Crypto is home to the most innovative technology in the financial space. With new business models, applications, and banking invented, there are many novel ways to grow your assets. This brings opportunities, but can also be hard: how to keep track of it all? A holistic overview of your portfolio can help you steer in the right direction, and understand what is going well and what should be improved. This is typically monitored through the spreadsheet, a method used to track assets for decades. With new ways to directly tap into stock prices in your spreadsheet, it can become real-time for some crypto assets but not all. This is where the crypto tracker comes in.
What is the foundation of a crypto tracker?
At its core is the real-time pricing of crypto assets. These are acquired through various exchanges, websites, and brokers. This allows you to have a real-time complete overview of all assets. This also includes non-fungible tokens (NFTs), which are an upcoming asset for many traders. Having those in the overview as well is key to creating a complete asset overview.
Retrieve your holdings through exchanges and wallets
Besides real-time data on pricing, you can also reflect your holdings automatically. There are API integrations available for major exchanges as well as integration with wallets. The latter is completed by adding the Public Key, meaning it is a secure way of reflecting your holdings. Your account can’t be hacked when integrating a wallet like this. It also comes with another benefit: you can continue to stake your holdings and participate in consensus mechanisms. This is beneficial, as you continue to grow your stake while being autonomous of your holdings.
Conduct transactions
Through the integration with exchanges, you can see the transaction fees for specific crypto assets. This makes it possible for you to select the best exchange for a specific transaction and conduct it immediately from the tracker. This is not possible for holdings you have within your wallets, as those are only connected through the Public Key.
Crypto news and push notifications
You can also use a tracker to read the latest crypto news related to your holdings. This can be combined with push notifications, which can be set based on your priorities. For example, you can set up a notification for the broader crypto market or specific assets. Hereby you can stay up-to-date without continuously checking the latest news. Push notifications can also be set on major price changes happening with your crypto assets.
Re-assessing your portfolio
Using a portfolio tracker to make changes to your crypto holdings is helpful, as it helps you understand the balance between assets and types. You can analyze which assets move together, or which assets are outperforming during those moments (e.g., Bitcoin versus altcoins). Next to that, you can analyze your transactions and see how they played out. This helps you to become a better trader, as it shows you which trades went well and which ones can be improved.
