The Most Comprehensive Cryptocurrency Trading Dashboard for Crypto Traders
You have a lot of good company, taking into consideration that cryptocurrency is quickly becoming more widely used thanks to the proliferation of financial services, institutions, and other organizations getting on board with blockchain technology and cryptocurrency. You, however, are faced with a dilemma at this time.
There is a good chance that you have a number of crypto profiles, wallets, and possibly individual BTC and ETH coins dispersed over a number of different websites and applications. It might be challenging to stay on top of everything and to comprehend how different factors affect your overall financial situation and your net worth. In that scenario, you are going to want to get yourself a cryptocurrency trading dashboard.
The Whaleportal is a cryptocurrency trading dashboard that aims to provide users with the most comprehensive information possible regarding Bitcoin and the cryptocurrency market. This article examines Whaleportal, a cryptocurrency dashboard that many consider being the best available due to its intriguing features and capabilities.
What Exactly Is Whaleportal?
A cryptocurrency trading dashboard is a digital tool that has the primary goal of giving traders the most recent and accurate market data. This allows traders to make even more accurate price predictions on Bitcoin and Ethereum for example.
You are able to obtain a quick peek at what is occurring in the cryptocurrency market on a worldwide scale thanks to this. As a trader, you will find out which currencies are truly moving, as well as your positions, volume, and trading statistics, along with volatility and the number of deals that take place every time on the main coin pairs.
The Whaleportal trading dashboard is a cryptocurrency trading tool that visualizes data from crypto futures exchanges. There are many various kinds of information pertaining to Bitcoin and the cryptocurrency markets that may be found on this site. A variety of information, including the Bitcoin funding rates, the Crypto fear and greed index, the Taker buy/sell ratio, and much more is offered here.
The Whaleportal trading dashboard was developed with Bitcoin and cryptocurrency traders in mind from the very beginning. Traders can figure out the direction that prices will move in for Bitcoin, Ethereum, and other cryptocurrencies by using the charts provided by Whaleportal.
The Salient Features OF Whaleportal
The end purpose of crypto dashboards, as well as the goal of the vast majority of other types of wealth dashboards, is to provide an overview of all of your assets and how they interact with one another. Why? Because when you have all of this data together in one place, you can understand how your assets and accounts contribute to your overall financial stability and net worth, and you can make better decisions as a result.
Whaleportal provides traders with the most up-to-date market information which is crucial for any trader to know before opening any trade. The trade who implement derivative exchange data into their trading strategy has a significantly higher chance of becoming profitable than those who don’t use this data.
Regular technical analysis won’t cut it here. You need something more robust. For effective data visualization, a cryptocurrency trading dashboard such as Whaleportal is required. At a glance, you are able to monitor different data sets that have an influence on the price of various cryptocurrencies. The following is an overview of the primary features that Whaleportal possesses:
1. Bitcoin Exchange Balance
The Bitcoin Balance on Exchanges displays the total amount of Bitcoins owned on exchanges. Whaleportal monitors the wallets of the most prominent exchanges to ascertain the balance on the majority of exchanges. This statistic can be quite useful for revealing investors’ and traders’ underlying behavior.
The Bitcoin Exchange Balance chart will demonstrate an increase when traders transfer Bitcoins to exchanges. It might help you figure out the potential selling or purchasing pressure for Bitcoin. If the Bitcoin balance on exchanges is increasing, it indicates that investors and traders are moving their Bitcoins to exchanges, which may indicate that they intend to sell their Bitcoin, hence creating selling pressure.
A trader can use the Bitcoin balance on exchanges to identify panic or confidence. When Bitcoins are withdrawn by traders, it indicates that they are less inclined to sell in the near future. When traders move Bitcoins to exchanges, it may indicate that more traders intend to sell in the near future, resulting in a decline in the price of Bitcoin.
2. Open Interest
Open Interest is the total amount of funds in a contract at a given point. If you open a contract, it will be considered open interest for as long as it remains open. This Whaleportal indicator indicates the number of contracts that have yet to be settled. Therefore, if ten traders have long or short positions totaling $100,000 each, the open interest would be $1,000,000 USD. Traders use this indicator to determine a trend’s momentum and potential reversals.
