The overall performance of bitcoins can be seen and reviewed through the Bitcoin chart. For newbies, it may be a little challenging to understand what the charts signify, but with interest and persistence, this surely will be a piece of cake.
Bitcoin charts are made to provide financial and technical data that concerns the Bitcoin network. Thus, all kinds of information covered by financial and technical details can be found on charts. Bitcoin charts typically use daily intervals (UTC) to demonstrate data. Given this, the market’s volume will normally go down to zero at midnight, but it is expected to increase during the day.
Charts for bitcoins are also categorized by colors that correspond to specific information. Green is for higher, red is for lower, and blue indicates that the latest price is equal to that of yesterday’s.
These colors will gradually fade to black after some time from the occurrence of the last trade. Bright colors, on the other hand, mean that the trade just happened just very recently.
The Bitcoin chart contains the following table data:
Symbol – contains the symbol, base currency, and payment method of a market. Symbols are shortened names that are used to identify a market. They’re usually chosen by Bitcoin charts.
Latest price – shows the price of the last trade, indicating the exact time of the said trade.
Previous close – shows the price of the latest trade the previous day.
Volume – shows today’s volume in Bitcoin and the currency of the market.
30d Volume – shows the total trade volume in the last 30 days, plus the market’s currency.
Day low/high – shows two numbers and a bar; the left number displays the lowest price of the trading day while the right number shows the highest.
Open – signifies the first trade of the day.
Bid – shows the best bid in the market’s order book. This means the best price someone is willing to pay for a Bitcoin.
Ask – shows the best ask in the market’s order book. “Ask” here means the best price someone is willing to sell a Bitcoin for.
30 days chart – displays the price during the last 30 days. In the case of a sudden “crash”, it only means that there has been no trade during the 30-day period.
Understanding Bitcoin’s nature completely takes time. Fortunately, Bitcoin charts make it possible for Bitcoin enthusiasts to learn more about the cryptocurrency’s behavior in the trading community. Not only will this help one decide which path to take, it will also provide a more thorough comprehension of all Bitcoin information related aspects.