COINDATAX and the quest to make sense of the cryptocurrency market
Just like many other cryptocurrency enthusiasts, I received my first dollar worth of bitcoin in 2013. I never made any real money out of it, since I would only start investing in digital coins in 2017, when the whole market would see a dramatic increase in volume and interest from the media.
At that time, I was in the big data industry with my co-founder, and we were very much used to making data-driven decisions through dashboards, tables and complex queries. It was already a mystery for us why it was so difficult to apply the same methodology to the crypto space, partially because of the absence of correlation between price changes and other metrics, but especially because of the lack of proper tooling for deep diving into the data.
Not only I was tired of building countless spreadsheets and cleaning all the data over and over again, but also many of my friends started asking me to help them do the exact same thing for their analysis.
This was the beginning of COINDATAX. Wanting to create a full-fledged crypto analytics for those who didn’t want to waste time gathering data, we integrated CoinMarketCap, the de facto standard for crypto metrics, with Metabase, an open source analytics tool, to help people study the market.
Investors can use the platform to validate if price changes are correlated with market cap information or traded volume, for example, or if a coin is being influencing by any particular other. It is also possible to export the data and setup email alarms based on custom triggers.
Although we have started with a single table and a couple sample dashboards, we now have many different views, dozens of users and several questions waiting to be answered.
It is still a long way to go before we achieve our vision of making sense of the crypto market, but we are confident that COINDATAX will be an important asset for people who wish to make more data-driven investments.