The “Open interest” can be utilized in numerous ways by traders. It is an excellent indicator of the significance of other variables, such as financing rates. When the open interest rises, funding rates become more important since more contracts are indicative of that particular funding rate (whether positive or negative). In addition, when the Open interest is strong, market volatility may be anticipated. The more the Open Interest, the more volatile the markets can be since leverage increases market liquidity.
3. Fear and Greed Index
The Fear and Greed index computes a value between 0 and 100. Where 0 symbolizes extreme market fear and 100 represents extreme market greed. The Crypto Fear and Greed Index from Whaleportal is a sentiment indicator. It indicates if the current crypto market sentiment is extremely bullish or pessimistic.
It utilizes data from multiple sources, including social media behavior, Bitcoin dominance, volatility, momentum indicators, and price trend. Due to their volatility, cryptocurrency markets are very emotive. Investors frequently buy when the price is rising (fear of missing out) and sell when the price is falling (Panic).
As emotion is an excellent long-term indication, it is essential to emphasize that you should utilize this indicator in conjunction with other signals. However, it may not be accurate in the short term. When you observe levels of excessive fear, it is still conceivable for the price of Bitcoin to decrease; similarly, when you observe levels of great greed, the price can still continue to rise, as irrational emotions can remain active in the markets for a longer amount of time. Always seek more confirmations from a variety of distinct indicators.
4. Bitcoin Premium Index
The Bitcoin Premium index from Whaleportal measures the premium or discount of Bitcoin perpetual contracts compared to the minute spot index price. The premium Index is based on the price difference between the last traded price of a perpetual contract and the price of the spot index. The price of the spot index is a volume-weighted spot index, which is a weighted average of prices from different exchanges.
Essentially, it indicates for each cryptocurrency whether the spot market is trading at a premium or discount to the perpetual contract. The value can be greater than, less than, or equal to 0. When the value is more than zero, the perpetual contract trades at a premium to the “mark price,” and when the value is less than zero, the spot index trades at a premium to the perpetual contract.
The markets are a representation of human sentiments, and before a price change may occur, we frequently observe an emotional extreme. This extreme can be identified by the Premium Index. When an extreme signal is generated by the Bitcoin Premium Index, the likelihood of a reversal increases. This could be a short-term or a longer-term reversal.
5. Funding Rates
The funding rates are one of the most well-known and profitable indicators for Bitcoin derivative traders. The financing rates from Whaleportal reveal if the bulk of traders is long or short Bitcoin, and this ratio is highly advantageous for any trading strategy. The funding rates are recurring payments paid by long or short traders with open positions.
Depending on the funding rate, a position-holding trader must pay a fee after a specific period (usually 8 hours or daily). This charge may also be positive, in which case the trader holding an open position would receive a reward. The funding rates exist to preserve a balance between the number of long and short traders. A funding rate can provide insight into the short-term market attitude. When the majority is short, funding rates are negative; hence, the majority anticipates a price decline.
6. Taker buy/sell ratio
The “Taker buy/sell ratio” from Whaleportal indicates the volume ratio between long and short positions in the derivatives market. When the figure is more than one, it indicates that more traders are opening long positions using a market order, indicating that bullish sentiment dominates the markets. What does “taker” signify exactly?
The name of this indication can be quite ambiguous. If a trader wants to execute a trade on Bitcoin or any other cryptocurrency, various order types are available. The trader can either place a limit order (maker) or a market order (taker) (taker). Limit orders contribute liquidity to the order book, whereas market orders remove liquidity from the order book. As a result, market order fees are typically greater than limit order fees.
Why Do You Need Whaleportal Cryptocurrency Dashboard?
Every trader that actively trades Bitcoin, Etheruem or other cryptocurrencies is strongly advised to use Whaleportal for price predictions. Whaleportal offers key data which traders can’t afford to ignore when opening any position on any cryptocurrency. Using these metrics next to regular technical analysis will significantly increase the trader’s chances of being profitable and to make accurate price predictions.