Do you research cryptocurrencies before you buy them? That is not entirely unwise, because you increase the chance of taking a profit. However, especially if you are a beginner, it is very difficult to do proper research. In most cases you don’t even know where to start.
That’s why we give you a hand on your way by telling you the 10 best tools for researching cryptocurrencies, so that you can successfully conduct a technical or fundamental analysis yourself.
- 1 1 – CoinMarketCap
- 2 2 – Crypto Panic
- 3 3 – LunarCRUSH
- 4 4 – 3Commas
- 5 5 – Delta
- 6 6 – Trading view
- 7 7 – CoinMarketCal
- 8 8 – Coinecko
- 9 9 – Whale Alert
- 10 10 – Messari
1 – CoinMarketCap
Let’s start the list with the best-known research tool. Chances are pretty slim that you’ve never used CoinMarketCap before. Still, many people do not yet know what functions CoinMarketCap has.
CoinMarketCap is a website that provides an overview of all cryptos on the market and also provides information about the different exchanges. The site is known for collecting a lot of information such as real time price, market cap (in fiat and BTC), trading volume, tokens in circulation and many other information.
For some time now you can also find information about the most famous companies, exchanges and NFTs (non-fungible token).
CoinMarketCap offers its users a number of features that allow them to find out as much information and details as possible about each crypto currency and recently about the data of the different exchanges.
Currently there are more than 13,500 cryptocurrencies on CoinMarketCap, they are ranked according to their fiat capitalization and volume in the market. The cryptocurrency with the most capitalization (fiat and BTC) is undoubtedly Bitcoin with more than 1,000 billion market cap, which makes it number one in the ranking.
You also have the option to create your own custom portfolio. This allows you to track your trades, gains and losses live from the cryptocurrencies you are positioned on. A calendar is also available to keep you up to date with important current and upcoming events in the cryptocurrency ecosystem. In addition, you can also find information about current and upcoming ICOs (Initial coin offerings).
CMC offers the possibility to set up Price Alerts. This allows you to be notified when a cryptocurrency reaches a certain price (fiat) that you have set in advance.
2 – Crypto Panic
Cryptopanic is a platform that helps users and traders understand the price movements for the cryptocurrencies they own or trade. They do this, among other things, by spreading the latest news about crypto.
In addition to the news, you also get an update on the prices of the most important cryptocurrencies. This appears at the right edge of the page. This feature allows you to follow the news for each of the cryptocurrencies. For example, you can use CryptoPanic to prevent panic in the general crypto market, but also in individual crypto markets and the community.
Features of CryptoPanic
The website interface divides the screen into two sections. A news feed from various sources appears on the left. To the right are the details of the news items a user clicks on the left.
- News . The first part of the website is the news section. Like all aggregators, CryptoPanic crawls crypto news portals and puts the latest updates under one section. You can find popular news portals like Cointelegraph, dailyhodl, newsbtc here. In the news section you can also sort the news according to the latest updates or the most recent news. It is a useful feature as you can easily search for the news you want. It is also possible to sort the articles as “All news”, “Trend” or “Positive” and “Negative”. A user can also scroll through the information by pressing the J or K keys. Each news story is accompanied by a background article on the topic and there is a link to the original source of the news.
- media . Lately, audio and video news has gained popularity. CryptoPanic takes note and the media section lists all audio/video news for crypto users. Even podcasts are listed here.
- polls . Then comes the Polls section. All recent polls can be found here. It is very helpful if we understand the crypto sentiment of both traders and end users.
- Resources . CryptoPanic Resources is a catalog of information resources about cryptocurrencies. Users can submit their company’s funds, discuss crypto projects, etc.
- Portfolio . CryptoPanic Portfolio is a crypto performance tracking tool. One can integrate the exchange API with their profile and track the performance of each crypto.
- Crypto Updates . The right part of the website shows the price of the top cryptos like BTC, ETH , BCH , etc. This is a useful tool because we get to know the prices of all these cryptos for 1 hour, 24 hours and 7 days in one tab. You can click on any of them to reveal the news related to the particular crypto chosen.
It is possible to become a CryptoPanic Pro by using the premium features of the application. In this case, you have access to RSS/ Atom , Reddit, and Twitter resources. You can also disable or enable an existing default news source. When you sign up for a premium feature, you get the chance to take advantage of future pro features. A premium account with CryptoPanic costs just $9 per month or $99 per year.
3 – LunarCRUSH
Before investing in a cryptocurrency, it is important to consider several things:
- The intrinsic qualities of a crypto project and the problem they solve
- Market sentiment
While the former can be measured by objective variables, the latter is much more variable. Market sentiment can be defined as the general attitude of investors towards a cryptocurrency. It is important to understand that market sentiment on a cryptocurrency can be decoupled from the asset’s intrinsic qualities.
This is typically the case with a meme coin, which can be purely speculative projects. When the trend is bullish, the market sentiment will be very positive while the quality of the product is non-existent. Dogecoin is an example of this possible decorrelation between the two variables. LunarCRUSH provides a particularly useful framework for analyzing market sentiment.
