The volatility across the cryptocurrency markets makes it very difficult to actively keep an eye on multiple cryptocurrencies. Given the 24 hour nature of trading, it becomes imperative to have a tool that can alert investors when major movements in the markets happen.
The cryptocurrency markets need access to objective, timely and reliable data, which strangely in the case of altcoins is not easy to access.
Price manipulation, the spreading of false information and the general herd mentality of investors can lead to scenarios where “pump and dump” is the routine rather than the exception, especially when it comes to the trading of cryptocurrencies.
Intelligence is key
Timing the markets has historically been difficult, even for the most experienced of traders, but for novices and people who have just entered the cryptocurrency world, it presents a challenge which is especially hard.
New investors also have difficulty accessing information in an easy to understand and friendly manner, with the perennial question “what to buy” on the back of their minds.
With the launch of CryptoPing, these questions are becoming easier to answer. CryptoPing is basically an “assistant bot,” which can provide crucial information through popular messaging platforms like Telegram and, in the future, Slack.
An investor or a trader can simply add the bot to their messenger, the same way you would add a “friend,” and then receive updates through instant messages in the form of “signals” from popular cryptocurrency exchanges like Poloniex, Bittrex and Cryptopia.
CryptoPing claims to cover all cryptocurrencies that are in vogue at the moment.
The important thing to realize about CryptoPing is that it is not a panacea, it is an important tool that every trader should consider.
While it can’t be termed as a trader bot, what it does offer is “monitoring and analyzing” tools that can be used to determine the price movements of coins.
As you get information generated by the bots watching and analyzing algorithms, you receive information as and when the market dynamics change.
This could give you a precious window of opportunity to execute trades. The most important aspect of CryptoPing is that it can also act as an early warning about market hysteria building around certain coins and help you avoid pump and dump situations.
At the moment, investors can try the messenger for free but there are paid services available as well. The signals that the bot offers include a coin ticker, a link to the related exchange, trading volume difference for the past hour, change coin rate to BTC, amount of signals for the last seven days and coin market cap in US dollar.
Chance to fund development of CryptoPing
CryptoPing interestingly also has an initial coin offer (ICO), which at the time of writing this article is ongoing.
According to their website, 2,170 investors have invested 373.5 BTC in the project. The ICO, which has lasted nearly one month, will be followed up by the release of PING coins, one week after it ends.
CryptoPing hopes to keep the price of their token high by burning tokens after the ICO concludes. They will burn an amount of transferred tokens that have been garnered through subscription fees: 75 percent of tokens gathered from subscription fees during the first six months will be burned, and thereafter 25 percent of the tokens will be burned for the following one year.
According to CryptoPing, since they launched the crowdfunding offer they have gained nearly 30,000 new users.
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