*What is real-time tracking?
Imagine you are planning to travel from Yangon to Bangkok and are constantly monitoring flight prices.
Normally, you might expect to pay around $200 for a ticket, but due to a flash sale happening within 24 hours, the ticket price suddenly drops to $150. If you are using a mobile app or website (for example - Skyscanner, Google Flights) to monitor real-time prices, you can immediately take advantage of the price drop and purchase the ticket before the specified time runs out.
If there is information (for example - changes in weather or approaching holidays) suggesting that flight ticket prices will rise, it is the same in that you can immediately know when prices start to rise and buy tickets at the most favorable time before prices go up further.
In this way, you might get a discount on a flight ticket worth $50, which can help you avoid having to pay more later. Real-time tracking helps ensure you don’t miss out on sudden opportunities and can also help you avoid potential risks later.
*The importance of real-time tracking
Similarly, in the cryptocurrency market, real-time tracking can help you anticipate the likelihood of price increases, allowing you to buy early for better returns, while also enabling timely sales to minimize losses when prices suddenly drop, effectively managing investment risks.
The cryptocurrency market is characterized by high volatility, with rapid price fluctuations in short periods. Therefore, real-time tracking is essential for managing investments effectively and responding quickly to market conditions.
Additionally, since the crypto market operates 24/7 without time constraints for trading, it allows investors to buy and sell from anywhere in the world at any time. However, this means prices can change significantly even while you are asleep, making real-time tracking essential.
*How does real-time tracking support investment decisions?
Real-time tracking of crypto prices plays a crucial role in making better investment decisions, as being aware of market changes in real-time allows investors to identify smarter entry and exit points in the market, helping them manage potential risks more effectively.
For instance, tracking crypto prices allows you to sell investments before prices drop (downtrend) or buy before prices rise (uptrend). Furthermore, real-time data significantly aids in technical analysis, helping to identify price movement patterns for better future price predictions.
In conclusion, for investors to survive in the volatile cryptocurrency market, real-time tracking of prices is essential. It is important to choose platforms like Binance that provide accurate data, responsive charts, and performance records for monitoring prices, as timely information allows for quick responses to market changes, leading to better investment decisions and more effective risk management.