Effective Platforms for Crypto Market Analysis
To succeed in crypto trading, timely access to current information and analytical tools is crucial. In this review, we'll introduce you to some free services that can assist you in this endeavor.
Nansen
Nansen is a blockchain analytics platform that provides data on crypto wallets, transactions, and smart contracts. Nansen aids traders and investors in tracking money movements in the crypto economy and identifying patterns that can facilitate profitable transactions.
Nansen — the most powerful blockchain data platform. Source: nansen.ai
The platform leverages AI for data analysis. The neural network offers easy-to-understand tools: graphs, tables, diagrams, and other visualizations. Information on specific crypto wallets is useful if you're tracking the activity of major players or studying the portfolio diversification patterns of whales.
Glassnode
Glassnode is another analytics platform that monitors a vast array of data within blockchains and financial markets. Glassnode is valuable for traders and investors looking to understand long-term market trends to identify more trending and promising assets.
Glassnode analyzes key crypto market indicators. Source: glassnode.com
Glassnode offers various data analysis tools through monitoring dashboards and APIs. The platform provides weekly bulletins and monthly reports explaining key crypto economy indicators. These documents feature data on investor sentiment, global changes, and on-chain analytics. Daily articles and newsletters are available for registered users. Corporate accounts have access to in-depth analytics.
DefiLlama
DefiLlama is a DeFi monitoring platform that tracks the most popular protocols based on the total value locked (TVL) indicator. TVL is the total amount of assets stored in a decentralized protocol. The higher the TVL, the more trust in the project, and the higher its investment appeal.
DefiLlama also provides detailed information about each DeFi protocol, including trading volume, yield, and even upcoming airdrops.
A detailed guide on using DefiLlama can be found here.
Dune
Dune is a community-driven data processing hub that allows querying, aggregating, and exporting data from 15 popular blockchains. The service offers a wide range of tools for analyzing key indicators for DeFi, NFTs, and other blockchain projects. The information obtained can be visualized using customizable dashboards in a user-friendly format.
Dune — the largest provider of Web3 data. Source: dune.com
Dune is useful for traders and investors conducting cross-network analysis. For example, Dune can be used to compare data from various DeFi protocols or the ranking positions of their native coins.
Dune AI is actively used by novice developers. The platform opens convenient script creation panels for personalized reports.
Additional Market Analysis Services
Besides the platforms mentioned in the article, there are other useful services for analyzing the crypto market.
Here are some of them:
- CoinMarketCap is one of the most popular services for tracking cryptocurrency prices. It provides information on more than 13,000 digital assets, including prices, trading volumes, market capitalization, and other indicators.
- CoinGecko is another popular site for monitoring cryptocurrency prices. Like CoinMarketCap, it also offers additional news and decent project reviews.
- Messari is a screener that provides information on funds, mergers, and acquisitions in the crypto market. It's convenient for tracking the financial status of digital companies. Messari also publishes monthly reports and provides access to various analytical tools.
Choosing a Platform
When choosing a platform for cryptocurrency trading, consider the following factors:
- The type of data. Some platforms specialize only in certain types of data (e.g., DeFi or crypto wallets).
- The platform's functionality. Some platforms offer a broader set of tools and features than others.
- Access price. Some platforms offer completely free versions, while others include only the simplest tools in the free package.
