:
While bitcoin’s price spiked 12 percent on the crypto data site, other coins saw more drastic increases. The price of aeternity, the eighth most valuable cryptocurrency, increased more than 951 percent, while MOAC increased by 905 percent and bitcoin diamond saw an 876 percent jump on the site. The site’s exchange tracker feature was also affected, and falsely indicated that bitcoin was trading above $73,000 on some exchanges. While crypto Twitter speculated about potential price manipulation, bugs and hacking, CoinMarketCap told CoinDesk that the inflation was caused by a data error. “There was a price calculation error on tether which caused any listing with a tether market to become artificially inflated,” marketing vice president Carylyne Chan said in an email. While most of the data appeared to have normalized at press time, the 24 hour change percentage for VeChain’s VET token was listed as a question mark and its price graph was unavailable on the home page. The VeChain page also had no historical data listed. The popular analytics platform has promised to release a “post-mortem” with further details in the near future.
Imagine that happened in the stock market. So the good news, any new market presents new and uncharted opportunities. With that as always comes big risks, but it is a traders job to manage and maintain control of those risks. Having the right tools is par for the course. Or take a look at this article “Why intra-day trading crypto can be better than holding”:
If you are relatively new to trading crypto currencies, then this tutorial is what you need. In this tutorial I will try to explain how you can use crypto to grow your capital base by at least 1% per day.The reason why holding isn’t a very practical move for well established coins is because of their volatility. For instance, Bitcoin (see chart below), increased by ±30% over a period of ±20 days. But it doesn’t mean it had a linear increase of 1.5% per day, some days went down while others went up.
Of course, it’s easy to go back and say if we had just bought at the low and sold at the high every day for the past 30 days we would have made a fortune, the reality is that trading is not so easy. However, there are tools out there so advanced and sophisticated that it helps the Crypto Day Trader.
Total Cryptos is extensively researching this new market as well as working on our development of real time trading systems for Crypto Day Traders. We’ve opened a public forum on the topic for open discussion which can be found here: https://portal.totalcryptos.com/forum/trading-cryptos Registration is free so join the discussion today!