What you can track and measure, as the saying goes, you can manage — and hopefully grow.
This is more important than ever in today’s volatile financial environment, when net worth and return on investment (ROI) are at stake.
And no other asset requires as much tracking, measuring, and management as cryptocurrency — an especially volatile investment type.
Investors of all sizes are looking for tools to help them keep track of their cryptocurrency performance and growth in the coming months and years.
Fortunately, there are numerous cryptocurrency portfolio trackers available to assist you in doing so. Follow these steps to find your own solution to learning how to track your cryptocurrency portfolio:
What Is a Portfolio Tracker for Cryptocurrency?
A cryptocurrency portfolio tracker is a digital platform, such as an app or website, that allows you as an investor to keep track of the constantly changing value of your various coins in order to properly manage your portfolio and your crypto tax.
Cryptocurrency portfolio trackers communicate with crypto wallets, allowing users to manage their digital currencies. Some integrate with actual cryptocurrency exchange accounts, where investors can trade digital assets such as crypto coins.
Investors who actively trade more than three different types of coins are advised to use a cryptocurrency portfolio tracker to track and manage these assets.
What Is the Purpose of Crypto Portfolio Management Software?
With the mainstreaming of cryptocurrency, there are now thousands of different cryptocurrencies.
And, like fiat currency, the value of each is constantly changing. This is exacerbated by the fact that cryptocurrency markets trade around the clock and are easily influenced by news and global events.
As you add assets to your portfolio, especially volatile assets like crypto, you’ll need to devote more time to crypto asset management. Alternatively, you can find a tool that will do it for you.
That tool is a cryptocurrency portfolio tracker, which allows you to easily monitor the performance of your cryptocurrencies and other assets in a single view.
Why is it critical to be able to easily track the performance of your assets?
Because it is critical that you pursue portfolio diversification in order to create a portfolio of assets that is consistently well-balanced and well-diversified, which are two key practices for keeping your wealth in good health.
Crypto portfolio tracking apps allow you to keep track of previous transactions, their value, and their destinations or sources. These tools also display the current live price of any cryptocurrencies that they support. You can track your investments in real time and monitor price changes at all hours of the day. It also allows you to secure your cryptocurrency by storing it in a hardware wallet.
The following is a handpicked list of the Best Cryptocurrency Portfolio Tracker tools, along with key statistics, pros and cons, and website links. The software on the list is both open-source (free) and commercial (paid).
There are numerous cryptocurrency benefits to think about. Binocs is everything you need to know about cryptocurrency tax management and portfolio tracking. Visit the website as soon as possible.