What started with a single currency, bitcoin, has evolved into an ecosystem with multiple cryptocurrencies and use cases. The crypto ecosystem keeps growing with more advanced technology to tackle inherent problems in different spheres of life, from finance and waste management, health care and supply chain management, to energy and government. The finance sector has gained the most attention since the crypto advent, and it’s only essential to stay ahead in this ever-evolving world.
Crypto analysis tools help traders and investors gain insights into how cryptocurrencies perform across different blockchain networks. These tools assist and feed useful metrics to traders to make decisions based on facts and data drawn from the market.
Since these tools are crucial to a trader’s and investor’s success and journey, exploring some of them and explaining how they can help navigate the trading world is worthwhile.
Why Traders And Investor Needs Crypto Analysis Tools
- Crypto analysis tools help navigate the cryptocurrency market, assess their performance over a specific timeframe, and provide users with more precise insight into what is happening, allowing them to make more informed decisions.
- Crypto analysis tools are a great alternative to manual trading processes; with these tools, users can automate certain functions that would have been done manually.
- Since the process is more streamlined, it makes investors make decisions faster than they usually would have been able to do.
- It provides a convenient way to interact with the different functions of the cryptocurrency ecosystem.
- All the benefits above allow users to be more profitable, maximizing profit and minimizing losses.
Top Crypto Analysis Tools To Choose
- DeFiLama
- Messari
- Dune Analytics
- Whale Alert
- CoinGecko
- Altrady
- Binance
- Trading View
- Token Terminal
- CoinMarketCap
DeFiLama:
DeFiLama is a leading DeFi analysis tool that helps discover cryptocurrencies’ total value locked (TVL) across multiple blockchains. TVL are essential metrics investors use in determining how valuable a DeFi asset is to invest; this is usually done by comparing market supply and the TVL ratio.
We recommend reading this article to learn more about decentralized finance (DeFI).
By definition, TVL is the total value equivalent in USD locked or stacked in a DeFi protocol or application through actions such as stacking and lending.
DeFiLama gives users a choice to analyze TVL based on the blockchains, and types of protocols, among several other factors. It currently examines over 2,000 protocols and over 100 blockchains.
DeFilama is also the largest TVL aggregator tool available, and it’s open-sourced, which is part of the ethos of cryptocurrency. The best part is that It’s free to use and funded by the world’s largest cryptocurrency data aggregator tool, CoinGecko.
This tweet by BSCNews shows how DeFiLama can be used to determine exchanges with the top TVL:
Here are the Top 5 CEXs by TVL:
Check them out:
🔼@binance
🔼 @okx
🔼@bitfinex
🔼@Bybit_Official
🔼@cryptocom
Check out some more on the BSC News projects page https://t.co/02GLuSOgdh
Source: @DefiLlama #NFA pic.twitter.com/pOqynHDsJ9
— BSC News (@BSCNews) June 30, 2023Messari
Messari is considered the all-around crypto analysis tool suitable for businesses, compliance teams, builders, and investors ready to navigate the crypto world without missing any details.
The company has streamlined its services into three major categories: Messari Pro, Messari Enterprise, and Messari Protocol services, each with specific use cases.
Messari Pro is mainly for opportunity discovery and finding hidden gems in the crypto market. The main features here include the governance tracker, news aggregator, industry-leading research report, advanced screener, customer watchlist, fundraising, and data. Messari Pro costs $249/ month.
Messari Enterprise focuses on helping customers improve their team’s workflow and optimize decision-making. The main features here are real-time monitoring for software releases, hacks, etc.; unlimited customer alerts linked via email and Slack; diligence report for in-depth reports on project details, legal risks, and more; exclusive research with multiple watchlists; and all Messari’s pro features.
The Messari Protocol service focuses on long-form research and crypto reporting. From financial reporting, government analysis, and strategic finance to protocol reporting.
These features are one of the reasons why Messari is prioritized as an essential tool in the crypto community. It has also partnered with some of the biggest crypto companies in the world, including Binance, Chain Analysis, Coinmeteric, Filecoin, and Ledger.
Dune
Dune, previously known as Dune Analytics, was founded in 2018 and has raised capital from big names like Binance and Dragonfly Capital.
Dune breaks down onchain data into simple visuals and interactive formats for users to understand what’s happening across cryptocurrency blockchains.
All that’s needed is for users to query—write lines of code—and extract the necessary information. These queries are taken from raw data across multiple blockchains, including Ethereum, BNB Chain, Avalanche, Fantom, Arbitrum, Polygon, Optimism, Solana, etc. So far, it has decoded over 280,000 smart contracts too.
Read this article to learn more about smart contracts, how they work, and their benefits.
In addition, Dune is an open community, allowing users to post their research and finding for others to engage with and learn from.
Dune offers three plans: Dune Free, Dune Plus, and Dune Premium. Dune Plus and Premium offer more access and are created for teams. The former costs $399 and focuses on making querying and tracking faster, while the latter, which costs $999, focuses on growing integrated data.
Whale Alert
This is a top-rated crypto whale tracking tool used in monitoring the movement and transfer of coins from the whale’s account. Crypto Whales are individuals or entities that own a more significant percentage of a total cryptocurrency’s supply.
Whale Alert is one of the leading tools in this category. It lets users monitor whale transactions across multiple blockchains, including Bitcoin, Ethereum, polygon, and Arbirtrum.
