If you answered, Yes..
Then, Read on.
Cryptocurrencies have recently only completed a decade but they are the most sought-after investment we have seen thus far.
That is why no one actually knows how to analyze them and make the most out of it. But there are some tools and services that give you ample amount of crypto insights that can help you make actional points while your research.
In this article, I’m sharing some of the must-have crypto analysis tools that one should use to improve their research on cryptos before investing. These tools are being used by most crypto investors around the world to get the best out of the crypto revolution.
However, always remember, these tools and services only give you insights that you as an investor have to analyze and decide for yourself. And the good news is most of the tools are absolutely free to use.
So let me explain these tools and services one at a time.
Talking about Crypto analysis, the first place you should start is with CoinMarketcap. This is the OG of crypto analytics tool, and will help you to understand everything about a project from a single page.
Here you will find all informations that you need to start analysing a cryptocurrency. You will also find link to the website, community and white paper to kickstart your research.
You can improve your experience by creating a free account on CoinMarketCap, and add tokens to your watchlist. This will streamline your analysis process, and you can customise your experience as per your needs.
Overall, this is the first Crypto analysis website that you should be using.
Glassnode studio is an On-chain market intelligence platform, that provides many significant amounts of data related to any coin.
Let me help you see the benefit of Glassnode studio:
It provides can the data to analyze the exchange inflow and exchange outflow of any coin. Now, when you see that number of coins deposited on exchange has increased, it is a sign that more people intend to sell. When you analyze Bitcoin exchange inflow data of January 2019, you could see a significant increase of Bitcoin deposit on exchange, and then the painful bear market started.
You don’t have to be a data scientist to make sense out of it. All you need to understand what different metrics meant, and what kind of indicator it is.
We may do a detailed review of Glassnode studio in days to come, for now, do bookmark Glassnode, as it would help you in better analyze a cryptocurrency.
Santiment is a behavior analytics platform for cryptocurrencies, sourcing on-chain, social, and development information on 900+ coins.
Just like Glassnode, it provides a ton of on-chain data, on-exchange data, and social data to help you decide the overall price movement of any cryptocurrency. There is a free plan, and a paid plan available for Santiment.
I often use this tool to understand the coin accumulation action, as it helps in determining the future price projection of a coin. I believe you should spend some time understanding different metrics of Santiment, and you will have more data at your disposal to make an informed decision.
This is a relatively new website in this list, but something you will find immense value as a crypto investor.
Understanding the tokenmoics is what determine if you should invest in a cryptocurrency or not. TokenUnlocks helps in gauging the unlock schedule of any token. When a big unlock is about it happen, that often lead to decline in price, and perhaps a good time to offload your position (before unlock).
With this platform, you can create the list of projects you are interested in and get notified when unlock is about to happen.
Financial metrics is one of the pillar of fundamental analysis, and TokenTerminal is a platform that assist you with that. TokenTerminal aggregates financial data on the leading blockchains and decentralized applications.
It supports many popular blockchain and protocol. For example, in the below screenshot you can see the GMX protocol financial data:
As the name implies, you can use this platform to find how much fees are being generated on various chain and on protocol. This will help you identify a new entrant or a protocol that is growing.
You all must have heard a famous quote “buy the rumor, sell the news“. The same concept applies to crypto. But where to find the real rumor and news? Well, that’s what I am going to answer in this section.
I have been using CoinMarketCal, an evidence-based, community-driven cryptocurrency calendar for 6 months now. It is a perfect, free tool, to know the authentic news and rumors about your favorite cryptocurrency. And then, as per evidence that is timeline-based, one can formulate their buy/sell/HODL strategy. I myself have used it many times and you can easily gain up to 20% just based on rumor and news as dictated by CoinMarketCap. You can expect an accuracy of over 90% of whatever you see on CoinMarketCal because it is evidence-driven. And the same evidence can be verified by anyone using CoinMarketCal.
Intotheblock is a unique data analytic tool that uses machine learning and advanced statistics to deliver actionable intelligence on crypto assets.
It provides data that can be utilized by short term or long term investors about any crypto asset in the market. The dashboard is easy to use and once you know how to use the data to make a decision on investment, your cryptoanalysis will be faster and more data-driven.
Watch the below video to understand how Intotheblock works:
Alright, so all the above tools must have helped you to pick a winning project and you have made some investments.
The question is, how are you going to monitor your investment?
You need to know how many units of a coin you have and how much it is worth in total. Most importantly, you need to know the profit/loss percentage you are at.
Well, for this you need a crypto portfolio tool.
There are plenty more, but these two will serve your purpose well.
For detailed reading – Best Crypto Portfolio trackers
CoinCheckup, just like a health checkup, is a one-stop shop as well as the most integrated solution available freely in the market to analyze cryptocurrencies.
It is a crypto research platform that gives you a lot of insights on different cryptocurrencies from various angles. Some of these angles are:
Out of all these, I like ‘general & average investment stats’ the most because it gives you the overall picture of volatility as well as the returns one would have made on that asset in 7 to 30 days. For example, look at the below investment stats for Cardano at CoinCheckup.
Again, here in Monero‘s matrix, you can see its CMGR (compound monthly growth rate) of 12.44%. You can get similar insights about crypto from this tool which can help you decide on buying/selling/HODLing.
If you are a crypto investor who is ignoring the development of a particular currency before investing in it, you are doing it wrong.
At the end of the day, cryptocurrencies are software protocols and if they are not developed, maintained, and improved, they will not have any future and will eventually die.
Hence, keeping a tab on the development of particular blockchain and crypto projects is very important. Also, as most projects are open-source on Github, it becomes easy to keep track of them.
But one cannot simply go and check the Github of all cryptocurrencies one by one. That’s where GitHub monitoring tools like CryptoMiso become important.
Using CryptoMiso, one can check how many commits a particular crypto project has done in a given time frame. Commits are nothing but the number of times the code is improved or added to the code base of a project.
This provides high-level tracking for the development activity happening in a particular crypto project.
Crypto news aggregator is not a tool but a concept that is being made available by many tools to aggregate the crypto news all at one place.
This aggregation helps investors to be at the top of the market and they can easily distinguish real from the rumors.
Such news aggregators collate news from all the major crypto publishers such as:
Also, some aggregator tools pull up the news from Twitter that is already segregated for the investors to analyze.
This way crypto investors can keep a quick and hassle-free tab on the news of different cryptocurrencies and formulate their strategies accordingly.
Some suggested services/tools in this niche are:
If you are someone who likes adventure from day one then you should have crypto trading bots and Rebalancing tools also.
Trading bots once connected to exchanges trade on behalf of you.
And in crypto, they are needed when one coin is on one exchange and another coin is on another exchange. So with trading bots, you can trade and access several exchanges all at the same time.
Also, while bear and boom markets it is not always good to HODL coins, the new way forward is to rebalance your portfolio.
Some suggested services/tools in this niche are:
These tools are important for any investor before they decide to put their money in a particular crypto project. I have been using these tools in synergy to find an optimum solution for my investment decisions.
However, using these Crypto analysis tools doesn’t mean your profit is guaranteed. It means you are making a more informed decision. Also, using these tools together can be challenging at first but as you get used to them, you will understand which to use, when, and how.
I will be back with something new that will keep you ahead in this dynamic cryptoland.
Let me know your thoughts and the tools you use or will use from this list in the comments section below.
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Further suggested readings from CoinSutra: