5 Cryptocurrency Analysis Tools That Turn Amateurs into Experts

BTC_Chopsticks · 2022-12-08T11:25:09.000Z

Thanks to blockchain technology, the data is public. Therefore, if you make good use of real-time cryptanalysis tools, users will have many opportunities to find "hidden gems". Cryptocurrency analysis tools need to be “in the palm of your hand” In traditional industries, analytical tools have their limitations. The reason is simple: data is private, and weekly and quarterly reports are data that companies must disclose. . Therefore, in-depth analysis can only reach a certain "ceiling". But in Web3, almost all data is publicly visible. On-chain investigations are a real thing that anyone can do.

Because of blockchain technology, the data is public, so if you use real-time cryptographic analysis tools, users will have many opportunities to find "hidden gems".
Cryptocurrency analysis tools need to be “in the palm of your hand”
In traditional industries, analytical tools have their limitations, for the simple reason that data is private and weekly and quarterly reports are what companies have to disclose. Therefore, in-depth analysis can only reach a certain "ceiling".
But in Web3, almost all data is publicly visible. On-chain investigation is a real thing that anyone can do.
Today, let’s explore 5 Web3 analytics platforms you can use to “supercharge” your crypto project research.
CoinGecko and Coingecko
In the past, it seemed like everyone used CoinMarketCap to check cryptocurrency prices, market caps, trading volumes, etc. However, in April 2022, the Binance exchange “acquired” the platform, and many believed that the data aggregator site had been “seized.”
The community immediately began looking for alternatives. One that stood out was CoinGecko, which has quietly grown during the bear market and is now the world’s largest independent crypto data aggregator.
Coingecko not only maintains its independence, but also always leads the trend. Whenever users want to check the price trend or trading volume of an unknown token, Coingecko always seems to have the underlying data of the token before others.
This is understandable given the massive reach of CoinGecko, which currently tracks key statistics for over 13,000 different crypto assets across more than 600 exchanges.
So if you’re looking to track real-time cryptocurrency trends for the biggest projects or categories like new coins and big winners and losers, CoinGecko is a perfect choice.
Not only that, the project recently launched the DEX aggregator GeckoTerminal. Again, GeckoTerminal has a very wide reach, and if there are tokens that users want to trade, whether they are on-chain EVM or non-EVM, the function can still support charts and pools for them to analyze.
DefiLlama
No one who is well-versed in DeFi is unaware of DefiLlama, as the platform accurately and quickly tracks total value locked (TVL) data and transaction volume for over 150 chains and a “huge number” of different protocols. This is a great way for users to easily “see the crypto economy of a protocol” at any given time.
However, DeFiLlama is more than just a DeFi statistics hub; the project also provides real-time profitability indicators, stablecoin charts, liquidation activity, airdrop opportunities, hacker information, and more.
Dune Analytics
Dune Analytics is a platform that allows anyone to create encrypted analytical dashboards that anyone can view using SQL.
Example: I researched Reddit using an analytics dashboard created by user Dune petertherock, which contained everything I needed, such as NFT holders, sales, and more.
Interestingly, Dune Analytics also includes the same kind of statistics for DeFi and NFT projects across multiple chains, such as Ethereum, Arbitrum, Optimism, Polygon, and more.
Nansen
Let me share a big win case thanks to Nansen. In June 2022, when the “Free-mint” NFT was in full swing, I used the platform’s Mint Master tracker to “invest” in the WAGDIE NFT before the price of this collectible began to explode.
Specifically, through Mint Master, I found that about 40 Smart Minters who specialize in NFT hunting participated in the "minting" project. Then, I followed the footsteps of the sharks and collected some before the reserve price soared to 1.5ETH/NFT.
Of course, not every “coin minting” project will win, but Nansen makes it simple to display the signals in real time.
Nansen provides the following quality services:
- Wallet Information: indicators of any wallet address
- Top Contracts: A dashboard tracking top smart contracts
- DeFi Paradise: A complete overview of the DeFi economy
- NFT Paradise: An overview of the NFT economy, including trending collectibles and new “mint” projects.
- Smart Money: A dashboard for tracking cryptocurrency and NFT trader activity.
- CoinGod Mode: A search engine for all major coin information, such as trading volume, trading activity, token economics, distribution, etc.
Token Terminal
If users want to understand the profitability of a crypto project at any point in time, Token Terminal is one of the best cryptocurrency analytics platforms with fees and revenue statistics. For blockchains and protocols, whether it is a niche market like the lending market or cross-chain.
This will help users evaluate which protocols have good income and which do not, thereby making the right investment decisions.
Summary
If a user is "proficient" in the above 5 crypto data analysis platforms, then the possibility of becoming a good crypto analyst is higher than others. The good news for novices is that these platforms make it easier to navigate key blockchain data, so using them does not require a special knowledge base.