Top Tools For Beginners To Analyze Cryptocurrency Data
The popularity of cryptocurrency has gone through the roof as the adoption of the financial revolution is becoming normal with each day passing. Beyond individuals, the interest of institutional investors including financial institutions has been drawn to the crypto space as many of them have been investing their resources including money and time despite the volatile nature of the market.
However, for anyone to dive into the crypto space either to start trading or to begin a career, be it an individual or an institutional investor, there is a need to have clearly understood the dynamics of the crypto space and be able to thoroughly analyze every process with committing any mistake. Since the demand for crypto analysis is becoming higher on daily basis in the space, this guide intends to uncover the multiple analysis platforms for cryptocurrency, especially for beginners in 2022.
The truth is that having to walk by yourself to select the best platform out of the diverse options out there can be very overwhelming, and the essence of this guide is to save your time of searching around on the internet and present you some of the best possible cryptocurrency analytics platforms in the space in 2022.
Without any further ado, let us dive into the guide.
What are the top Tools Needed to Analyze Crypto Data?
- On-Chain Data Providers
They are oftentimes called the blockchain intelligence and data platform and their work are to provide traders and investors with the deepest insight possible into the activities on the blockchain networks. Examples of these are Santiment, Messari, Glassnode.
Typically, the work of these platforms is to analyze the various data stored on the different blockchain networks ranging from wallet addresses, miner rewards, transaction value, transaction fees, block details to any other relevant and needful information stored on the smart contracts.
The process of on-chain data analysis has become an essential tool to get a deeper insight into the patterns of how most blockchain networks and their digital assets are engaged. This process is more comprehensive and detailed than the price action analysis because it helps you get the bigger picture of how the movement of the market and the engagement around the digital assets.
- Crypto Derivative Trackers
For every user in the crypto space to get more insight into the crypto market, tracking the spot market is not all that is required of them, but they must also spread their analysis tentacles to the derivatives markets. This is because the actions in the crypto derivatives market, most often, have a direct influence on the digital assets themselves.
By implication, when the derivative traders are analyzing the market to cement their speculations on whether the value of digital assets will change in the future, their analysis can give great insight into the current movement and sentiments in the market. It can also signal a potential reversal of a trend.
All this is to say, keeping a tab of the crypto derivatives market is worth it for an adequate and thorough crypto data analysis, and there are various tools in the space that can help you achieve that. There are platforms like Skew that can help you track the various derivatives contracts been executed on different crypto exchanges and help you gather real-time insight into crypto derivatives, either perpetual contracts, swaps, futures, or options.
- Technical Analysis Tools
For every trader, be it in the cryptocurrency market, forex market, or others, having technical analysis skills and the tools required is not inevitable.
These platforms have the right kind of tools and indicators that makes technical analysis for the chosen asset easier. Also, most of them have a community where their members share their insights, sentiments, and conclusion from their technical analysis and they also interact, discuss ideas while they learn together.
One of such tools is TradingView which gives you access to various indicators that allow you to accurately analyze the price charts and help you make the best trading decision. Also, on TradingView, there is a community where users share their sentiments on different projects and assets on the platform, and these sentiments can be very useful in your analysis. However, beyond crypto projects, there are other assets on the platform including currency pairs, stocks, and indices.
- Social Metric Trackers
As opposed to the traditional markets that relate and communicate their earnings reports regularly, the potential and value of projects in the crypto space are commonly reflected in the activities and engagements of their community. And as it works in the crypto space, most community gatherings in the crypto space happen on social media platforms like Twitter, Reddit, and Discord.
Because projects in the crypto space are in their thousands, it is impossible to follow thousands of social media communities. This is when social metric trackers tools come in handy. They collect data on the social media activities of almost all the cryptocurrencies and exchanges. They also analyze possible patterns and sentiments for users to get real-time insights into the major happenings in the crypto markets, or the next possible place to invest in.
