Bitcoin Forum

Hello everyone.

really interested in the question above because as I see, many traders don't use price trackers such as CMC and go directly to the exchanges where they prefer to trade. Or am I wrong?

Price tracker is always important for traders to monitor the price movement of bitcoin or altcoin because you will miss the opportunity to buy low price.
Remember that traders are always "buy low and sell high" to make a profit.

Sample the price yesterday is $9000 and today is $10,400 so how do you know the price of bitcoin yesterday if you don't check CMC or coingeko. If you are a trader and bought bitcoin yesterday at $9000 and sold it today at $10,400 you already made a profit. So price tracker is very important in trading so don't forget to use them.

I never heard any traders who don't use price tracker I think almost all traders are using price tracker except for believers who believe in the specific coin. They are directly buying it on exchanges as their own investment and believe to get rich instantly.

True,i dont see for traders not to use up any tracker yet these people do really need to track price actively compared to those people who do just simply hold up with their coins.
Ive been visiting CMC once in a while when checking out some alt prices and preev.com for btc price.When im on mobile i do make use of blockfolio on checking out my current holdings with specific prices of each coin.

Since we are into trading and we watch out for the movement of the coins that we have in our bags it would help traders to see how much they already gained or loss just by looking at their tracker. One app that I usually see that traders download to their smart phone is Blockfollio because there you input the price of the coin by the time you bought it and you will easily see the % if you gained profits or not.

Others just use a simple journal that they can bring anywhere, they write down the price of the coins by the time they bought it and compare to the current price, old school you may say but it still works and practiced by a lot of traders.

Well, if you are to go on a live trade, what is the point opening coinmarketcap again, traders would just simply log in to their trading platform and get any information they wish to get on it since they are making use of the platform at that time. Coinmarketcap is only more useful when you just briefly want to check the status of coins when you are not having anything to do on the trading platform just to keep yourself abreast of information.

Just like I do, before I start posting anything on this forum, what I do first is to go to CMC and not exchange to get current status of bitcoin price in case I bump into any discussion where I have to mention it, to do that on exchange is not worth it because you have to log in to have full view.

He's not saying that traders aren't using price trackers. He is saying that traders don't use CMC as price tracker but go directly to the exchange they use, which makes perfect sense.

It makes zero sense for anyone to use CMC as price tracker because it's 1) delayed mostly, 2) is a combination of multiple exchange prices, and 3) tends to be inaccurate due to API connection errors. CMC is just an easy way to get an overall view of how the market as a whole performs, which is how I use it. The other feature I use is the historical snapshot feature that allows me to see what the prices and market caps were years ago.

In a nutshell, using tradingview provides way more utility and seems to be the most popular price tracking/charting source.

If you need to track the price, you simply need to access the coinmarketcap. But if you need data to trade, you must access the data of the trading platform. :)

Most of the people use the websites like CMC or Coingeko to know the price for their coin then only they visit market section to know where these coins were selling higher.It really help though rather than visiting each exchange and get to know for the prices but the reporting prices are not going to be same as on the exchange price so we need to double check the price on exchange before depositing the coins.

I don't watch the market every hour because I feel that the movements of each coin are not too fast, so I decided to check it once every 3 hours or so. But I use the trading app which will give me information about where the price moves so I can know what I need to do. Or if necessary, I will visit the exchanges using my mobile phones. But that is only if I want to trade or I need more information about the coins because in a few days before, I don't trade like before.

I use them to see if one of my personal favorite tokens reach a new low, that i am ok with. To buy even more.

Price trackers are only for those who trade on emotion, therefore, only for bad traders. A good trader trades either on public trend and sentiment, or he trades on technical analysis. And then, from there, he only sets his trade entry points, determines the exit (either profit or stop loss) and then he doesn't need a price tracker at all.

I am assuming you will trading on an exchange. Then why will you be needing to access coinmarketcap? Exchanges will/have all the data necessary such as the price history, all time high, current price, lowest sold, highest bought etc. Most of the well known exchanges provides you with all these information. Yeah, you can use third party price trackers as they can be customized to meet your own need like alert you when the price is high.

