The cryptocurrency trading market has expanded rapidly during the last several years. Nevertheless, it remains one of the trickiest financial investments since it is also prone to market fluctuations.
Despite the uncertainty of the market, it is a market that attracts new investors who are entering the market even with no specific training or education. This is where crypto analysis tools come into play.
Read on to find out everything about crypto analysis tools, and also some of the best crypto analysis tools available in the market.
Crypto Analysis Tool
Considering all conditions, investing in cryptocurrencies is a dicey endeavor. This is particularly true if you don't know how to research and assess the crypto market properly. However, you can get the data you need, to make a wise investment choice using the best crypto analysis tools.
Why Do You Need a Crypto Analysis Tool?
Here’s why you’d need a Crypto Analysis tool:
You may utilize the various supported technical indicators that are available in analysis tools with ease on your charts.
You'll get access to precise graphs of on-chain data, including the number of transactions each day, the value of the coins exchanged, and more. Data on the blockchain is accessible to everyone. In other words, the information you're receiving is accurate and transparent.
A variety of metrics, including market value, volatility, market share, and more, will be accessible with more than ten years of data. Additionally, having that many measures in one location will enable you to acquire a general understanding of the market's movement.
Market dynamics are connected to social media. It might also affect the market directly. You stay updated on market trends by using social analysis. View many metrics and data, including those on social power, social trends, popular terms, and more.
List of the 7 Best Crypto Analysis Tools
Crypto analysis tools can help you lower your risk and improve your chances of keeping ahead of the curve even if you're a novice or have been investing in cryptocurrencies for some time.
Here are the 7 best crypto analysis tools you can use to hone your exploration before making a cryptocurrency investment:
- Coin Metrics
Best Feature: Cryptocurrency wallet and exchange aggregating crypto analysis tool
Coinigy is a fantastic crypto analysis tool that enables you to combine all of your wallets and exchange accounts into a single interface by utilizing the API keys of all the various exchanges. More than 45 cryptocurrency trading platforms include charts that you can map. You can trade on many exchanges and get SMS notifications on your phone.
Coinigy is a multi-exchange trading tool that essentially creates a single view of all the main Bitcoin exchanges within a single, aesthetically pleasing, and easy-to-understand dashboard.
Price: Starter account for free, Pro Trader for $18.66/month, and Professional API access for $99.99/month
Best Feature: The best crypto analysis tool for the latest cryptocurrency news
Interested in knowing what the cryptocurrency market is talking about? The cryptocurrency calendar CoinMarketCal allows you to subscribe and keep up with the most recent news and events.
The most trustworthy economic calendar for cryptocurrency news is CoinMarketCal. It covers all developments that aid cryptocurrency traders in choosing wisely. This social media network is driven by the community. Users comment on crypto events and provide news that is supported by research here.
The news is then vetted by other users on the platform after user input. The correct news is rated higher while false news receives lower ratings. Users can click the links to visit the appropriate website and get the details they need about a specific event or coin by doing so.
3. Coin Metrics
Best Feature: Best crypto analysis tool for metrics, data streams, indexes, and tools for market visualization
Established in 2017, Coin Metrics is one of the best on-chain and off-chain crypto analysis tools. It aids in the understanding of the crypto market behavior by researchers, analysts, and investors. Coin Metrics offers metrics, data streams, indexes, and tools for market visualization. Users can also monitor Twitter feeds to get a sense of the market mood.
Over 100 crypto assets are supported by the program. Additionally, you may subscribe to their weekly newsletter to gain access to in-depth research and subjects on the cryptocurrency market.
Best Feature: Best cryptocurrency analysis tool and portfolio manager
You can keep track of your cryptocurrency holdings with CryptoView across several cold storage locations, exchange platforms, and third-party wallets. It is a comprehensive trading solution that offers real-time information, streamlines trading tactics, and enables users to manage several trading accounts on various trading platforms.
Through a single interface, CryptoView's users may manage many portfolios. By examining quantitative data and transaction histories from several exchanges, users may monitor bitcoin values and assess their performance. Through a sophisticated user interface, they can also follow trade activity.
There are several features in CryptoView. It contains screen layouts, 85 technical indicators, and more than 75 drawing tools. Customers may sign up to get email or SMS alerts and updates about the most recent cryptocurrency news and events.
Price: A one-month free trial is available for CryptoView. Users who sign up for the one-year plan receive a discount of 30% off the subscription rates, which range in price from $13 to $19 each month.
Best Feature: Crypto analysis and charting tool
Cryptowatch is among the most underappreciated crypto analysis tools available right now. It is a sophisticated charting tool that Kraken owns that provides traders with live streaming access to price, volume, and order book data from more than 800 exchanges. Cryptowatch is a perfect complement to any trading toolset despite the frightening dashboard you see when you first visit the website.
To assist you in making decisions, CryptoWatch offers a number of technical analysis indicators and overlays in addition to seeing real-time exchange data. Kraken is regularly upgrading the website to incorporate more, despite the fact that this charting tool doesn't have as many indicators and sketching options as some others.
Price: Additionally, there is a $15 per month premium edition of the app available. Although, a two-week trial is available for individuals who wish to explore prior to getting the premium edition.
Best Feature: Best crypto analysis tool for managing and keeping track of crypto assets
Glassnode, a source of blockchain data and analytics, creates cutting-edge on-chain measurements and solutions. You may get market information through this web app that is based on APIs.
For investors, Glassnode offers relevant statistics on analytics, cryptocurrency transaction data, miner data, profit or loss, wallet holdings, and other insights. You may use the tool to review market information, completed transactions, coin price information, and active addresses.
The software allows users to get market data and receive warnings.
Price: Every day updates are made to the free basic plan. The premium versions may be purchased for $29 and $799 per month, depending on the features you opt for. These levels have extra indicators and are often updated.
Best Feature: The best crypto analysis tool, providing you with everything that you need in one platform
The most widely used crypto charting and technical analysis tool for traders across all markets is TradingView. They have worked hard in recent years to connect their toolkit with the most well-known bitcoin exchanges, and the outcomes are astounding.
Users may monitor the market and get information from cryptocurrency exchanges including Bitfinex, Binance, Bittrex, and Coinbase, using TradingView. You may use the program to sign in to many crypto exchanges and see and contrast each one's real price graphs.
The fact that TradingView is a community-based network is one of its advantages. They have a very active social network. You may post and distribute your ideas while also learning from the trading methods shared by other traders in the forum.
Both free and paid customers can access their online charting tools.
Price: Most traders should be able to begin and learn the fundamentals of technical analysis with a free account. The same premium tools are still available to free users, but they are only allowed three technical overlays and indicators per chart.
Final Word: Choosing the Best Crypto Analysis Tool
To help you get the most out of the platform as you use it, a variety of parameters will be used to compare various analytical tools. Naturally, you should choose a platform that offers correct data because that information will serve as the basis for your trading selections.
By reading user evaluations and comparing the platform's statistics to that of other platforms, you can always find out more about the platform's data accuracy. Find a platform that offers the most analytics, especially the ones you value. Analysis tools are available at a very reasonable price. Find a platform that verifies for truth and transparency and has a fair fee.