Tracking crypto whale wallets is important because it indicates the direction in which whales trade. And when users properly duplicate a whale’s trade, it leads to more profitability.
Since its launch, Whale Alert has acquired over 500,000 active users with millions of social media followers. Whale Alert comes in four different plans: developer, enterprise, institutional, and historical, with pricing ranging from $49, $699, $1499, and $1990, respectively.
It has a fairly interactive user interface; however, it’s a solid choice for traders and investors looking to monitor the trading activities of these whales.
We recommend reading this article on crypto whale tracking tools to understand more about them.
CoinGecko
CoinGecko is the world’s largest independent cryptocurrency data aggregator platform, founded in 2014. The platform tracks over 9,000 different crypto assets across 700 exchanges.
The growth of CoinGecko has been very impressive since its eight years of operation, with 10 billion API calls, over 10 million average monthly users, over 1 million monthly app downloads, and more than 200 million page views.
CoinGecko has so many use cases, from tracking cryptocurrency prices, market capitalization, supply of coins, and historical price data, down to the origins of a cryptocurrency. It’s great for discovering the different categories cryptocurrency assets fall into, such as decentralized finance (DeFi), Oracle, privacy, stablecoin, etc.
Of all the cryptocurrency analysis tools, CoinGecko has a very intuitive design that makes users navigate the site without any hassle and a robust educational section that trains and informs users about the cryptocurrency market nuances.
Altrady
If you’ve ever thought about how you could manage several of your portfolios on cryptocurrency exchanges in a place, then this is the tool you’ve been searching for.
Altrady allows its users to manage their cryptocurrency portfolio across supported exchanges in a single place. This crypto analysis tool perfectly fits beginner and advanced traders and institutional investors. According to the website, there are three main functions of Altrady: saving time, managing risk, and automating trades; online reviews from Altrday’s customers testify they do this perfectly.
So far, Altrady supports thirteen cryptocurrency exchanges, including Binance, Bitavo, Coinbase, Bybit, Bittrex, Gate.io, Huobi, KuCoin, MEXC, HitBTC, Kraken, OKx, and Poloniex.
Since the creation of Altrady, over 70,000 traders, including bot and day traders, have signed up on its platform. There are four pricing plans on Altrady free, Basic, Essential, and Premium. This price plan comes with progressive features.
Binance
Binance is a cryptocurrency exchange that allows users to trade hundreds of crypto and tokens and provides a means of storing them through its wallets.
The platform also provides multiple other services, including staking, which allows users to earn interest from their staked token, crypto lending to other users, a smart pool for miners, and so much more.
Who are crypto miners? Here’s an article that covers all you need to know.
Binance is a well-designed interface that allows users to navigate the crypto ecosystem easily. The average volume of daily transactions on the platform is $65 billion. Binance has a native token known as BNB.
It’s an excellent choice for many traders to complete several crypto trades and interact with different sectors of the crypto industry without any hassle. It’s among the top crypto analysis tools.
Trading View
This is one of the best crypto trading analysis tools for traders and investors looking to analyze the cryptocurrency market with advanced charting features. It also allows users to connect and share trading ideas.
Since its launch in 2011, TradingView has reached 50 million users, with 10 million custom scripts, and remains the number one trading application in the world.
TradingView has a freemium and premium plan. The premium plan is split into three, the pro plan, which costs $14.95; the pro + plan, which costs $29.95; and the premium plan, which costs $59.95.
The platform’s other features include 15 chart types, 8 charts per tab, command search, and custom time intervals. It’s a handy tool that helps traders learn and connect. Traders and investors looking for a flexible tool for studying price action across different cryptocurrencies can try out TradingView.
Token Terminal
Token Terminal is a great analysis tool embraced by traders and investors who rely on fundamental analysis to determine the potential value of crypto assets. Token Terminal simply aggregates financial data on the leading blockchains and decentralized applications in a simplified format.
With this, users can find the best cryptocurrency investments through multiple actions on the site: it helps you discover new projects, visualize historical data across all projects, and compare different projects based on their metrics and performance.
Some useful metrics found on the platform are the total value locked, fees, revenue, daily active users, token trading volume, market cap (fully diluted), etc.
Like other crypto analysis tools, Token Terminal comes in different payment packages—the Pro, API, and Enterprise plans. There’s also a free plan for users on a tight budget.
This tool is great for beginners and expert users, as it puts all the needed data they require in one place.
CoinMarketCap
If you’re into cryptocurrency, you might have heard about CoinMarket Cap. This crypto analysis tool is used for real-time price tracking of different cryptocurrencies.
Many functions are available on the platform for use, including historical snapshots, global charts, spotlights, price estimates, and chain ranking.
CoinMarketCap is a very interactive and straightforward tool; anyone can use it easily without encountering issues. On the platform’s homepage, users will see a dashboard of live feeds of different cryptocurrencies such as Bitcoin, Ethereum, Doge, Cardano, and USD Coin.
Users can access and use CoinMarket Cap from their website or mobile app, and it’s available on Android, iOS, and desktop devices. CoinMarket Cap is similar to CoinGecko as well.
Conclusion
Trading and participation in cryptocurrency can be tedious; however, investors and traders can stay ahead and remain more profitable with the right tool. Depending on your needs, these tools are streamlined to provide important data that can improve several aspects of a user’s journey in the crypto space.
It’s essential to review these tools and check out their pros and cons; if it doesn’t suit you, find an alternative.
