The crypto market is fast becoming a vast ecosystem of traders and professionals looking to capitalize on the valuation of cryptocurrencies. Owing to the persistent fluctuations of these valuations, crypto traders are constantly analyzing market movements to predict price movements. While this is a given, technical analysis, as this process is called, entails a level of expertise in reading charts and discovering the not too obvious, which, to be honest, is a scarce skill. And so, a majority of traders would rather subscribe to signal-generating platforms or join a community of traders where they can access insights into market trends.
One of the communities that have served this purpose, over the years, is the r/Cryptomarkets subreddit. In this article, we will dissect the workings of this subreddit as well as its strengths and weaknesses.
An overview of the r/cryptomarkets subreddit
The r/Cryptomarkets community is one of the most popular crypto subs on the Reddit platform. According to the details of this community, the r/cryptomarkets subreddit is a “FOREX community for cryptocurrencies.” For those who are quite familiar with this subreddit, you will agree that this statement does not even come close to defining what this crypto group is all about. r/cryptomarkets is a network of traders who have come together to share resources and insights regarding the fundamental and technical analysis of cryptocurrencies. The motive of participants of this community is to profit from trading crypto. Thus, you will find information that can help in this regard on this subreddit.
At the time of this review, the r/cryptomarket sub had 196,000 members, which is impressive. Also, we noticed that the members of this network are somewhat active, as the subreddit generates new posts almost every hour. One thing you should have at the back of your mind, as you engage in r/Cryptomarkets subreddit, is that sentiments often comes to play when carrying out fundamental or technical analysis. Therefore, take every information accessed on this platform, particularly relating to price predictions, with a grain of salt. In some cases, analysts do not post original analysis. Instead, a majority copy and paste other people’s work, without exploring the weaknesses or strengths of the analysis. Hence, you ought to carry out your research, rather than blindly adopt ready-made ones.
What are the guidelines for participating in r/Cryptomarkets subreddit?
As it is with a majority of communities on the Reddit platform, the r/Cryptomarkets sub has its rules, which every member has to comply with. These rules are as follows:
Obey the golden rule
People who are familiar with Reddit would agree that the golden rule is the ultimate guide for users. Anyone found breaking this rule might get kicked out of the platform. And so, subreddit communities always emphasize its importance. The golden rule demands that users treat their fellow Redditors with respect. Hence, trolling, personal attack, cursing, or offensive comments are highly prohibited. Therefore, if you are going to join any group on Reddit, you must have it at the back of your mind that the onus falls on you to ensure that your comments and contributions are polite and unprovocative. Failing to do this could spur the platform or the subreddit’s moderators to ban or suspend you, depending on the seriousness of your offense.
There is no room for spam
The next rule, to an extent, tackles one of the issues battling free and open crypto networks – spam. Seeing that the crypto market Reddit’s setup makes it a potential leeway for self-promoting crypto participants and marketing professionals, the moderators have, therefore, set up restrictions that would ensure that spam does not overrun the subreddit. Hence, bloggers and website owners can only post content from their site once a day. Also, the community does not support referral links or advertisements.
Members must not post manipulative comments or charts
The crypto market is a speculative terrain. As such, nefarious individuals capitalize on the prevailing nature of participants of the crypto market by spreading fear, uncertainty, and despair to spur traders to execute trades that would favor them, in the long run. To do this, they disseminate fake news, disperse misleading information, or offer low-quality signals. Knowing full well that these manipulative schemes are prevalent in trading-related communities, the moderators of r/Cryptomarkets have decided to ban whosoever is culpable.
Always contribute quality content
Another important rule governing the activities of members of the r/Cryptomarkets subreddit entails that contributors ensure that their submissions are not low-quality content. In other words, you should always back up your claims with credible sources, especially if you are reiterating insights from external websites. In addition to this, all your price predictions must emanate from quality research. Likewise, the community frowns against low-effort content like joke posts, memes, or gifs. As well, you must ensure that your contributions align with the goal of the community, and your comments should conform with the original posts.
What are the pros of r/cryptomarkets?
It is a great community for crypto traders
Crypto trading comes with complexities, which often is a deterrence to newbies. And so, the r/cryptomarkets community stands as one of the reliable communities where new entrants can network with expert traders. Also, it does not fixate on the technical analysis, as members often post news that they believe could have a ripple effect on the price of cryptocurrencies. Similarly, the subreddit has direct links to Coinmarketcap and Live Coin Watch. As such, traders can verify signals easily, keep an eye on market trends, and base their arguments on live price movements.
The moderators have done enough to put a lid on spam
As earlier stated, it is good that the moderators of the subreddit identified the implications of allowing people to post promotional content. For one, nefarious entities might use this opportunity to push ads for pump and dump schemes or propagate fake news. Placing restrictions on such activities helps the community to maintain its reputation as a viable platform for crypto traders.
What are the cons of r/cryptomarkets?
Not as active as you would expect
For a community of crypto traders, who have the knack of drifting in and out of the crypto market at a frantic pace, this community seems a little bit idle, considering you might have to wait for an hour to access new posts. You will agree that a community of this size should have no problem generating buzz.