- Crypto Calendars
With the way the crypto space is moving, it is quite difficult to keep track of all the upcoming events in the space including coin burns, airdrops, IDOs, ICOs, STOs, project launches, and other conferences. This shows a need for specialized tools.
Calendars in the crypto space are quite important for everyone that wants to stay abreast of information on events and doesn’t want to miss anything. These calendars give up-to-date details about projects and tokens on future releases, swaps, hard forks, upcoming airdrops, and block halvings.
Top 10 Must-Have Tools for Research in the Crypto Space for Every investor
After listing the categories of tools needed for research in the crypto space, there is a need of citing examples to help, at least, beginners in the crypto space get started on their crypto investment journey. Whether you are a beginner or an expert in crypto investment, what you are looking for is to reduce risks and losses as much as possible and to increase your chances of mastering the game.
However, this guide doesn’t in any way receive sponsorship from any tool to be mentioned here. Any tool that made the list was only included because of their expertise and popularity in helping crypto investors refine their research in the space. So, here are the top 10 research tools needed for every investor in the crypto space.
- Messari
Messari is a tool that aggregates crypto data and provides a lot of amazing tools that help you analyze charts and allow you to make the best decisions when it comes to trading and investing. The tool comes with a feature that allows you to filter data according to your need like the asset price, sector, and market cap. With this feature, your research on every coin can be customized.
Messari falls under the “on-chain data provider” category, and it can be used for free, though if you want to get the best of the crypto research tool as an investor, you might want to consider upgrading to the Pro version which costs $24.99 per month but payable annually. The Pro membership grants you access to daily insights and research in long-form, plus other features like advanced and deeper filter feature, watchlist, and charting features. Also, the Pro version allows you to download the data you needed as a spreadsheet.
- Glassnode
Glassnode is another on-chain data provider platform that provides intelligence and data from several blockchain networks that helps you measure the activities on those networks accurately. The data are then used to report insights and metrics to traders and investors. The intelligence platform can also be used to examine the market indicators for any crypto project and it can also be used to view the number of active wallet addresses that are engaging the coin in transactions. Also, the platform provides data on the prices of these projects and it allows you to see price alerts as much as you can download the data for offline use.
On Glassnode, access to what they called “Tier 1” data that is updated every 24 hours is free, but getting more will require paid subscriptions which cost 29 USD per month and 799 USD per month, and both are paid annually. These paid subscription plans give extra tiers of data and the information is updated frequently.
- LunarCrush
LunarCrush is an intelligence platform that aggregates and analyzes data from different social media networks. This platform doesn’t work just to reveal transaction data and market activity, but it also shows the sentiment of various investors.
You might not understand the importance and influence of investors’ sentiments until you see how the mere mention of Dogecoin and Bitcoin by social influencers triggers huge price swings over time. The work of LunarCrush is to give real-time insights into the identity of these influencers and also allow you the activities of the influencers, crypto exchanges, and the coins that interest you more.
On LunarCrush, more comprehensive data, rewards, and features are reserved for the active contributors to the community. Also, the platform rewards its contributors with LUNR, the native token of the platform, and this token can be used to unlock more features.
- Coin Metrics
Another crypto financial intelligence needed for every investor is Coin Metrics. This platform provides data and indexes on both the market and network and other analysis tools that can help you make accurate investment decisions. Coin Metrics gives access to over a hundred assets and over four hundred metrics, including the metrics like realized cap and free float supply.
As soon as you add the metrics you needed to your charts completely using the network data visualization tool on Coin Metrics, you can download it and save it in different file extensions.
- Santiment
Santiment and Glassnode are in the same category, and it is a crypto research tool that worthy of your attention as a crypto investor. Like every other tool in its category, Santiment gives on-chain intelligence and social media data on over 2000 cryptocurrencies which helps you predict the movement of the price of any coin.
The platform also gives insights into the fundamental analysis of tokens as well as the behavioral reports that helps you stay abreast of new developments. Another thing is the alert feature on the platform that gives you updates anytime a coin on your watchlist increases in social volume.
