The use of tools for data analysis in financial markets is common, and it is useful for traders. Therefore, the OKEx exchange has decided to incorporate its own tool that covers the analysis of general data in cryptocurrency markets, identifying the general trends in them.
The tool called "Futures & Perpetual Swap Market Data" or "Market Data of Perpetual and Future Exchanges" will allow users registered in OKEx to analyze six different variables on nine cryptocurrencies including Bitcoin, Ethereum, Ethereum Classic, Litecoin, and XRP in real time.
On the OKEx page you can find information on long and short positions, base, volume of buyers and sellers, index of sentiment of the most important operators, volume of operations and open interests, and average margin used.
In addition, the tool will also provide users with insights into what is happening in the cryptocurrency market to help identify trends and create an appropriate investment strategy.
In the words of OKEx chief of operations, Andy Cheng, the need for the creation of this tool is based on the technical difficulties existing in the derivatives financial market, such as future contracts and swaps, particularly difficult to understand and analyze without the support of tools like the one that OKEx now offers:
“The derivatives trade requires a more pronounced learning curve, since it implies the use of margin and leverage (…) there is not much data available in the market to help users analyze market trends, we decided to build a tool that May benefit our users. That's why we launched this great data platform, and we are proud to say that we are the first in the industry to provide this type of data. ”
OKEx is not the first exchange that tries to provide a service like this to its users, as the industry giant, Coinbase, is also providing trading signals to its members since July 17, although not as completely as the OKEx's new tool.
This would be just one of the initiatives that are emerging in the cryptocurrency market to try to facilitate the process of investing using crypto assets. Therefore, we see companies like Blockchain.com announce the launch of their own exchange, to try to appropriate a part of the huge market they represent and will continue to represent cryptocurrencies in the foreseeable future.
