Let’s pretend you’ve got some money invested in several different digital currencies. Therefore, it is highly recommended that you use a cryptocurrency portfolio tracker to keep tabs on your assets’ performance.
Connecting your accounts from several online exchanges, seeing the data on charts, and keeping tabs on their values is all possible with portfolio tracker and Prillionaires personal finance management app.
This isn’t always fun, especially during market downturns. It’s possible that the bitcoin portfolio tracker you’re using might turn against you.
Nonetheless, if you’re interested in more than just Bitcoin and want to monitor the performance of your portfolio, they are vital tools. You might achieve this by comparing the costs of several digital currencies.
Please read on to discover more.
Your investment portfolio during a rising market
Considering the state of the market, it’s reasonable to assume that using your bitcoin portfolio tracker during a bull run may be a lot of fun. To know how much money you have made, you must open your eyes in the morning.
When things are going well in cryptocurrency trading, it might be tempting to keep going back for more.
The thrill of clutching a seemingly lifeless bag suddenly springs to life is like hitting the jackpot at a slot machine. Trading a number of different cryptocurrencies is similar to gambling at a casino because of the high stakes and potentially large profits.
Tracking your bitcoin holdings with a portfolio app might be a fun and easy pastime during a rising price trend. But no one can make that claim when the bear market starts to bite.
Managing Your Investment Portfolio Through a Recession
The last thing someone who bought bitcoin in January 2021 wants to do is check their cryptocurrency portfolio tracker. Losing sight of the importance of your hard work as the days go by may be pretty upsetting.
Although this may dampen your spirits, the lessons you learn from it may be invaluable. Utilizing your portfolio tracker’s unique characteristics can provide a number of benefits.
If the market continues to rise, you may still have a financial gain. Your returns from investing in altcoins might not have been as lucrative as they would have been if you had only invested in BTC if the value of your BTC holdings was lower than when you started.
Even if you’re not feeling very motivated, assessing your portfolio during a down market is essential. As a result, you may be able to reduce your losses or better understand your errors.
Conclusion
If you’re solely interested in Bitcoin as an investment, you probably don’t need a cryptocurrency portfolio tracker. But if you’re willing to take some risks and invest in many cryptocurrencies, a portfolio tracker can help you keep tabs on their performance.
It’s possible that many cryptocurrency traders would benefit from having something like this on hand, even though it would not be pleasant to look at after you’ve lost all of your money.
Keeping a record of your progress will help you learn valuable lessons you can use in the future and increase your ability to enjoy the good times. This is especially true during challenging times.
