Investing in volatile cryptocurrencies is risky. But it is even riskier to jump into the space without having access to valuable crypto data.
Crypto research tools are necessary if you want to have a better picture of what’s going on with a certain digital currency. Using them to examine coin performance can help you find better deals and grow your investment portfolio.
Follow this guide to find out what data analysis tools you should have to feel properly equipped to navigate the cryptocurrency space.
On-Chain Data Providers
Blockchain data and intelligence platforms like the most notable ones GlassnodeSantiment provide investors and traders with deep insights into blockchain network activity.
Typically, they carry out analysis on various data stored on multiple blockchain networks, be it transaction value, wallet addresses, block details, miner rewards, fees, or any other relevant information recorded into smart contracts.
On-chain data analysis is an essential tool to get a deeper look into the patterns of how certain digital assets are used. It is also more comprehensive compared to price movement analysis and helps to have a bigger picture of how assets are used and where the market is moving.
Social Metric Trackers
Contrary to traditional markets that regularly communicate their earning reports, the value and potential of crypto projects are commonly reflected by community engagement and activity. And as a rule, crypto community gatherings happen on social media websites, like Reddit or Twitter.
But as there are thousands of coins and thousands of social media groups, following each of them is impossible. Tools like LunarCrush collects social activity data on over 3,500 cryptocurrencies and exchanges, analyzes patterns and sentiments for real-time insights on important happenings in cryptocurrency markets, or wherever the new investment opportunities lie.
Technical Analysis Tools
Continue reading Top Tools to Analyze Crypto Data in DailyCoin
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