Ever since Bitcoin was first released, the cryptocurrency craze was on a roll. Hundreds of crypto and altcoin projects currently litter the marketplace, offering a buffet of choices for the crypto investor. Some cryptocurrencies have exceeded a billion dollars in market cap, finally making cryptos a legitimate investment vehicle. And a lot of investors have taken notice.
A Middle Ground
Get involved in tokens trade for a while, and you’ll realize they are a completely different ball game compared to traditional investments. The advice for the average person is to invest excess earnings into low-risk mutual funds and let it grow long term. Alternatively, one can pick a high-quality stock from a well-known, relatively stable company. Both offer a relatively moderate amount of risk with a decent return on investment.
Cryptos throw that advice right out the window. They are one of the most volatile markets ever developed by man. Low-risk assets? None of them are here. Stable prices? Not assured! Prices fluctuate up and down so fast you’d think they were making it up.
For cryptocurrency traders, a day is like a week compared to the stock market. A month is more like a year. A highly-valued crypto can become worthless in a matter of hours or days. Now, imagine that volatility with a dizzying amount of choices. There are a lot of good options out there and dozens more are released daily.
A few investments and ICO investment later, and you’re not even sure how much money or assets you have. It can overwhelm even the most seasoned trader. You need a tool to get an overview of where your assets currently stand.
The Tools You Need
In view of the observations above, the most important tool for any aspiring cryptocurrency trader is a cryptocurrency tracker. These collate all of your assets from different cryptocurrencies and exchanges into a single screen. The best ones automatically update that information in real-time and provide support for as many cryptocurrencies as possible.
Not all crypto trackers are made equal, unfortunately. A few ones stand out. A lot of them don’t do a perfect job of it. Let’s look at the most popular pair in the market:
The most known crypto tracker and the obviously popular one might be Block folio. It has the ability to track a very large number of cryptocurrencies, something that other trackers can’t. It also has an alert feature, which informs you if a coin has reached a certain set price. This is useful for a quick sell for profit when prices are going up, or cutting your losses when prices go down.
The biggest concern with Blockfolio, however, is in its performance. It is known for being slow and sometimes inaccurate. Servers occasionally go down, especially when there is a large influx of traffic, causing profit loss by not providing updated prices to users. At its core, many feel it has not lived up to its promise and potential.
A better tool is needed, and you can explore others.
PYGMY is the first phase tool by the ORCA Alliance that promises to do what other crypto trackers have been promising all this time. The tool uses API access to your crypto accounts on various exchanges, allowing real-time tracking. Any changes made, such as liquidation or investing in other coins, is automatically reflected and updated. No need for manual input of trades, saving loads of time.
At the moment, PYGMY can collate results from 20 of the top cryptocurrency exchanges, with more to be added in the future. It solves the cryptocurrency trader’s dilemma of having to tediously keep track of coins in dozens of exchanges. Getting a sense of your portfolio’s true value is next to impossible in such a case. PYGMY does that for you, anytime and anywhere.
And the best feature of all is that it’s FREE. Anyone can use and access the tool’s full functionality upon public release. This is in keeping up with the developer’s goal of helping the tracking woes of cryptocurrency traders everywhere.
The Next Phase
This is where it gets exciting! PYGMY is just Phase 1 of ORCA’s vision of a one-stop, feature-rich cryptocurrency platform. Their grand plan is to seamlessly connect cryptocurrencies, traditional currencies and banks together in a unified system. This ushers in new groundbreaking features we can only dream of.
The next release, BLACKFISH, takes crypto asset management to the next level. It’s the biggest advantage is that it will give users the ability to initiate transactions from within the app. This means that tedious logging into different exchanges, whenever you want to do a trade, will be a thing of the past. That’s extremely convenient.
Moreover, BLACKFISH will allow connecting of digital wallets into the system. This means that any assets you have outside of the cryptocurrency exchanges will now be taken into account.
The platform itself is very secure and has layers and protocols built-in to ensure this. Measures are in place that prevents ORCA from accessing user accounts and data. This removes ORCA from being considered a “central authority” – a big no-no in the crypto world.
PYGMY and BLACKFISH are just the first layers of a 5-part development effort. KILLER WHALE, the touted final version of the software, will release sometime in 2019. ORCA’s development directly supports the European Union’s Open Banking initiative, which aims to decentralize banking and finance.
The goal of ORCA is to place cryptocurrency and traditional banking instruments side-by-side, working in harmony.
If you’re looking into cryptocurrency trading, having a reliable tracker is of utmost importance. You can’t just manage your portfolio without instant access to your assets in real-time, anywhere you are.
Having a tool like ORCA, which will soon integrate cryptocurrencies and digital wallets with your bank account, is a major plus. It does all the hard work so you can focus on the most important part – making handsome profits in the volatile world of crypto.