Cryptocurrency exchange rate online chart
The balance between supply and demand is one of the primary factors that exert influence on the exchange rate of cryptocurrencies and the conventional fiat money. However, the cryptocurrency market is still relatively non-voluminous, which means that it is prone to the man-made artificial sharp swings in rates, commonly known as “pump and dump”. It works in the following way: the exchange rate of a certain cryptocurrency experiences a significant spike due to the intentionally created false demand (in some cases, such a price increase can account for hundreds percent which occurs in a matter of minutes), which eventually ends up with a huge plunge of price of that coin.
Predicting the starting point of pump and dump is almost an unfeasible task since it happens as the result of collusion of a group of people that possess some insider information, and has nothing to do with the natural processes that take place on the market.
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Moreover, the exchange rates of all major cryptocurrencies are severely affected by the financial policies adopted by the authorities in China or the United States. Last year, for instance, the emergence of rumors concerning the possible ban of mining throughout entire China led to a crash on the cryptocurrency market and the subsequent panic among all crypto holders in the world.
The cyber criminals also have a tangible impact on the exchange rate of Bitcoin and other cryptocurrencies. Recently, Bithumb, the South Korean crypto exchange, fell victim to hackers who bypassed the security system and stole $32 million from the users; accounts. As the consequence of their actions, the rates of all top cryptocurrencies went south rather abruptly.
Tools for monitoring cryptocurrency rates
The profitable cryptocurrency trading requires constant monitoring of exchange rates of various coins on the corresponding graphs because oftentimes the question of whether you will end your trading day in the black or in the red could be solved in a matter of minutes. We offer you the list of three most reliable online resources for monitoring cryptocurrency exchange rates.
One of the most recognized and well-regarded websites for monitoring changes in cryptocurrency exchange rates with a 5-minute timeframe (the update of price indicators). Coinmarketcap provides extensive and detailed information on more than 1000 cryptocurrencies. In order to make the monitoring process more convenient, you can download the mobile application of the same name from the App Store.
This is a very informative website that provides not only exhaustive information about the current exchange rates but also a mining profitability calculator that can be of good use for those who obtain cryptocurrencies through mining, using rigs or ASICs. Moreover, CryptoCompare offers their users the reviews and rates of the biggest online cryptocurrency exchanges and the analysis of the most promising ICOs.
It is a quite unconventional and visually attractive tool for monitoring cryptocurrency exchange rates. Coin360 is designed as the mosaic tiling, where each tile represents a separate cryptocurrency.
Depending on the market situation, the color of a tile could change from green (the price rises) to gray (the price stays flat), and to red (the price drops). The user can always open an information window that contains detailed information about all crypto-related occurrences, for instance, what happened to BTC/USD rates over the given course of time.