Cryptocurrency has taken the world by storm, with over 21,000 cryptocurrencies currently listed on CoinMarketCap. This has piqued the interest of novice investors to join the industry. As it’s a popular investment today, especially among younger investors, the fear of missing out makes it tempting to jump into the crypto world without sufficient knowledge.
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Investing in cryptocurrency is a risky endeavor under any circumstances, and that is especially true when you have no idea how to research and analyze cryptos. But with the right crypto research tools, you can gather the information you need to make an informed investment decision.
10 Must-Have Crypto Research Tools for Beginners
Whether you are a beginner or have been a crypto investor for years, crypto research tools can help you reduce your risk and increase your chances of staying ahead of the game. Here are 10 of the best research tools to refine your research before investing in cryptocurrency.
Messari is a cryptocurrency data aggregator with many helpful chart analysis tools to help you make better trading decisions. It features a screener with a variety of filters, such as: B. Sector, price and market cap, which you can use to customize your research on different coins.
You can use Messari for free. But if you want to get the most out of this crypto research tool, you can upgrade to Messari Pro for $24.99 per month paying annually or $29.00 per month with no minimum subscription. Pro membership includes daily insights and long-term research, as well as advanced screening, charting, and watchlisting capabilities. Pro also lets you download data into a spreadsheet.
2. Glass node
Glassnode is an on-chain data and intelligence platform, meaning it collects data from a range of different blockchains to accurately measure crypto network activity, and then uses that data to report metrics and insights to investors . You can use Glassnode to examine market indicators for each coin and see the number of active addresses with successful transactions. The platform also offers price data and allows you to set alerts and download data.
Glassnode offers free access to Tier 1 data that is updated every 24 hours. Paid subscriptions cost $29 per month and $799 per month, both paid annually and offering additional layers of data and more frequently updated information.
Bitcoin and Dogecoin from social influencers triggered huge price swings in the past year. LunarCrush provides real-time insights into who these influencers are and lets you track the influencers, coins, and exchanges that interest you most.
LunarCrush reserves the most comprehensive platform features, data, and rewards for those who contribute to the community. These contributions will earn you lunr – the platform’s token – which you can use to unlock these benefits.
4. Coin Metrics
Coin Metrics is a provider of cryptocurrency financial information, market data, indices, network data and other analytical tools to help you make informed crypto decisions. The platform gives you access to 100+ assets and 400+ metrics including novel ones like free float and realized cap.
Once you have added metrics to your chart using the Coin Metrics network data visualization tool, you can download them in various extensions.
Coin Metrics does not list prices on its website. You must fill out a contact request to receive pricing information and find out how to get the API key required to access Pro metrics.
Santiment is another crypto research tool that deserves a close look. Like Glassnode, Santiment provides on-chain, social media, and financial data on nearly 2,000 cryptocurrencies, helping you predict each crypto’s price movement.
The platform also provides fundamental insights and behavioral reports to keep you ahead of upcoming developments. Additionally, you can set up notifications on Santiment to receive updates when a coin you are watching sees a surge in social volume.
Retail crypto investors, including beginners, can get a feel for the market with key metrics from the $44-per-month flagship platform billed annually. SanAPI accounts for developers and quants are $149 per month, billed annually, and provide additional metrics and historical information, as well as the ability to backtest strategies, create trading signals, and develop trading bots.
You’ve probably heard of CoinMarketCap, but you might not be familiar with CoinGecko. CoinGecko is one of the largest data aggregators tracking cryptocurrency prices by market cap. You can view live price changes for 12,000+ coins and 500+ crypto exchanges.
In addition to tracking and measuring coins and tokens by market cap and exchanges by trading volume, the platform offers in-depth analysis of the crypto market. CoinGecko also provides community statistics for Facebook, Twitter, Reddit and more.
There are many other useful features that you can use for free to get a comprehensive overview of a specific cryptocurrency with CoinGecko. Premium accounts cost $41.66 per month, are billed annually, and include an ad-free experience and advanced features.
The crypto industry is a vibrant economy that generates tons of market events that could impact price movements. This makes it impossible to keep track of events from the crypto world unless you use crypto research tools like CoinMarketCal.
CoinMarketCal is a cryptocurrency calendar that keeps you informed of all upcoming coin events. The platform includes evidence-based and community-driven frameworks that allow users to add crypto events that will later be subject to verification. Genuine events are rated positively, while apparently fake events are rated negatively.
For example, if you are interested in specific events that you think are likely to affect a particular crypto price, simply search for the coin on the platform. With just a few clicks you can see all the events listed for the selected period.
8. Coin Dance
Coin Dance is a data-heavy bitcoin research tool that you may want to try. The platform tracks all sorts of metrics including hard rates, network nodes, fees, block sizes, and mining outages. You can also sort the data by country to see how crypto adoption is going around the world.
Coin Dance also lets you see other top-level stats covering blockchain, price history, search volume, market cap, demographics, and more. The platform is community-driven, which means users can vote on the validity of information provided by the community.
Investing in cryptocurrencies without checking the development of a specific coin is probably a bad idea – you could be investing in a dead project. Because cryptocurrencies are software protocols, they may eventually die if not developed, maintained, and improved.
Therefore, it is important to keep an eye on the development of specific crypto projects. It’s pretty easy to track them on Github, but you can’t track all cryptocurrencies individually; This is why you need a crypto research tool like CryptoMiso.
CryptoMiso ranks cryptocurrencies based on activity on Github. You can check the number of commits made by a single crypto project within a given time period based on the most popular repository. For example, at the time of this writing, Bitcoin was the 7th most valuable cryptocurrency in terms of platform development.
10. Skew/Coinbase Prime
If you are interested in cryptos and derivatives, skewAnalytics could be a perfect fit for you. It is a data analysis tool that combines information from leading derivatives exchanges such as Bybit, OKEx, Binance and FTX on a single screen. The platform has a lot of interesting data that you can take advantage of.
Coinbase acquired Skew last year and made it part of Coinbase Prime. Coinbase Prime offers you secure storage, advanced trading features, and customer service across a variety of time zones.
As of September 25, Skew will no longer be available. However, Skew users can create a Coinbase Prime account for free.
Crypto research tools are important for every investor. Before you put your money into any particular cryptocurrency project, familiarize yourself with a tool or two. These tools give you insight into the price movements for each crypto project.
Good to know
Using crypto research tools does not guarantee profits. Instead, the tools are designed to help you make informed investment decisions.
While using any of these tools for the first time can be overwhelming, once you get the hang of it, you’ll be able to make the most informed investment decisions that you can.
Daria Uhlig contributed to the reporting for this article.
Information is correct as of September 23, 2022.
Editor’s note: This content is not provided by any of the organizations discussed in this article. Any opinion, analysis, review, rating, or recommendation expressed in this article is solely that of the author and has not been reviewed, approved, or otherwise endorsed by any entity named in this article.
This article originally appeared on GOBankingRates.com: 10 Best Crypto Research Tools You Must Have as an Investor
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