Cryptocurrency never sleeps, so analytics tools help to monitor everything.
The space moves at such high speeds that keeping track of it all is challenging. Volatility is also a factor that can have you glued to your screen way beyond your natural limit to stay awake. Meanwhile, your brain has to process a wide range of data that comes at you fast and furiously.
There is no doubt that to become a successful trader you need to control and organize the flow of information in such a way that it will become actionable.
5 tools you can’t avoid to use
Cryptocurrency analytics tools can’t replace sound analysis
Before you go ahead with these analytics tools, it is important to understand that none of them will replace your judgement. They will, however, make your decision-making process a lot simpler. This is because there is a cognitive limit when it comes to your data processing capacity.
The best way to overcome this is by picking the right tools, but also the right kind of information you would like those to display. One last thing before you go through our list of the 5 best cryptocurrency analytics tools: Feel free to use all of them together if you want. After all, they are complementary in many cases, but keep in mind that using them all in parallel might also produce cognitive overload.
#5 Blockfolio: The Most Essential Cryptocurrency Analytics Tool
The first step to reduce cognitive overload is to track the cryptocurrencies that are relevant to your portfolio. This is especially important in a market in which there are already well over 5000 different assets and new ones are coming online every day. Blockfolio allows you to do this on your phone.
Here are some basic Blockfolio characteristics that will help you out with your trading:
- More than 5000 cryptocurrencies listed, from which you can pick the ones you want to track;
- Access to a number of base currencies so you can check the performance of your portfolio against your currency of choice;
- Information on over 300 exchanges, with trading volumes;
- Track aggregate cryptocurrency prices from all exchanges or get the price directly from the exchange you pick;
- News aggregator that lets you know what is happening in the space with information from the best cryptocurrency news sources out there.
With all these great features, it is not a surprise to see that Blockfolio has been downloaded more than 5 million times already.
#4 Coin360: A Great Complementary or Alternative App to Blockfolio
If you are more of a visual person, who likes color-coding and pie chart style information, then Coin360 is the cryptocurrency analytics tool you are looking for. Here are some key features that make Coin360 special:
- Visual maps of coins represented by blocks
- Bigger blocks group cryptocurrencies together by mining algorithm and the size of the block representing each coin is proportional to its share of market cap
- Color code that allows you to see which coin prices are going up and which are going down – green is up and red is down
- Mouse-over or hovering feature that gives you more in-depth information about the coin you are pointing towards
- Information can be customized just like with Blockfolio
- You can share your Coin360 maps on social media
#3 Cryptocompare: A Comprehensive Cryptocurrency Analytics Tool
The previous tools all dealt with technical analysis, but what about the fundamental side of it? Better still, can you get great technical analysis tools as well as fundamental analysis tools all in one package?
The answer is a resounding yes! Cryptocompare offers both, with in-depth information about some of the key fundamental analysis indicators. Here is some of what you can find at Cryptocompare:
- Information on hundreds of coins from different angles, including price, charts and more in-depth technical data;
- Mining calculators as well as other indicators of activity for a variety of coins for fundamental analysis;
- A wide variety of educational guides to help you improve your trading strategy
- An API and custom data solutions for institutions.
#2 Delta Crypto Portfolio App
Tracking cryptocurrencies and getting all kinds of data on them is essential, but depending on how you trade, you might want to take a different approach to your data consumption. This is where Delta comes in.
This tool allows you to set alerts so you can track the price of over 5000 different cryptocurrencies and define when you want the app to call your attention to a particular move in the market. Here are some of the characteristics that make Delta special:
- View trading history analytics with informative charts
- Historical data goes back to when Bitcoin trading just started
- Sync multiple devices so you can get your alerts and your information no matter where you are
- Trading analytics on different portfolios
#1 eToro: Integrative Cryptocurrency Analytics Tools
Once you have your cryptocurrency analytics tools and you are filtering the information from them, it is time to make a trade.
This means getting all the actionable info onto your trading platform. But what if your trading platform also offered great cryptocurrency analytics tools? eToro does, and here is what you can expect from the platform’s tools:
- Apply a wide variety of plotting features to your charts, like moving averages per set period, Fibonacci, and more;
- Asset watchlists that you can customize to keep track of the assets that interest you;
- Social trading features that allow you to follow experienced traders, the Copy Trader feature. Automatically make the same trades your selected investor makes, and learn while you’re at it;
- A wide range of guidelines about how to use tools and how to process the information that these tools present.
Use your Cryptocurrency Analytics Tools Responsibly
So, there you have them. These are the 5 best cryptocurrency analytics tools. They are all very useful if you understand how to pick the information. Use them to your advantage and use them responsibly.
Ultimately you are the one who must interpret the information and make the right choice to maximize the profit on your portfolio, so it is also important that you come up with your plan of action regarding the data you will follow.