The crypto market is not your typical grocery store nor a real estate or stock market. Every day, a massive influx of data, new coins, projects, price fluctuations, news, announcements, launches, partnerships, liquidations, acquisitions, regulations, statistics, transactions, and interactions enter the ever-expanding space.
Things move quickly around here. You snooze, you lose!
The market is a large part of the financial system in which principles, processes, and stakeholders interact in various ecosystems. It is a market known for massive profits and the involvement of a broad spectrum of stakeholders, ranging from individuals to entities, corporations, exchanges, investors, and even governments. Still, it is also a temple of many tears, losses, and liquidations. It is a true market with strengths, weaknesses, opportunities, and threats that people must carefully navigate.
What better way to stay on top of everything than to conduct research?
In order to make informed investment decisions regarding whether and when to buy, sell, hold, or swap assets, there are research tools that can be employed to source, validate, analyze, organize and present this information.
These are some of the places you are expected to examine when you hear DYOR — Do Your Own Research.
Crypto Research Tools
Let's explore some tools that you'll need as an investor or simply an enthusiast.
At the top of my list would be the popular blockchain and market data hub CryptoQuant. The platform has a protocol that is focused on interoperability and scaling and operates the Overledger network that allows you to connect and exchange data with blockchains connected to the system. Its native token, QNT will better help you navigate and enjoy these services.
Although CryptoQuants offer a lot of services, particularly to entities, banks, fintech, and marketplaces, they also offer indicators, market, and on-chain data services on assets such as Bitcoin, Ethereum, stablecoins, and ERC20 tokens.
The site has some cool features that can save you a lot of time and cash. A number that I find particularly interesting is the reserves of supported cryptocurrencies within different exchanges. These reserves are known to have a direct effect on the volatility of the market, so you know to expect low volatility with high reserves and vice-versa. This is captured in the “All Exchanges Estimated Leverage Ratio” section of the site. Users can view historical on-chain data to see what happened in the networks that caused a price change.
There is a free service option, and paid plans include advanced, professional, and premium options ranging from $39 to $799 per month.
If you're feeling a kind of way about a coin and would like to know how others feel as well, LunarCrush is the perfect stop for you. This platform uses machine learning and artificial intelligence to accumulate and analyze market sentiment, i.e., whether people are bullish and have confidence in a coin or they are bearish and are pessimistic about a coin. It gathers information from social media platforms, news activity, Google search volume, and other data sources to present users with data they can use to analyze the market themselves in real-time.
The platform has two major data options called scores that allow researchers to examine markers like price score, social impact, market volume, and percentage versus Bitcoin, among others.
This score compares cryptocurrencies to itself based on community indicators gathered from across the web using these metrics.
This score compares a cryptocurrency's community indicators against those of other cryptocurrencies using four metrics.
Percentage change versus Bitcoin
In order to fully take full advantage of LunarCrush's features, users must now pay a fee in the platform's native token LUNR. To get started, you can choose from three different pricing tiers: free, 30 LUNR, and 100 LUNR.
This would naturally not make the list considering how limited it is in the number of cryptocurrencies that the platform tracks. It provides information on Bitcoin, Bitcoin Cash, eCash, and Bitcoin SV. CoinDance is a community-driven data platform that is supported by some big names like Kraken, Cryptocasinoclub, Casinohex, Coingeek, and many other notable brands.
As an investor, Bitcoin should always be on your radar. The leading cryptocurrency's movements are known to have a significant impact on the market. This website contains information about mining breakdowns, hash rates, fees, and exchange trade volumes. Crypto statistics such as search volume, price history, demographics, and market cap are also available. The "Politics & Opinions" section, on the other hand, provides a global overview of how Bitcoin is doing legally and politically, as well as specific country reactions to the concept. A very detailed and comprehensive tool for analyzing and comprehending local bitcoin volume. It's a completely free service that doesn't even require you to log in. If you want to help, you can donate to the cause.
Finally, on this list will be the go-to for upcoming or hidden gems, Messari. You may want to check this out if you are looking for upcoming or promising projects with little traction but profitable movements while maintaining your watch on top assets. The website gives you news updates and reports on major assets with trending events surrounding them and also a market overview of Crypto assets, DeFi platforms, smart contract platforms, stablecoins, exchange tokens, and many other digital assets in real-time.
The most exciting aspect of this tool is the Messari screener, a tool that helps you make out the gems by sorting coins by a wide range of 12 categories. You can filter by sector, coin category, market cap, and other interesting categories to suit your taste. This platform is very easy to navigate and brings a whole lot of data and access to the palm of your hands, literally.
The platform involves paid plans to enjoy access. Plans include premium and enterprise for $25 and $625 per month respectively.
Read Also: Tether Set To Release British Pound-pegged Stablecoin: GBP₮ Amid Controversies
Please remember that we did not list the tools in order of usefulness. A suitable tool will be tailored to your specific requirements. Furthermore, an investor should have multiple sources so that he can cross-reference and broaden his scope of analysis. That being said, there are a lot more tools on the market that you can become acquainted with. Follow news networks, join trusted communities, and don't put money in without first double-checking your analysis and investment options.
Storing your cryptocurrencies in online wallets, exchanges and software wallets exposes you to risks of being hacked. Consider storing them in a hardware wallet today