LunarCRUSH is a tool that aims to make investing in cryptocurrencies easier. For this, the platform uses algorithms that scroll through social media such as Twitter, Reddit or Youtube. It is these algorithms that help determine market sentiment.
The platform also includes a feature that allows users to see the top influencers for each crypto project listed at a glance. For each project, the user will also be able to view the trading volume for all platforms. The multitude of functionalities that LunarCRUSH offers makes it possible to save time in the analysis phase. An analysis phase that is particularly difficult to perform when trying to capture market sentiment.
How do you find tokens with a lot of potential via LunarCRUSH?
Through LunarCRUSH it is possible to find several thousand altcoins. These can be sorted by different parameters. To help investors make their choice, it is also possible to compare different projects.
The platform also offers a special tab called “Coin of the day”. This tab contains various details about the token that is currently the most popular. As with all listed projects, it will show data such as:
- Twitter, Reddit or Youtube volume and its evolution over the last hours.
- The evolution of market sentiment over time. With an analysis of the evolution of the bullish or bearish sentiment about the project.
- The market capitalization and its evolution during the last hours.
- The volatility of the cryptocurrency.
- The price of the cryptocurrency on the different exchanges.
In total, dozens of indicators are used to determine a global score. The platform summarizes this with its “Galaxy Score”. This is a combination of performance indicators and social engagement for the project in question. The score will always be between 0 and 100 and should be as high as possible.
Conversely, the “AltRank” should be as close to 0 as possible. It varies between 0 and 2139. It is intended to measure the performance of the price of the studied token, relative to BTC and social engagement on the networks. The score should be seen as a ranking of altcoins against Bitcoin.
According to LunarCRUSH’s indicators, a good investment in a crypto project should be made in cryptocurrencies that combine a high Galaxy Score with a low AltRank.
4 – 3Commas
The 3Commas crypto management platform provides access to a number of tools designed to improve the overall effectiveness and efficiency of trading. The team behind the project aims to minimize risk to investors and limit their exposure to losses, while maximizing their profits.
The main service offered is the 3Commas trading robot which works as a web application. It is connected to a number of trading devices and platforms. Trading robots are computer software that continuously execute trades based on parameters set in advance by the trader.
There are currently over 60,000 traders using the service and the platform handles over $20 million in daily trading volume. The trading robot currently works with about 12 trading platforms including Coinbase , GDAX, Binance , Bitfinex, and Huobi.
3Commas allows traders to track multiple orders on multiple trading platforms and use effective stop loss or take profit strategies.
3Commas uses a web-based platform and has an intuitive and easy-to-use user interface that includes a wide range of functions and analysis tools. Users can use simple bots, long algorithm, deal close signals, compound bots, short algorithm, analysis and copy bots to set stop loss and take profit targets, and adjust their trading strategies.
How does 3Commas work?
Automated trading takes place through API integration with cryptocurrency trading platforms. The trading robot works around the clock with any device, smartphone, tablet, PC. Users can access their trading dashboard on their desktop and laptop. The team has also developed mobile apps for Android and iOS.
The platform offers a good range of trading tools. In addition to automated bots and performance analysis, users can create, analyze and backtest crypto wallets, as well as monitor the best performing wallets created by other users. In addition, users can engage in social trading, which means they follow and copy the actions of other successful traders.
The 3Commmas team provides auto trading bots for 12 trading platforms including Bittrex, Bitfinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Cex, GDAX (Coinbase Pro), OKEx, Huobi and Yobbit.
The platform is available in English and Russian. A support team is available 24/7 to resolve any issues. Users can contact the team by submitting a request in the help center. The team can also be contacted through their Twitter account, Telegram channel and Facebook . There is also an FAQ page in the help center that covers the most common issues, as well as several clearly written guides that help users use the platform.
5 – Delta
Delta is another application that has an important advantage: you can link your Delta wallet directly to crypto exchanges. This is handy, because you no longer have to enter everything manually. However, it is not as rosy as it seems.
Despite the nice interface and the possibility to link your wallets on exchanges to Delta, it is not the best software to track your wallet. The functionality to link Delta to an exchange is nice, but it doesn’t work very well. There are many situations where Delta does not understand movements and the app ends up displaying incorrect results (such as when you send cryptocurrencies to an external address).
Now you may be wondering why we put this software in this list? First, if you manually enter all your transactions, Delta will be just as efficient a wallet as Coingecko (more on this later in this article). But one small advantage Delta has over the competition is the news screen. The articles and news aggregated by Delta are often of good quality and cover interesting topics. An instrument that can be powerful to stay informed and not miss anything.
6 – Trading view
The company was founded in 2012 in the US. The Tradingview application is initially presented as a social trading platform. This means that traders, both beginners and more experienced, can share and exchange their trading sessions and analysis of trading sessions on the dedicated network. Tradingview is a resounding success with their ingenious idea as there are now more 3 million monthly active users.
More technically, Tradingview is a so-called cloud charting platform. It is a 100% online technical study platform for the stock and crypto market. Another point that contributes to its success: a user-friendly interface that makes the experience very rewarding.