Beginners on the platform can enjoy market insights together with limited API calls and some other metrics free of charge, but there are paid subscriptions that cost 149 USD and 399 USD in a year. Upgrading to these plans gives you access to more metrics and historical data about the coin as well as more API calls and a greater level of technical support from the platform.
- CoinGecko
Maybe as a beginner in the crypto space, you must have heard about CoinMarketCap, but not CoinGecko yet. Just like CoinMarketCap, CoinGecko Is one of the platforms that aggregate data and track the prices of coins by their market cap. You can get live price updates of coins up to 10,000 and monitor crypto exchanges up to 500 through their charting tools.
Aside from measuring and tracking tokens via market cap and crypto exchanges via trading volume, you can also get deep insight and analysis of the crypto market from the platform. CoinGecko also provides stats about communities on Twitter, Facebook, and Reddit.
There are amazing features on this platform that help you get a broader overview of particular crypto on CoinGecko at no cost. But there are also Premium and Premium+ accounts that cost 49.90 USD and 99 USD per year, respectively (though paid monthly). These accounts offer you advanced features and also give you an ad-free experience.
- CoinMarketCal
The crypto market is a whole new economy on its own, and there is a diverse number of market events that contribute to the change in prices now and then. However, because of the huge number of events available in the market, it is impossible to keep a tab of all, hence, the need for research tools like CoinMarketCal.
CoinMarketCal is a crypto calendar that gives you on-time updates on all upcoming events about different coins. The platform incorporates frameworks that are driven by the community and are based on evidence, which allows people to add their crypto events. Though inputs are required from people, every input still undergoes verification, and the real events are upvoted while the fake ones are downvoted.
Based on your research, if you come across any event that interest you or you consider influential on the price of the token, you can just search the coin on the platform, and in just a few clicks, every event associated with the coin within the selected period will be listed out.
- Coin Dance
Coin Dance is a research tool in the crypto space that is also worthy of your attention. The platform tracks different kinds of metrics, including mining breakdowns, block sizes, transaction fees, network nodes, and hash rates. Also, you can use the platform to monitor the global adoption of cryptocurrency as you can sort these data by country.
With this platform, you can also monitor other top-level stats like price history, blockchain, search volume, demographics, market capitalization, and much more. Just some other platforms in the category, Coin Dance is driven by a well-structured community. This means that users get to vote to ascertain the validity of the information provided by the community.
- CryptoMiso
Before investing in any crypto project, you will want to monitor their development to be sure you are not investing in a dead project. The idea is that crypto projects are like software protocols that need to be developed, maintained, and also improved.
One of the places to easily keep track of the development of these projects is GitHub. But having to do it one after another can be extremely overwhelming. Hence, the need for such crypto research tools like CryptoMiso.
The work of the platform is to allow you to track crypto projects in the space based on their activities on GitHub. Through this platform, you can monitor the number of commits done by an individual project with a stipulated period based on the most famous repository. For instance, as much as Bitcoin is the leading crypto asset in the space, it is currently ranking ninth in the platform based on recent developments.
- Skew
For investors who are interested in crypto derivatives, the perfect research tool might be Skew Analytics. It is a data analytics platform that gives you information from top derivatives exchanges like Binance, FTX, OKEx, and ByBit on a single page/screen. Through the platform, you can get tons of data that helps you make the best investment decisions.
Back in 2021, Coinbase acquired Skew and made it a part of its Coinbase Prime package. Coinbase Prime was designed to give investors secure storage, client services, and advanced trading capabilities in different time zones.
With just a subscription of 279 USD per month, users can design their customized dashboards from the market data and other features available.
Conclusion
For every investor in the space, there is a need to make an adequate and thorough research before investing. There are guides written earlier to make you pick and analyze the altcoins to invest in but after then, there is a need to familiarize yourself with one or two research tools listed above to get insight into the price movement of any project in the crypto space.
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