Suppose you have investments in several different cryptocurrencies. In that case, it is likely a good idea to utilize a cryptocurrency portfolio tracker so that you can monitor how well your investments are doing. Using Prillionaires Portfolio Tracker, you can connect accounts from numerous online exchanges, see the data on charts, and monitor their values.
This isn’t always enjoyable, especially when the market is in a bear market. A bitcoin portfolio tracker has the potential to become your best friend’s worst enemy.
Despite this, they are essential tools to help you keep track of the success of your portfolio if you are interested in a range of altcoins in addition to Bitcoin. This may be done by allowing you to compare the prices of different cryptocurrencies.
Continue reading to find out more.
Your investment portfolio during a rising market
Using your bitcoin portfolio tracker during a bull run may be a lot of fun, as one could guess, given the current market conditions. When you first open your eyes in the morning, you will be able to see how much money you have made.
When you initially start trading cryptocurrencies, and everything is going well, a certain aspect might be described as addicting.
When you are holding a random bag, and suddenly it comes to life, the exhilaration you feel is comparable to the excitement of winning the jackpot on a slot machine. Due to the high amount of risk involved and the potential for significant gains, trading several alternative cryptocurrencies is comparable to gambling at a casino.
Using a bitcoin portfolio tracker may be entertaining and simple during a bull market. On the other hand, one cannot make the same assertion when the bear market shows its teeth.
Your investment portfolio during a downturn
If you made any bitcoin purchases in January 2021, the last thing you probably feel like doing right now is checking the tracker for your cryptocurrency portfolio. It may be very distressing to watch the value of your laborious efforts gradually erode with the passing of each day.
Although this may put a damper on your attitude, the lessons you may gain from it are highly significant. The specific features that come with your portfolio tracker might be utilized to your advantage.
Even in a bull market, you may be ahead in dollars. Still, if the value of your BTC holdings is lower than it was when you began, this would indicate that the profits you made from investing in altcoins were not as profitable as they would have been if you had just invested in BTC.
You must review your investment portfolio during a bear market, even if you may not feel motivated. This might limit your losses or gain insight into where you went wrong.
Conclusion
A cryptocurrency portfolio tracker is probably not essential for you if the only cryptocurrency in which you are interested in investing in Bitcoin. On the other hand, if you want to play a dangerous game by investing in a range of cryptocurrencies, then a portfolio tracker may greatly assist you in monitoring how well your investments are doing.
Even while it might not be very enjoyable to look at them after you’ve lost all of your money, they are still a valuable tool that many people who trade cryptocurrencies could find necessary.
Keeping a tracker of your progress, especially during difficult times, may teach you important lessons you can apply in the future and enhance your capacity to take pleasure in the good times.
