Some say cryptocurrency is the new gold. They are right! But, like every other profitable venture, increased profitability comes from making expert decisions and well-calculated moves, which is what crypto and blockchain analytics is all about.
Crypto & blockchain analytics is a process of analyzing on-chain and off-chain data to get actionable insights and make decisions.
Analyzing on-chain data means:
- Reading live transactions
- Analyzing blocks
- Analyzing historical data
- DEx analytics
- Smart contract analytics
Off-chain data is a term with wide meaning but in our case by saying off-chain we mean:
- Social data analysis about market events
- Developers’ activity for certain blockchains
- Real-time trading
Why would you need Crypto and Blockchain analysis?
Blockchain analysis is used for varying purposes but two of the most important reasons you may need to analyze crypto metrics are to:
- Find the best performing coins for investment
In general, the value of a coin fluctuates based on its supply and demand, just like anything else. When demand increases rapidly than supply, the price can only go up, and vice versa. However, only analytics can precisely determine the best performing coins through mathematical indicators from price action data.
- Find the best timing for investment
Analysis tools can predict the best timing for investment using special indicators that reveal trends. Put simply, the crypto and blockchain analysis helps you to accurately predict the lows and highs of prices over different time periods.
You won’t have to blindly trade, but you buy and sell only at appropriate times. Relying on analysis is the only way to ensure that you’re mostly selling at a profit.
How can bespoke software help in the Crypto-analysis?
The Crypto world is a very volatile market that is developing at a very high pace; but there aren’t too many ready-made solutions. If you need to create a proper analysis that boosts your profits, you would require bespoke software that can the following:
- Integrate with different APIs to collect as much useful information as possible
- Process data in real-time by applying transformations and aggregations needed
- Store Data efficiently in Data warehouses and Data lakes
- Create custom alerts when certain events happen
- Create comprehensive custom dashboards to aid in visual data analysis
- Detect patterns in data to quickly react to the emerging trends
The image above is a classic picture of how we collect data from a bunch of sources and get dashboards at the output.
The Profit You Get With Crypto Analytics Software
The main aim of the crypto-analysis software is to simplify interaction with users and obtain valid advice based on computer analytics. We climinate human data analysis and transfer the process to computer programs to arrive at the most accurate result.
The end result is a solution that can display the received data of financial analytics, trading volume, historical trading data, current prices, and news feeds reflecting the current market situation. The intelligence is presented in the form of graphs, charts, statistics, and reports etc. Understanding the data can never be easier.
The cryptocurrency world is rapidly evolving and attracting more buyers and investors to the market by the minute. In a few years, the majority would flood the crypto market for its numerous gains. To better understand this market and ways to succeed there, you need data and analytics to explain how to get the most out of the crypto market.
With Broscorp, a company that provides custom blockchain development services, you do not have to look elsewhere for the product(s) you need. The company will take over the full range of your development project and provide a product that will bring you profit. Your help will come from some of the best and experienced developers you can find.
We develop various levels of complexity programs – from simple (with a fundamental crypto market analysis of the metric) to complex systems that function with special formulas (a full-fledged analyzer with the formation of ready-made effective solutions). You can explore more information about it from our case of platform for monitoring and trading on cryptocurrency exchanges.
If you’re looking for a way to scale your business, get more customers, or automate your routine business process – our team at Broscorp would happily make it happen for you. Also, please check Broscorp’s case studies to find out how we have been helping our clients to earn money.