If you do not have a big budget to hire an expert analyst, you have to use your own analysis, because nobody wants to give their money to anyone. There is no problem at all, there are a lot of support sites that are happy to help you. Let’s break down and make a plan on how to analyze projects for cryptocurrency investments.
Do I need to do my own analysis
Of course it is difficult for beginners to understand how to distinguish and distinguish a good project from a scam. But not everything comes at once, so you need to trust only yourself and a limited circle of bloggers who really understand what they’re talking about, and now such a lot.
In-depth analysis is painstaking work, constant observation of charts and trends. Technical and fundamental analysis, monitoring of social networks, publics and much more. After all, such seemingly ordinary events can greatly affect the price and the movement of the trend. The work of the analyst demands maximum assiduity, attention and patience, not everyone can sit at the monitor for 8 hours and still be attentive.
But how can a newcomer, who just recently decided to make his first investment and does not know all the details and peculiarities, cope. The crypto industry has taken care of you and you don’t have to do everything listed above. It is enough to have a couple of free hours a day and of course access to the Internet, there is nowhere without it.
Ways to analyze
There are many ways themselves, the main thing is to find the most convenient for you. It is necessary to understand, whether you can spend several hours for the analysis and viewing the news feed or it is easier to subscribe to a private group with ready-made information, where it is already written, what and when to buy.
But if you decide to figure it out on your own and not use insider information, please, you have many free helpers. There are many free platforms for you, where all the information you need is on one page. Links to project websites, tokenomics, channels, charts and everything you need to fully understand whether this project is worth investing in or not.
Let’s break down the sites that can help you in your analysis.
The main site, which is used by absolutely everyone, from small to large, user-friendly interface will help even a child to understand. Here you can track the price, go to the project token, social networks and much more. Coimarketcap is the main assistant of any trader and analyst.
For this reason, before buying any coin, it is advisable to analyze it on this site. By tracking the capitalization of the coin of interest, you can see how much in dollars this or that coin was bought, as well as how much it was traded in the last 24 hours, what the price of the coin was in any period of time.
And also the platform allows access to airdrop and other giveaways. Be sure to use this site for analysis!
The platform basically calls up information about bitcoin, its history, price movement and more. So if you want to choose bitcoin as the main asset in your portfolio. Of course not as functional as Coinmarketcap, but can be used by beginners and others.
CryptoWatch collects information from exchanges and provides visitors with charts from which they can analyze trading volumes and values of cryptocurrencies. There is nothing superfluous on the platform except charts, however, there is a paid version of the site for those who are going to trade on several exchanges simultaneously using the same account. It is quite convenient and will suit professional traders.
We have taken apart the main platforms for analysis, there are a huge number, but it is worth starting with these.
Well, what’s better, joining private channels or figuring it out for yourself, is absolutely up to you. You have to look at your options. If you are able to buy a subscription, why not. But it’s worth understanding that such channels can be a scam. Good luck with your investment!