Features of Tradingview
The multiplicity and versatility of the charts are undoubtedly one of the main advantages of the Tradingview platform. As of its launch, the trading software had no rivals when it came to advanced charting. The functions are many:
- Zoom in and out
- Stretching Charts
- Intuitive scrolling to analyze older information
The big innovation is the cloud. The online storage of technical analyzes makes it very easy to find them on another device. With the advent of mobile applications on smartphones and tablets, it is also possible to find all this data via Tradingview on Android or iOS. The unlimited storage space allows traders to find and use charts that were analyzed years ago. The numerous updates do not undo the work done, which unfortunately is the case with many competitors.
The user-friendly dimension is so advanced that more and more brokers or platforms specializing in cryptocurrency trading are developing applications (APIs) that allow the integration of Tradingview graphics.
Technical Analysis Indicators
Tradingview offers a very wide range of technical indicators. This is therefore certainly one of the most important trading software available on the market. There are hundreds of technical indicators developed by the network community. Community trading takes on a whole new meaning as users can customize, tweak and create their own methods to refine their money management and optimize their risk management.
The Tradingview screener is an interesting, if not limited, feature. It is a predefined categorization of technical indicators and fundamental analysis by the software. Traders can quickly select them and combine them according to their needs.
The major limitation of the Tradingview Screener is that it is more aimed at investors who do not need advanced tools. For example, it does not allow further study of a group of cryptocurrencies.
Real-time alerts are currently one of the basic functions of all market analysis software. Users can set an alert level for a particular asset. This alert is sent directly via email or text message when a price has reached an entry price, via a defined indicator or chart line. This offers the convenience of not having to constantly follow the charts.
These are just a few of the features and functionalities of Tradingview. This already shows how advanced this software is.
7 – CoinMarketCal
CoinMarketCal.com is a free and collaborative economic calendar that presents all the upcoming events in the crypto world. This site is meant to be the perfect complement to CoinMarketCap. An economic calendar in the crypto market serves to collect all the important announcements. For example, it shows the data of various economic data releases. This allows traders to anticipate the news.
On the site, each visitor can:
- View events
- Add events
There are several options for searching for an event. You can use CoinMarketCal’s search function with the following criteria:
- The year
- Type of event
To add an event, you can do it again on the CoinMarketCal homepage. You will then be taken to a page where you must state the following:
- The cryptocurrency
- The title of the event
- The nature of the event
- The date of the event
- The description of the event
- The source
- Your Bitcoin address to receive donations from users
One of the hallmarks of the cryptocurrency world is its stimulative aspect that promotes its democratization and community “self-regulation” aspect. Group self-regulation systems have mainly been developed in game theory. CoinMarketCal is inspired by this theory and thus fits perfectly into the environment it promotes.
But how do you get users this far? This problem occurs, for example, with the verification of Bitcoin transactions. Why would someone expend energy – and therefore money – checking a network and making sure it complies? Bitcoin solves this problem by compensating miners through the creation of new blocks and a fee on transactions.
CoinMarketCal incentivizes its users to send information by allowing them to receive donations in bitcoin. CoinMarketCal’s incentive model makes it possible to thank and reward those who contribute to the platform.
The Evidence System
Proof is required when adding an event. In a context that encourages the spread of fake news, the value of a piece of evidence or an official source is immense. At the same time, users are invited to validate events through a voting system. When the community believes that an event is not reliable, it is automatically removed. It’s kind of a “decentralized” moderation process.
8 – Coinecko
Coingecko is a website (and application) that allows you to track the price of cryptocurrencies, as well as create a favorites list to track the cryptocurrencies of your choice. So it can be compared to CoinMarketCap.
In the favorites list you will be able to manually enter all your transactions and Coingecko will take care of the calculation of the value of your wallet, your profits and losses , etc. If you discover this tool too late, and you don’t feel like entering hundreds of transactions to recreate the exact history, you have another option.
You can simply use the “Transfer” function, which allows you to virtually add the cryptocurrencies you entered to your wallet. You will still have to keep track of it manually, but you will have an accurate representation of the value of your wallet at the time of consultation, even if you use different wallets, crypto exchanges, etc.
9 – Whale Alert
Whale-Alert is primarily a Twitter bot that lists important movements (whales) on the various blockchains . If thousands of BTC are flowing from wallets to exchanges (to sell en masse), you will of course want to know. Or when hundreds of thousands of ETH are transferred from exchange to wallet, the news is rather bullish. Whale-Alert also has a website that sells its API so developers can integrate this data into crypto trading bots.
10 – Messari
Messari is a very interesting tool for the search for altcoins. Messari is not only a crypto news aggregator, but also collects and references accurate data on more than 1400 cryptocurrencies, such as their category, sector, market cap, market movements in the last 24 hours, 7 days, 30 days, etc.
As altcoins are classified on various criteria by CoinGecko or CoinMarketCap, Messari offers an advanced search on hundreds of criteria and filters, making it surely one of the essential tools of the cryptosphere.
Messari offers a paid version, but the free version is far from stingy with information and features, provided you create an account, so we prefer to classify it as free in this article.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com