Stock graphs for Bitcoin

The Best Tools to Analyze the Crypto Market

GuidesTrading Guide
Tags: Analysis tools, Buy cryptocurrency, Crypto trading

Cryptocurrency’s growing popularity can be misleading. Just because it has reached the forefront of the cultural zeitgeist in the last few years, that doesn’t mean that it is a more simple alternative to traditional trading. Yes, more people are getting involved – including users who have never even dipped their toe into the stock market – but it is just as complex as the stock market, if not more so. So there is a high demand on tools to analyze the crypto market.

Cryptocurrency cannot be a half-hearted venture. Any user investing in a portfolio – whether large or small – should do the due diligence and make sure they understand as much as they can about the market they are entering into.

The constant market fluctuations, for instance, make the need for market analysis all the more prominent. For users who are coming into cryptocurrency with no specific education or training, this may seem daunting. But the reason crypto has managed to stay prominent within popular culture is due to the fact that efficient market analysis – despite the volatility of the market itself – can be done easily. As with anything, it is simply a case of using the appropriate tools to analyze the crypto market.

The Uses Of A Crypto Analysis Tool

A crypto analysis tool is useful for a number of reasons. For starters, with the amount of data that exists on blockchain, it is important to get precise graphs that streamline the information and make it readable for the average user. This includes the number of transactions being done, the value of the coins which are being exchanged, and a pinpointed location of influx.

Analytics also helps you gather a huge amount of data into one place. On blockchain, there are more than ten years of market values, volatility, market shares and metrics. It is important, therefore, to utilize technical indicators that can ease the information and keep it simple.

Social analysis is also important. Cryptocurrency is growing more popular year after year, and this is in no small part due to social media. With a crypto analysis tool, you can stay updated on all the market trends, popular terms and social standings. Social media has a big part to play in how the market might shift, so it is important to keep on top of it to acknowledge the wider sentiment.

What Are The Best Tools to Analyze the Crypto Market?

If you are new to cryptocurrency, and you’re looking for a way to streamline how you view the market, then there are a lot of options out there that might be right for you. Even for a novice, these tools can give you a chance to stay ahead of the curve and make a good return on all your chosen investments, so it’s important to look into each tool closely in order to work out if it’s the right fit.

  • Coinigy

This is one of the most popular analysis tools. An estimated 100,000 users already use it, and it is helping those investors gain efficient information on more than 45 cryptocurrency networks. One of its best features is the ability to combine your wallets and exchange accounts into one single interface. This means that you can get a singular view of all of your crypto exchanges.

  • CryptoView

CryptoView allows you to track your investments across multiple cold storage locations – including third-party wallets and exchange platforms. The comprehensive trading solutions, made through examining quantitative data and histories from several exchanges, allows you to monitor your crypto values and calculate how they are performing on any given day. It also has eight-five technical indicators and over seventy-five drawing tools.

  • Glassnode

For investors who are wary of volatility, Glassnode offers a comprehensive dashboard of market data, with the option to receive warnings whenever certain coins are predicted to fall. Statistics include transaction data, miner data, profits and losses, as well as wallet holdings and other insights. Premium versions of this analytics tool are priced between $29 and $799 per month – depending on how many features you wish to be included – so this is perhaps best utilized by experienced investors with a number of pressing portfolios.

  • TradingView

Like Coinigy, this is one of the most widely utilized technical analysis tools on the market. It can be used to sign in to multiple crypto exchanges to witness a contrast in each price graph in real-time. This is a perfect tool for traders who are looking for a dialogue and a community, too, as it has its own social network where users distribute their findings and educate others on certain trading strategies.

  • 3Commas

This one is a bit of a wildcard, but it is worth talking about. Crypto trading bots are growing more and more popular, as they offer investors a way to trade their tokens automatically depending on their chosen trading strategy, which can up their opportunity of calculated return and save them time on constant market analysis. The reason it appears on this list is that, in order to trade effectively, it is constantly analyzing the market to configure the best route to return. Of course, anyone buying a trading bot should know that they are not for everyone. But they do offer a way of analysis with couple trading that can be beneficial for beginners and experts alike.

How To Choose The Best Tools to Analyze the Crypto Market For You?

There are many ways you can narrow these options down. For starters, each analytical tool will have a different price, with some offering a free platform for certain features and a premium platform to offer users more. It is important to factor in your budget and also compare platform statistics to determine accuracy.

Of course, each platform is likely to offer something different. As mentioned before, if you are looking for more of a communal buzz which can help inform your decisions, then TradingView will likely be a good option. If you are more of an expert with multiple portfolios, then something like CryptoView – which offers analysis on multiple portfolios and exchanges – might be a better option. As a user, you need to verify which platform offers the most transparency and choose it based on your own preferences and reasonable price range.

Check out our Chat GPT widget to enrich your knowledge about crypto!