Cryptocurrencies never sleep, so analysis tools help monitor everything.
Everything happens too quickly and keeping track of everything is a real challenge. Volatility is also a factor that keeps you glued to the screen far beyond the physiological limit of staying awake. In the meantime, the brain has to process a wide range of data that arrive quickly and intensely.
In short: it's a mess.
There is no doubt that to become a successful trader you need to control and organize the flow of information to make everything functional and useful to generate a profit.
Cryptocurrency analysis tools cannot replace actual analysis.
Before proceeding with these analysis tools it is important to understand that none of them will replace human judgment. However, they will make the decision making process much easier.
The best way is to choose the right tools, but also the right type of information you want to view.
Duty clarification: these tools can also be used all together, in many cases they are complementary, but it must be borne in mind that using them all in parallel could also produce the reverse process: it will complicate everything rather than simplify. In short, at the end of the article you will have to draw your conclusions and understand which and how many tools are right for you.
The 5 indispensable tools
#5 Blockfolio: The most essential cryptocurrency analysis tool
The first step to reducing mental overload is to monitor the cryptocurrencies that are present in your portfolio. This is particularly important in a market where there are already over 5 thousand different assets and new ones arrive every day.
I believe that many, like me, use more than one exchange or in any case more than one wallet. the beauty of this app is that you just have to enter your exchanges to view all your assets in one place, thus avoiding to authenticate on each single exchange / wallet for dozens of times a day.
Blockfolio allows you to do it on your phone. Here are some basic Blockfolio features that will aid in trading:
- More than 5000 cryptocurrencies present, among which you can choose the ones you want to monitor;
- Access to a large number of currencies so that you can check the performance of your portfolio in relation to the currency of your choice;
- Information on over 300 exchanges, with trading volumes;
- Monitoring of the aggregate price from all exchanges or of the price coming directly from a chosen exchange;
- News aggregator that lets you know what's going on in the world of cryptocurrencies.
#4 Coin360: A valid complementary/alternative application to Blockfolio
If you are the type of person who likes pie chart colors and information, then Coin360 is the perfect cryptocurrency analysis tool.
Coin360 differs in some key features:
- Visual maps of coins represented by blocks;
- The larger blocks group the cryptocurrencies together according to the mining algorithm and the size of the block representing each coin is proportional to the relative cap market share;
- The colors allow you to see what are the prices of the coins that go up and which ones go down - green is growing and red is falling;
- "Mouse-over" or "hovering" function that provides more detailed information on the coin indicated by the mouse;
- The information can be customized just like in the case of Blockfolio;
- You can share Coin360 maps on social media (just to show how STONKS your investments are).
# 3 Cryptocompare: A complete cryptocurrency analysis tool
Cryptocompare offers excellent technical analysis tools and also the tools to do these analyzes, with in-depth information on some of the main analysis indicators. Here is part of what you can find on Cryptocompare:
- Information on hundreds of coins from different points of view, including price, graphs and more detailed technical data
- Mining calculators and other activity indicators for a variety of coins for analysis
- A wide variety of educational guides to help improve trading strategy
- An API and customized data solutions for institutions (Assuming that you are an institution, of course ..)
# 2 Delta: App for the crypto portfolio
Delta is basically like Blockfolio, the only reason it is in second place is that I personally prefer Delta's graphics to that of Blockfolio, which in my opinion is cleaner and more pleasant.
This tool allows you to set up alerts so you can track the price of over 5000 different cryptocurrencies and define when you want the app to draw attention to a particular market movement.
However, not all that glitters is gold: unlike Blockfolio, which allows you to track each exchange that you use regardless of their number, Delta allows you to monitor only two exchanges with its free version, of course if you do not use more than two exchanges delta is for you
Here are some of the features that make Delta special:
- Viewing the analysis of the history of trading with informative charts;
- The historical data goes back to when Bitcoin trading has just started;
- Synchronization of multiple devices so you can get alerts and information regardless of where you are;
- Trading analysis on different portfolios.
- You can share a "Delta link" to send to anyone you want to allow them to see your portfolio.
# 1 (Put Your Exchange Here): Exchanges
After getting the cryptocurrency analysis tools and filtering the information, it's time to proceed with the trading.
KuCoin is basically like Binance: Complete, functional, it has every useful tool for long or short term trading. My favorite feature of KuCoin (and that's the main reason I chose it) is that it automatically enables "soft staking" on some cryptocurrencies.
Thanks to the Soft Staking only through the "hodling" of the cryptocurrencies you will have an annual income of the same that varies from 1% to 20% per year, however it is calculated on a daily basis and therefore while you are busy tracking your portfolio, through the apps listed above, you will still see your crypto go up (at least in terms of quantity ..).
Coinbase, on the other hand, is recommended for those who have never approached the world of cryptocurrencies as it is very simple to use, as I read somewhere ago "on Coinbase my grandmother could also buy cryptocurrency".
Personally I use it because it allows the sale or purchase for and with fiat currency, in short, it only serves to buy and move on KuCoin for trading, or to move from KuCoin for sale in exchange for Euros.
In addition, Coinbase has the "Earn" section in which you get free currency, essentially an airdrop, and completing all the "tasks" that are nothing more than a two-minute video to watch, you get to get around $ 150 in crypto.
Coinbase: Earn Program
These were my recommendations, it is you who must interpret the information and make the right choice to maximize the profit on your portfolio, therefore it is also important to develop an action plan regarding data. For any doubts do not hesitate to ask and good luck for your trading!
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