5 Best Cryptocurrency Tools You Should Use
Cryptocurrency and blockchain technology have become buzzwords, and they’ve taken the world by storm. According to Investopedia, there are more than 4,000 cryptocurrencies globally, sparking the interest of both seasonal and novice traders to join the industry. Investing in cryptocurrency can be an exciting and profitable experience, but only if you use the right set of tools.
That’s why we have come up with this guide that contains the 5 best cryptocurrency tools that every investor should use. Not only will these tools help you understand the industry better, but they’ll also allow you to make the most informed decisions. So, let’s get started.
TradingView: Best for Charting
TradingView is a social-networking and cloud-based charting tool suitable for all types of crypto investors. It works as a single-stop charting suite that you can use on both mobile phones and computers.
It collects and provides data from several crypto exchanges such as Coinbase, Binance, Bitstamp, Okex, FTX, Kraken, and many more. That means that you can use only one tool to keep track of all the coins you may own across different platforms.
It keeps you from visiting all these crypto exchanges separately to analyze different price charts. Moreover, it also works as a social community to interact with other crypto investors to share trading ideas. Because of TradingView’s charts' benefits bring to the table, more and more crypto exchanges have started integrating them into their platforms. The best thing about TradingView is that you can access the charts for free by signing up for the basic plan. However, you can always upgrade to the paid account (Pro Version) to access advanced features, such as the possibility of setting up alerts that you can use to trigger automated strategies directly on your exchange.
If you don’t have a plan on TradingView yet, you can try it for free for 30 days.
Highlights
- Ability to access and save several chart layouts at once
- Add many crypto pairs as you want to your watch list
- Compare different assets and symbols by overlaying
- Add multiple different technical indicators to a single chart
- Backtest your crypto trading strategies
- Set up alert triggers based on indicators or strategies.
GlassNode: Best for On-Chain Metrics
GlassNode is the best cryptocurrency tool when it comes to on-chain metrics based on blockchain data and intelligence. It offers a range of metrics and insights with the help of an explorer that offers live on-chain data visualization. It allows you to find out the latest crypto market trends to make the most informed trading decisions.
You can analyze multiple on-chain market indicators such as on-chain exchange activity, addresses, market cap, hash rate, and more against different cryptocurrencies. You can click on each of these metrics to open a more detailed chart.
GlassNode currently offers more than 200 different categorized charted metrics, and you can mark any of them as your favourite. You can also add different indicators and metrics to your dashboard to only view the most important data. The platform allows you to create a customized dashboard against any supported coin to analyze the latest updates and market trends on the go.
You can also add the same metrics for different coins to get a more detailed comparison chart. This way, you can identify the cryptocurrency which is more suitable for you to invest in. Lastly, you can also integrate it with TradingView.
Highlights
- Offers real-time data based on artificial intelligence and machine learning
- More than 200 different categorized charted metrics
- Actionable and contextualized market insights
- On-chain explorer with live data visualizations
- It can be integrated with TradingView
DeFi Pulse: Best for Defi Products
DeFi Pulse is another great online tool that all crypt investors should use. It offers all the latest rankings and analyses of DeFi (Decentralized Protocols). DeFi protocols and applications are ranked according to the total amount of money they have locked up due to smart contract blocks.
It also offers DeFi Pulse Farmer, which is actually a newsletter that covers all the latest opportunities and news in the world of DeFi. Moreover, you can also access DeFi Lists which is a vast collection of DeFi resources.
If you want to navigate the realm of decentralized finance properly, then using DeFi Pulse is a must, especially if you’re a beginner. You can explore the rankings of your favourite DeFi projects. The platform calculates the ranking based on the liquidity that’s locked against each project, and you can access the following data:
- Project Name
- Blockchain of the project
- Type of the DeFi Project
- Liquidity Locked
- Change of percentage in the last 24 hours
CoinMarketCap: Best for Info about Coins
CoinMarketCap is one of the most popular online tools that provide real-time and accurate data against verified cryptocurrencies. It collects information from a range of different reliable sources.
It’s the best and quickest way to find relevant info about all the coins on the market. You can search for your favourite cryptocurrency, and the platform will allow you to see its max supply, circulating supply, market capitalization, trading volume, the performance of the last 24 hours, and much more.
CoinMarketCap also provides you with a list of all the supported cryptocurrencies sorted based on their performance. The platform also allows you to create multiple watchlists according to your preferences and view the historical data of each asset. The company offers applications for both Android and iOS to use the tool on your smartphone on the go. Here’s a list of some most important features that CoinMarketCap offers.
Highlights
- Tracks data from more than 35,000 active crypto markets
- Offers live price updates
- Allows you to sort, filter, and search different crypto assets
- Supports more than 4,000 cryptocurrencies
- Allows you to create multiple watchlists
Coinrule: Best for Managing Your Portfolio
If you want to rebalance your crypto assets periodically or catch every market opportunity in real-time, there is no better option than Coinrule. It’s an online tool that allows you to create your own trading rules to execute them on your favourite exchanges.
For example, “invest in Bitcoin automatically if it experiences a decrease in price by 5%. You won’t need to perform any real-time activity to run any rule you created.
You also don’t need to have any coding skills to create both long-term and short-term strategies to add value to your crypto assets. It’s one of the best ways to manage your portfolio without having to sit daily in front of the charts for hours. Here’s what you can do by using Coinrule.
Highlights
- Integrate with all the renowned crypto exchanges
- Use more than 150 built-in strategy templates
- Use a free account if you’re a low-volume trader
- Create trading strategies running across all coins on the market with simple steps.
Final Words
Analysing the market looking at the charts alone will give you only a partial view. On the other hand, most of the time, on-chain metrics do not provide the timing to buy or sell a coin. But even deep knowledge of the broad market structure does not give you enough edge without researching specific cryptocurrencies. And if you did your homework correctly, you would still need the right tool to translate that knowledge in return for your portfolio.
As you can see, the complete crypto investor has to adopt a comprehensive approach involving complementary tools. The crypto market is still in its early stages, but one of these tools may emerge as the Bloomberg of cryptocurrencies.
