The best tools for analyzing cryptocurrencies
The article discusses the ten best tools for technical and fundamental analysis of cryptocurrencies: CoinMarketCap, CryptoPanic, LunarCrush, 3Commas, Delta, Tradingview, CoinMarketCal, CoinGecko, Whale-Alert and Messari.
To buy or sell cryptocurrencies at a favorable price, it is necessary to conduct a thorough analysis of cryptocurrencies. In this article, we will look at the 10 best tools for analyzing cryptocurrencies so that you can independently conduct technical or fundamental analysis.
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CoinMarketCap is a website that provides an overview of all cryptocurrencies on the market, as well as information about various exchanges. The site is known for providing information such as the price of cryptocurrencies in real time, market capitalization (in fiat and BTC), trading volume, tokens in circulation and much more.
Since some time you can also find information about the most famous companies, exchanges and NFT (non-interchangeable tokens).
Currently, more than 13,500 cryptocurrencies are represented on CoinMarketCap, they are ranked according to their capitalization and volume on the market. You also have the opportunity to create your own portfolio. This allows you to track your trades, profits and losses in real time. A calendar is also available to keep you up to date with important current and upcoming events in the cryptocurrency ecosystem. In addition, you can also find information about current and upcoming ICOs (initial coin offerings).
CryptoPanic is an informational website with the latest news of the cryptocurrency market. Like all aggregators CryptoPanic scans cryptographic news portals and puts the latest updates in one section. In addition to the news, you also get up-to-date information about the prices of the most important cryptocurrencies and can discuss various crypto projects with other users.
LunarCrush is a tool that determines the mood of the cryptocurrency market. To do this, the platform uses scrolling algorithms of social networks such as Twitter, Reddit or Youtube.
Several thousand altcoins can be found through LunarCrush. They can be sorted by different parameters and compared with each other.
The platform also offers a special tab called "Coin of the Day". This tab contains various information about the token that is currently the most popular. As in all the listed projects, it will display data such as:
- the volume of social activity on Twitter, Reddit or Youtube and its development in recent hours;
- evolution of market sentiment over time;
- market capitalization and its dynamics in recent hours;
- cryptocurrency volatility;
- the price of cryptocurrency on different exchanges.
In total, dozens of indicators are used to determine the global assessment. The platform summarizes them using the "Galaxy Score". This is a combination of performance indicators and social activity of the project under consideration. The score will always be from 0 to 100 and should be as high as possible.
Conversely, "AltRank" should be as close to 0 as possible. It ranges from 0 to 2139 and is designed to measure the effectiveness of the price of the token under study in relation to BTC and social interaction in networks. The account should be considered as an altcoin rating in relation to Bitcoin.
According to LunarCrush indicators, good investments in a crypto project should be made in cryptocurrencies that combine a high Galaxy Score with a low AltRank.
3Commas is a crypto platform that provides access to a range of tools designed to improve trading efficiency. The team behind the project seeks to minimize risks for investors and limit their exposure to losses while maximizing profits.
The main service offered is the 3Commas trading bot, which works as a web application. It is connected to a number of trading devices and platforms. Trading bots are computer software that continuously executes trades based on parameters set in advance by the trader. Currently, the service is used by more than 60,000 traders, and the daily trading turnover of the platform is more than $ 20 million.
The platform also offers a good range of trading tools. In addition to automated bots, users can create, analyze and test crypto wallets. In addition, users can participate in social trading by copying the trades of other successful traders.
The 3Commas team provides automated trading bots for 12 trading platforms, including Bittrex, Bitfinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Cex, GDAX (Coinbase Pro), OKEx, Huobi and Yobbit.
Delta is another application that has an important advantage: you can directly link your Delta wallet to cryptocurrency exchanges. This is convenient because you no longer need to enter everything manually. Delta also provides a news screen - articles and news covering interesting topics.
The company was founded in 2012 in the USA. The Tradingview application was originally presented as a platform for social trading. This means that traders, both beginners and more experienced, can share their trading deals. Currently, there are more than 3 million active users of this platform.
From a technical point of view, Tradingview is a so-called cloud platform for charting. The platform has a user-friendly interface, the ability to change the scale of charts and a large number of technical indicators for analyzing cryptocurrencies.
But the main advantage of Tradingview is cloud storage. All graphs built on a computer are very easy to find on other devices. With the advent of mobile apps on smartphones and tablets, all this data can also be found through Tradingview on Android or iOS. Unlimited storage space allows traders to find and use charts that were analyzed many years ago.
It is so convenient and functional that more and more brokers and platforms specializing in cryptocurrency trading are developing applications (APIs) that allow you to integrate Tradingview charts.
Tradingview also offers a very wide range of technical indicators. The trading community has developed hundreds of indicators. Users can configure and create their own indicators for conducting technical analysis of cryptocurrencies.
In addition, Tradingview offers a cryptocurrency screener - a tool for medium-term traders. It provides summary data on the technical analysis of cryptocurrencies and can act as a signal to open buy or sell transactions.
Real-time alerts are another important feature for analyzing the cryptocurrency market. Alerts are sent via email or text message when the price reaches a certain level specified by the trader.
CoinMarketCal is a free economic calendar that presents all upcoming events in the world of cryptocurrencies. This site should be the perfect complement to CoinMarketCap. The economic calendar on the cryptocurrency market serves to collect all important announcements. You can both view events and add them. You can also sort events by date, cryptocurrency, and event type.
CoinGecko is a website that allows you to track cryptocurrency prices, as well as create a favorites list to track your chosen cryptocurrencies. So it can be compared to CoinMarketCap.
In the favorites list, you can manually enter all your transactions, and CoinGecko will allow you to calculate the value of your wallet, your profits and losses. If you don't want to enter hundreds of transactions to recreate an accurate history, you have another option. You can simply use the "Transfer" function, which will allow you to virtually add the cryptocurrency that you have entered into your wallet.
Whale-Alert is a Twitter bot that lists important whale movements on various blockchains. If thousands of BTC are flowing from wallets to exchanges, this is a signal for a massive sale. Or when hundreds of thousands of ETH are transferred from the exchange to the wallet, the news is more bullish.
Messari is a very interesting tool for finding altcoins. Messari is not only a news aggregator, it also collects and links to accurate data on more than 1,400 cryptocurrencies, such as market capitalization and market movements over the past 24 hours, 7 days, 30 days, etc.
Since altcoins are classified according to various CoinGecko or CoinMarketCap criteria, Messari offers an advanced search through hundreds of criteria and filters, which makes it certainly one of the main tools of the cryptosphere.
In this article, we have reviewed the main tools of technical and fundamental analysis of cryptocurrencies. You can track important news from CryptoPanic and Delta sites, watch the economic calendar on CoinMarketCal, conduct technical analysis of cryptocurrencies on Tradingview, search for new altcoins and track cryptocurrency prices on CoinMarketCap, CoinGecko and Messari sites, trade using 3Commas bots, monitor market sentiment on LunarCrush and whale movements on Whale-Alert.
Read also the article"How to make money on the fall of bitcoin?".