5 tools every crypto investor should use for research
Of CNBCTV18.com IST (published)
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Crypto is still a new industry and readily available market data, analysis and advice can be hard to come by. Here is a list of tools every investor can use for their crypto research:
Anyone who has spent even a short time in the crypto market has probably heard the term DYOR – do your own research. It has become a catchphrase in the cryptosphere and highlights the need for investors to do some digging themselves before putting their money behind a project. However, this is easier said than done, given that crypto is still a nascent industry and readily available market data, analysis and advice can be hard to come by. This is why we’ve put together a handy list of tools every investor can use to his crypto research.
1. Market trackers
Market trackers are perhaps the first and most important tool for crypto investors and traders. They provide price updates, trading volume data, historical performance information and several other useful details, all in real time. They provide an accurate view of the market as it is now and offer a strong base for crypto research. These platforms also allow you to compare coins within different categories. For example, you can look at trend data for all stablecoins or compare the prices of the different fan tokens. This gives you good insight into a category of projects. Today, three of the most popular market trackers are Messari, CoinMarketCap and CoinGecko.
2. Data aggregators
Market trackers give you a good overview of the market, but to dive deeper into a project you need the help of data aggregators such as TradingView, Glassnode and Coin Metrics. These platforms provide in-depth analysis of the various cryptocurrencies and help you gain valuable insight into their future performance. These sites allow you to plot technical indicators, such as moving averages, real strength index, price oscillators, etc., for several top cryptocurrencies. These platforms also give you a sneak peek at several on-chain metrics such as hashrate, transaction data, gas fees, whale movements, etc. Of course, not all of these services are free; you must pay a subscription fee to access some features and benefits.
3. Crypto guides and news sites
Cryptographic data can be complex and challenging to understand. Moreover, it can be difficult to understand the various technical indicators if you do not know what they mean. This is where crypto guides and news sites come in. CoinTelegraph, Decrypt, Binance Academy, ByBit Learn, Alexandria by CoinMarketCap, etc., are all reliable platforms in this regard. Not only do they provide in-depth explanations of the various crypto projects, technical indicators and crypto jargon, but they also offer the latest news and updates from the digital asset world. This helps you understand the cryptoverse better and stay updated with the latest happenings.
4. Podcasts
Listening to podcasts helps you gain valuable insight into the crypto market. They allow you to gain an expert perspective on various aspects of a crypto project and the industry in general. They also provide a deep understanding of current events and their future consequences. The auditory nature of information also makes podcasts easy to follow and digest. Also, there are many good podcasts out there, which makes it easier to find one that fits your level of understanding. Some of the best crypto podcasts include The Pomp Podcast, Unchained, and Bankless.
5. Forum
Forums allow you to meet like-minded investors and traders. Every notable crypto project usually has a Reddit page or a Discord server, where enthusiasts and investors share their views and opinions. You can ask questions about the project and get quick answers from community members. You can also learn from other people’s questions. Also, many projects turn to forums like Discord to get community input on improvement suggestions, network changes, etc.
Conclusion
Besides these tools, you can also follow crypto Twitter, subscribe to receive regular market reports from research platforms like Chain Analysis, follow crypto vloggers, etc. This should help you get all the information you need about a crypto project and the digital asset industry. Armed with this information, you can make better informed investments and trades.
