Bitcoin has revolutionized the financial landscape. It stands out as the most popular and traded cryptocurrency to date. Since the launch of Bitcoin comes with a risk-reward potential, it has attracted the attention of all types of investors as they all look for a great way to invest amidst the crazy swings in the market. The key to deciding whether to buy, hold, or sell bitcoin is accurately tracking its price in USD.
Since the price of bitcoin is volatile due to global catalysts, being able to track its price simultaneously in USD will not only provide your dollar cost average (DCA) in USD but also allow you to have real-time data related to tracking the ups and down to identify the best time to buy or sell.
In this article, we will discuss the best methods and ways of tracking bitcoin in USD, give you better ways to make more informed investment decisions by using a variety of tools, strategies, and methods.
1. The Nature of Bitcoin’s Price Volatility
Before we start discussing the methodologies for tracking bitcoin’s price in USD, we will first need to dig a little deeper into the actual volatility of the price of bitcoin. One major difference between usual currency and bitcoin is that the price of bitcoin can vary greatly, and potentially even change when the market is open for one day, a volatile price movement as a result of several factors in a financial environment such as market demand, government regulations, media attention ,etc., or just macroeconomic context.
A key component in investing in volatile bitcoin prices is to track those prices to make a decision for investing. Historically, has bitcoin appreciated and dipped quickly, meaning it is an investment with some risk and potential reward.
2. Use of Cryptocurrency Exchanges
The most basic way of tracking bitcoin’s price is through cryptocurrency exchanges, which allow you to buy and sell bitcoin while giving you live price tracking data in USD. There are many exchanges to choose from, and some of the most popular include:
Coinbase: Being one of the biggest and best-known exchanges, Coinbase is very good and, most notably, provides live price updates and is well known for its detailed charting.
Binance: A global cryptocurrency exchange that provides price tracking and shows a lot more technical analysis tools.
Kraken: One of the most secure cryptocurrency exchanges, Kraken offers a safe web-based platform that is still easy to use with live price tracking.
At this point, you should realize that exchanges can provide live data, historical charts, and notifications that can be used to track changes in bitcoin’s value. Exchanges provide mobile and web browser applications so that you can get price updates anywhere you get an internet signal. Alerts can generally be set up with an exchange to alert you when the price of bitcoin exponentially increases or falls below a certain threshold, allowing you to act accordingly.
3. Bitcoin Price Tracker Websites and Apps
There are several websites and apps designed specifically to analyze cryptocurrency prices, including Bitcoin, giving you the most accurate price of Bitcoin in USD. During the last few years, there have been many Bitcoin price trackers that give you extra features to analyze the information related to Bitcoin. Some of the most popular Bitcoin price tracking websites are:
CoinMarketCap: CoinMarketCap provides real-time price, historical pricing charts, market cap information, and much more. CoinMarketCap lists the price of Bitcoin across different exchanges, which allows you to step up your price comparison features.
CoinGecko: CoinGecko is another popular website that gives you an overview of Bitcoin’s price along with its market volume, supply, trends, and more.
Blockfolio (FTX now): Blockfolio is a mobile app that allows you to see Bitcoin’s price and your crypto portfolios. It is also very useful for price alerts, news and updates in relation to Bitcoin and other cryptocurrencies.
These websites and apps give you instant access to Bitcoin’s value in USD across multiple platforms, showing you clear data sources before making any investment decisions.
4. Utilize Bitcoin Price Conversion Tools
If you’re someone who wants to seamlessly convert Bitcoin into USD and receive constant updates on its value, then Bitcoin price conversion tools are your best friends. These tools will allow you to track the conversion rate between Bitcoin and USD in real-time, allowing you to easily find the dollar equivalent of your overall balance.
We recommend one specific tool: Bybit’s BTC to USD Converter provides not only real-time conversion rates, but also an advanced chart function to track Bitcoin’s price history. Bybit’s conversion tool is also very user-friendly and can be used on their website or their mobile app, making it easier for you to keep track of Bitcoin’s value in USD at your convenience.
5. Follow the Bitcoin Futures and Options Markets
Futures and options exchanges also serve as another indicator of Bitcoin’s value in USD. Futures trading indicates that investors can speculate on the pricing of Bitcoin without actually having ownership of Bitcoin. By looking at the price of Bitcoin futures listed on something like the Chicago Mercantile Exchange (CME), you can see how institutional traders speculate on Bitcoin price movements and trends.
Futures trading can be a good indication of the market’s mood, and roughly what the probabilities are of seeing the price of bitcoin increase or decrease. Futures traders can include some of the largest market players, and it allows for insight into potential near-term price action of Bitcoin.
6. Use Bitcoin Price Indicators and Analysis Tools
For investors wanting technical information, there are Bitcoin price indicators and analysis tools to assist. Price indicators and analysis tools provide technical analysis charts that rely on known technical indicators such as moving averages, relative strength index, and Bollinger Bands to help predict Bitcoin’s pricing by observation of historic price behaviors.
Popular online platforms like TradingView and Investing.com provide extensive charting and analysis tools to enable a process to study its historical USD performance, but also give you the ability to allocate specific values to the various indicators to monitor trends and seek patterns of potential buy or sell.
You can also monitor sentiment and news, as well as updates regarding Bitcoin from social media platforms like Reddit, Twitter, and specific forums, which can provide clarity regarding what natures the price of Bitcoin at a given time.
7. Create Price Alerts
Price alerts are a powerful means of tracking the Bitcoin price in USD without intensive tracking of the market. Price alerts can be created on various marketplaces like Coinbase, Binance, or CoinGecko. By simply entering a price value for Bitcoin, you will receive a notification whenever Bitcoin reaches your intended price point.
Price alerts are especially helpful for investors who don’t have time to watch Bitcoin pricing for the day. Regardless of whether you’re trying to buy at a dip or sell at a top, using price alerts alleviates the stress of watching the prices by keeping you informed whenever you need to be.
8. Use Bitcoin’s Long-Term Value
Tracking Bitcoin’s price every day is important for making day-to-day actions, but it is equally important to track Bitcoin’s price history and observe its increasing value over much longer timeframes. Tracking future price movements and keeping track of historical price patterns, in annual, monthly, weekly, and even hourly timeframes, will help you understand longer-term price trends and potential future movements.
Many investors feel that Bitcoin will be a continually increasing value investment given its nature of scarcity, increasing adoption of blockchain technology, and increasing institutional interest in Bitcoin. Price also allows you to understand Bitcoin’s potential for a store of value and make better decisions on how the cryptocurrency is evolving. Tracking its pricing as regularly as possible allows investors to understand Bitcoin’s ongoing price evolution.
Conclusion
Knowing the value of Bitcoin in USD is paramount when it comes to timing property usage with investment choices. Accessibility to crypto exchanges, price tracking sites, conversion tools, and technical analysis gives more up-to-date information on Bitcoin price fluctuations. Combining price tracking tools, conversion tools, and price alerts will help you understand is options for buying, selling, and holding Bitcoin on a day-to-day and more long-term strategic basis. However, the inherent volatility of Bitcoin’s price presents risks and rewards, but a robust tracking approach to the value of an asset is always necessary to maximize returns as an investor.
