Must-have tools to analyse the crypto market

Tools to analyze the crypto market

Being a part of a vibrant industry such as crypto is not an easy task. Relying on your senses and abilities is simply not enough to stay up to date and be aware of the latest trends. In other words, buying and trading cryptos is a difficult task that would require super-human abilities in order to make it all work. Luckily for us, there are some tools and services that can make our lives easier.

Therefore, let’s take a look at some of the popular tools that people from the crypto sphere use in order to stay informed and decide how to act in the most profitable way. Read on!

CoinMarketCap

CoinMarketCap is probably the basic tools that everyone in the crypto sphere should use in order to gain insight about a particular cryptocurrency and the current state of affairs among cryptos. You can check prices of individual cryptocurrencies, examine trading volume, and check data such as coin supply. Moreover, CoinMarketCap offers a powerful API that can help you pull in data to your platform.

ICOstats

Currently, ICOs’ popularity may not be as high as it was a year ago, but there are still great projects that are worth investing in. If you are focused on ICO investment, you should definitely check out ICOstats which will offer a detailed overview of currently popular ICOs, their ROI, price of their coins, and much more. The interface of ICOstats is pretty simple and intuitive so that even newbie ICO investors could get around and explore possible investing opportunities.

Tradingview

Tradingview is a great tool, but it takes effort to understand it,  as it is not aimed at beginners. In fact, Tradingview is not only focused on crypto trading but also on stocks. It offers a wide variety of charts with additional details and dozens of useful tools that could help you with analyzing data. The sheer number of technical indicators is greater than at any other similar tool, and it even offers a couple of premium features that could improve your crypto trading game.

CryptoPanic

CryptoPanic is a simple news aggregator that offers the latest news related to the crypto space. Reading news is an important part of every crypto trader’s life as news often point out possible changes in the price of some cryptocurrencies. Therefore, in order to stay informed and get a head start in the crypto trade race, you need to read as many important and relevant for the industry pieces of news as possible. CryptoPanic is a perfect tool for it.

Crypto Research Report

Data plays an important role in crypto trading, and in order to gain a clear picture, we often need data summarized in reports. Crypto Research Report does just that – they make quarterly analyses of crypto-related data and publish reports in order to help people gain more in-depth insight into this sphere. It is a perfect platform for all professional crypto investors as they can understand the latest trends in the crypto industry more.

Crypto Exchange

Crypto exchanges are platforms which allow us to buy and trade cryptocurrencies. Although they are primarily used for trading, many of them must provide additional data that will show you more info about the crypto market and the latest prices. Therefore, if you are a professional crypto trader, make sure to choose an exchange that meets your needs and provides adequate information about cryptocurrencies that you want to trade.

Telegram

Telegram is not a tool which can itself provide crypto market analysis, but it’s bots and chat groups can help you understand the crypto sphere and give you valuable information about trading. Telegram is, in fact, an instant messaging app just like WhatsApp and Slack, but the community that uses it is heavily crypto-focused. People are overall willing to share their knowledge with other crypto enthusiasts.

TokenTax

Some countries require crypto owners to pay taxes, which can be a real pain in the neck. It means that we need to make daily calculations and pay a lot of attention to crypto taxes. However, TokenTax offers a great solution as it basically does the math for you. It is a simple tool that will make more room for you to focus on other important crypto-related stuff rather than summing how much money you must give to the state.

Do we really need all these tools?

The crypto industry is a fast-evolving one, and we need to stay up to date with the latest trends and news in order to make the right moves. However, if you are new to crypto trading, using all of these tools can be too much for you. In fact, using all of them at once can be quite scary and overwhelming, resulting in you quitting your short crypto trading career.

Therefore, newbies are advised to start using one tool at a time. The first and most important tool you should use is a crypto exchange. These will provide you with enough valuable info to get you going and start making at least baby steps.

Once you get comfortable with a simple crypto exchange such as CEX.IO, you could proceed to more complicated ones that provide additional info, which is valuable for experienced traders. Only then you should consider using other tools by introducing them one by one.

Conclusion

Cryptocurrencies are more popular than ever, as they have survived the long and difficult crypto winter and people are once again becoming very interested in crypto trading, ICO investing and other crypto-related actions. Traders want to achieve as good results as possible and maximize their profits from this activity, and it was expected for numerous tools to pop up on the web. We narrowed the selection down to a couple of very useful ones that could improve your crypto trading skills and help you understand the entire industry better. All you have to do is learn how to use them – some might take longer than others to learn and master.