Can you still make money trading altcoins in 2019?
The short answer to this question is of course you can, but I know that’s not the answer you’re looking for. With coins like Tron, Ripple, Ethereum and Litecoin gaining mainstream appeal after the Bitcoin crash, many have made a fortune on trading altcoins. The hard part is knowing when to buy and when to sell. Another thing to consider is that certain exchanges may have different prices for certain coins. Just because one exchange is trading Ripple at $1 USD doesn’t mean that every exchange is trading Ripple at that price. So now not only do you need to try and guess market trends for these altcoins but now you have to keep track of all these different exchanges too?
Okay, that is a lot but its a still do-able. Now you need to select an altcoin. Sure, you can go with the already big names like ripple or etherum or zcash or monero but those already have some mainstream appeal. To really make it big you need to have the skill to find the coins that do not have that mainstream appeal and are still trading low so you can cash out when when they pick up that mainstream appeal. But what if you pick the wrong coin and it all comes crashing down? That’s where the exchange watching can help you. If one exchange is falling fast, it isn’t likely that the others have caught on to the recent downtrend yet leaving you a chance to get out before its too late.
Are there any tools that can do this for me? Absolutely there are, but are you sure you want to trust a bot with your money? Let me introduce Simple Crypto Compare. They offer a tool to help you keep track of all those different exchange price changes to give you the upper hand in crypto trading. Check it out here and let me know your thoughts on it the comments below.
Don’t want the tool and just want to get started trading altcoins yourself?