Best Blockchain Analytics Tools
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There are now blockchain analytic tools that investors can make use of. In this article, we’ve gathered some of the very best analytic tools for you. Some of these tools do offer free services, while other in-depth analytic services are paid services.
Generally speaking, there is no best crypto-analytic platform. This is because an analytic platform will usually specialize in a certain tool or a particular niche. For instance, using various types of tools for different purposes in cryptocurrency investment can result in an investor making better investment choices.
Definition of the Blockchain Analytics Tool
A blockchain analytic tool is a software platform that allows an investor to collect and study a vast collection of data and metrics from the blockchain. With this tool, one can analyze the fundamentals of businesses, see how well crypto has performed in the past, and also compare its metrics with those of similar projects.
Leading Blockchain Analytics Tools
There are numerous blockchain analytic tools, so investors and new investors alike will see a lot of these tools. Here is a short list of some of the very best blockchain analytics tools for you as an investor
- CoinMarketCap
This platform started in 2013 and was quick to evolve into a top website for blockchain enthusiasts. It is used to monitor the price and market capitalization of cryptocurrencies. However, it was bought over by Binance three years ago (in 2020). Currently, CoinMartetCap stands as the top data supplier for blockchain analytics tools. CoinMarketCap does real-time monitoring of more than 10,000 cryptocurrencies, tracking their value, market capitalization, ranking, and past performances. It also has a news section that monitors the latest developments in the cryptocurrency space. - DappRaddar
As the name implies, DappRader provides insights and data into the world of decentralized finance and blockchain applications. This platform was started by a team of blockchain experts in 2018. DappRadar has some things in common with the Decentralize Finance Llama. This is because the two focus on the decentralized finance space. Nevertheless, DappRadar prioritizes the application aspect of the Defi. This platform is known for having the most famous blockchain applications with information like balances in smart contract applications, 24-hour volume, and daily active wallets. - DeFiLlama
DeFi (decentralized finance) projects became popular in the blockchain world in early 2020. Subsequently, DeFiLlama was designed by a team of developers and enthusiasts. DeFiLlama offers users a dedicated analytics tool. These tools help them find their way in the fast-developing market. The major feature of this platform is a ranking page for decentralized finance projects.
It also has a yield farming calculator, which is very useful for investors. This can be used to compute one’s up-to-the-minute potential ROI from various decentralized finance platforms.
4. Glassnode
This is a data analytics platform, and it is well-known among cryptocurrency investors, traders, and developers. Glassnode was launched in 2018 by a group of experts with concrete experience in the blockchain space.
This platform provides free services for casual investors and cryptocurrency newbies. Under this service package, you’ll find a nice selection of basic metrics and data analytics tools. With it, you can study on-chain transactions, active addresses, and activity on the network.
5. Messari
The Messari platform was launched in 2018, and it is aimed at providing investors and organizations with top-notch research data on famous blockchain and cryptocurrency projects. Users can use this platform to analyze the market volume, risk management, market capitalization, and other metrics. In addition, you can collaborate with other users on the Messari platform via Messari.io
6.TheBlock
Launched in 2018, TheBlock is a top-quality research and news platform that focuses mainly on the blockchain market space. This platform provides exhaustive online research and news to developers and investors in the blockchain space. It is interesting to know that this platform has some similar features to CoinMarketCap and Messari.io.
TheBlock shares Messari’s focus on research data and reports while having news and current affairs characteristics of CoinMarkeCap.Other blockchain data analytics platforms have similar features, such as dashboards, matrices, and graphs. TheBlock functions more like a report and news channel for crypto investors and users.
How Crypto Analytics Tools Can Be Used
There are two sides to making an intelligent investment: quantitative and qualitative analysis. Qualitative analysis requires the use of tools such as the investor scorecards of leading blockchains; one will need tools such as those listed below to carry out quantitative analysis.
Market Analysis
This type of analysis on the blockchain includes searching for changes in market capitalization, trading volumes, and price movement. Intelligence gathered through these means is used in deciding if a coin is undervalued or overvalued. In the end, one is in search of a good, long-term, undervalued investment opportunity.
Blockchain Analysis
This involves looking for a blockchain’s historical records. It gives more information about what crypto is used for specifically. In addition, chain analytics includes viewing transaction volumes, token rewards, block times, mining rewards, and wallet balances. However, the most important metric one is looking for is the growth of users.
