Welcome back to the Tribe! Today we are going to discuss where the best places to track the Bitcoin Price Live are and why it is so difficult to get an accurate price across the entire market.
Nothing should be considered investment or financial advice. Enjoy the ride!
Bitcoin Price Live
The current Bitcoin price live is:
This value above is pulled straight from one of the most reliable sources in the market – Coinmarketcap (CMC)
Although, where does CMC get its prices? And how do we know that those prices are accurate?
Well, that is what we are going to discuss in this post. What REALLY is the Bitcoin price live and how can you use that knowledge to your advantage?
Coin Market Cap Prices
The simple answer is that the Bitcoin live price is derived from the aggregation of all the open market prices across multiple reliable exchanges across the market.
While this might seem slightly confusing it is very simple. The price of Bitcoin is constantly changing and fluctuating on different exchanges. Therefore, CMC needs to find a way to average out the price across all of them in order to provide a reliable and accurate estimate that can be trusted.
Although, not all exchanges can be trusted or relied on for this data.
The main thing to consider when it comes to exchanges is trust-ability and volume.
By volume be basically mean the amount of Bitcoin transacted on a single platform in a given 24 hour period. Bitcoin can vary greatly from platform to platform, and the exchanges with higher volume are considerably more reliable in terms of predicting an estimate for BTC.
Meanwhile, other smaller exchanges with little volume will be easily manipulated by market swings and will serve to increase the volatility in the Bitcoin price when added to the estimation equation. For those reasons, each exchange is given a weight or factor that is applied to it in order to estimate the price of Bitcoin across the market. Therefore, more popular exchanges are given more weight or a higher factor than less popular ones.
Although, there is a common issue in the industry with exchanges reporting fake volume or showing inconsistent numbers. CMC also accounts for this since it has historically been a problem for the market. Fake volume or wash trading as its called can serve to drastically skew the current prices one way or another in addition to bots or price equations. Therefore, a reliability factor along with the weighting factor needs to be mixed into the equation to arrive at more accurate estimates.
Places To Track Bitcoin’s Price Movement
There really is no secret to this and you can do it almost anywhere. If you are just looking to check the prices here and there, then we suggest Coin Market Cap again.
Although, there are plenty of places to stay up-to-date on crypto prices. We highly suggest using where ever you keep your assets or get your news from.
For instance, we love following the hottest articles around the market on Crypto Panic – a news aggregator with some great cites flowing through it.
On the side of the site, there just so happens to be the crypto prices live that we can stay current with. Likewise, when we held a significant amount of our assets in Blockfi, we were able to easily see the prices of our assets along with some of the other top assets on the market.
If you are really looking to dive into trading or researching other assets on the market in terms of pricing, then it might be best to actually jump into an exchange to watch trades live or simply just use trading view to track a few of your favorite assets.
Whatever you use, make sure to be consistent in order to recognize trends on the market and to secure your assets. It is highly recommended for anyone holding digital assets in a “hot” wallet similar to an exchange like Coinbase to check them periodically.
We suggest checking them no less than every 2 days. In addition, make sure to removing whitelisting and setup 2FA along with email notifications incase there is ever movement from your wallets.
Bitcoin Price Live Post
Thank you for reading our post on the Bitcoin price live! With this new knowledge, you should now be able to not only find the actual live price of Bitcoin, but be able to take advantage of some things like arbitrage, leveraging, and staying ahead of the market.
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