Call it your control tower: a central place where you can manage everything that is happening to your holdings. No matter where you are holding them, in a wallet, or at an exchange, everything can be monitored from a single place. This is the promise that a crypto tracker brings.
You do not simply want to list your holdings in a central location and retrieve real-time data on pricing. Changes to your holdings should be automatically reflected when they take place. Hereby you can combine speed-to-market (e.g., having your coins in the exchange ready to trade) with security (e.g., your wallet) while having a single overview of your holdings.
One of the major downsides of having the coins in an exchange is the lack of ownership. We refer to it like this because the coins are still part of the exchange’s wallet. They use their database to indicate the portion that is allocated to your account. This also means that you cannot participate in staking mechanisms, in case the coin leverages a Proof of Stake algorithm.
When coins are in your wallet, you can grow your holdings. They are also more secure in your account, as became evident with hacks to exchanges such as Mt. Gox. A crypto tracker application connects to these wallets solely by the Public Key. This means that no other information (e.g., Private Key, wallet credentials) needs to be shared. The tracker simply retrieves all transactions from a blockchain using the Public Key.
What is a control tower without having sight of the external factors? To the cryptocurrency space, where volatility is a rule rather than an exception, the market depends on the news. When Elon Musk tweets about Dogecoin, the value can easily go up over 20%. For this reason, you need to be able to get news the earliest. Through a crypto tracker, you can receive push notifications tailored to your holdings and the overall market. This allows you to trade swiftly when the need is high, and keep your rest when no major changes occur.
Similar to intrinsic value on the stock market, it is possible to calculate the value of coins. For example, you can conduct an on-chain analysis and look at data charts and project reports. These sources help you determine the transaction count, value, and a number of active addresses. Other metrics could be the hash rate (if it concerns a Proof of Work mechanism), as this can indicate the health of the network.
Delta.app is a leading provider of such a tracker. They integrate with over 300 exchanges and allow you to connect to wallets from several cryptocurrencies. Next to that, they provide a detailed trading analysis of your transactions. This helps you to better understand the trades you made, allowing you to continuously improve.
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