The price tracker is important for a trader but the best price tracker is a chart, well the chart of the exchange itself. Usually you can see a chart of some exchanges on the tradingview.com site, there are crypto charts of some of the top crypto exchanges. The chart can not only see the last price, but the chart can see prices a few days before up to several years before, the function is almost the same as cmc, it's just more accurate because it is directly from the exchange where you trade.

For CMC, I usually only use to see the volume of several coins, CMC provides information on coins from several exchanges, so it is only my consideration to choose coins.

History.
Of course we need it.

You cannot just jump into conclusions or just jump in without even knowing what is the price or how much it is yesterday or if there is any movement the whole day before you log in the internet.
It is not just CMC. You could also DIY and I prefer it that way.
CMC had been wrong for most of the altcoins which are being manipulated by traders too.
You will see it for so many times if you have a huge list of altcoins in your portfolio.

Coinmarketcap is still the best to track the price o any coin, although you can also do same on some exchanges that have very large volume and record of coins, but no matter how big they are, they can never have the complete list of all coins for any trader to track its prices, but for coinmarketcap, it is only on their platform that you will see more of all the coins.

Altcoins and even to know the best exchanges that exist according to rank. When I woke up in the morning or anytime I feel like knowing how my trades are doing, I just check on coinmarketcap, though not every time, because I have an application that I use to track my investment, I use tab trader to record all my coins, so from there, I can monitor the progress of all my coins in the market.

Regarding the question in your title, I would say that price tracking is important to decide what price to buy or sell. Long term tracking is needed to understand a trend and then if your target price is certain points higher than what currently is ongoing and you see a bearish wall starting to build up then modification of your order is determined by that price tracking.

CMC prices are late than those on the exchange. I would recommend the second one if you are day trading or starting to trade for that day. If you just want to glance across the market in the morning and wont be trading anything you can go with coinmarketcap to get a general idea of how the market was last night/day.

Price tickers give a glimpse on the current trading price for a coin. Of course, we all keep track of our entry points in the market and we have a set goal to which we will take profit. By using these tickers, once we see that it hits our target, we can then settle for that goal and take profits, then wait for the price to drop down again and buy lower. Rinse and repeat. Oftentimes it can also help us adjust our goals and act accordingly before it's too late. I myself am not confident on price alone: I always check the exchange and see the order books and make my conlusion and next move from there.

The real trader is always use CMC to monitor the price movement of the coins they to bought in a lower price to earn profits. CMC is a the most trusted coin trackers monitor by the traders to analyze and to made good decisions for the day to day trading job which coins better to buy low and have potential to grow up after an hours or day.


That's true how to know which coins up and down if trader didn't use trackers to monitor the price at CMC.

You're not wrong and it's more advisable to use the exchange you intend buying the coins from especially if it's a reputed exchange that have huge trading volume. Price trackers are guilty of manipulating the price of their listed coins and for those who aren't into such practice, the price they display are usually an average trading price of that coin.

Depending on price trackers can also be misleading as most time the price tag on those sites are usually different from the actual price of the coin on the exchange you intend trading from and this could be as a result of they (price trackers) not including your exchange when calculating the price of the coins

It was the best ways to quickly check the movement of crypto's  price and I think CMC are good ways to monitor the current trends of crypto, plus, it has a good history log, where you can compare the previous trends.

CMC was part of the traders tools, we frequently check the value of every cryptos of our choice from there.

Not exactly a trader here unless you count the weekend trades I keep open on localbitcoins but no, I don't use a tracker since I stick to percentage points on market average (the system lbc does ) so my offers are fluid and change consistently to average price.

I imagine limit orders on other platforms might need to be done in close consultation with price tracking, but don't you anyway set limit orders based on charting?

Some of them yes and some is not. Because price tracker can see through exchanges too and they sometime already make any decision in day before it like usually traders already set aim on what they want to do in the next day.