The past few months have been a tumultuous time for the cryptocurrency markets. But with volatility comes opportunity.
As a contestant of Wall Street Survivors’ March Cryptocurrency Contest, you have the opportunity to beat the market, compete with your friends, and win BIG!
My name is Levi Rasmussen and throughout this contest I’ll be equipping you with the knowledge to kick off your journey to victory. So without further ado, let’s get started.
You may be asking, where should I start? Who are the big names in crypto?
One of the most popular ways to rank the success and popularity of a cryptocurrency is Market Capitalization (market cap for short). Market cap multiplies a currency’s number of circulating units by that currency’s price per unit. For example, Bitcoin’s market cap, at the time of this writing, is about $161 million. There are about 17 million available Bitcoins multiplied by a price of about $9,500 per coin.
Speaking of Bitcoin, it has the highest market cap of any cryptocurrency, and therefore takes the #1 spot on the Top 5 list. Here are the rest:
- Bitcoin (BTC) – $153 billion
- Ethereum (ETH) – $70 billion
- Ripple (XRP) – $32 billion
- Bitcoin Cash (BCH) – $20 billion
- Litecoin (LTC) – $10 billion
Each of these cryptos have differing benefits and drawbacks and are used to meet different needs. So although they may (or may not) be a good place to start, make sure to do your research.
How to Join the Cryptocurrency Contest:
Now that you know who the big players are, let’s get in on the action. Follow this link: http://www.wallstreetsurvivor.com/league/MarchCrypto and click Join the League.
How to Trade:
Wall Street Survivor provides a simple, user-friendly simulation crypto trading platform, making it easy to virtually navigate the crypto market.
When you log in to your WSS account, hover over the Trading tab at the top of the page, find March Crypto, and click Trade. This will bring you to the Make a Trade page where you can also find your portfolio and see recent trades.
Before you decide what to trade, you may want to consider your options. On the Make a Trade page, at the top right of your screen, you’ll see a yellow button called Crypto Quotes. Clicking on this will open another tab that displays a list of cryptocurrencies with various statistics such as market cap, volume traded, and percent change in price.
After browsing this list, return to the Make a Trade page and use the Search bar to find the crypto that you want to trade. Click on the currency, then select Buy, Sell, Short, or Cover. Decide how much you want to trade by either choosing the amount you want in virtual dollars or by the number of “shares” you want to transact. Finally, click Trade.
If you follow these steps you’ll be on well on your way to building a winning crypto portfolio. Best of luck, and look out for my next article, The Play, coming next week!