KEYTAKEAWAYS
- Crypto trading tools are categorized into market data platforms, research websites, news sources, and wallets, each serving different aspects of informed trading decisions.
- Market data observation websites like Dune Analytics and Glassnode provide valuable on-chain data analysis for predicting market trends and sentiment.
- Reliable news sources such as CoinDesk and Cointelegraph, along with secure wallets like MetaMask and Binance, are essential for staying informed and managing assets.
- KEY TAKEAWAYS
- CATEGORIES OF CRYPTO TRADING TOOLS AND WEBSITES
- CRYPTO TRADING TOOLS AND WEBSITES TYPE 1: CRYPTO MARKET DATA OBSERVATION WEBSITES
- CRYPTO TRADING TOOLS AND WEBSITES TYPE 2: WEBSITES FOR ANALYSIS REPORTS AND RESEARCH DATA
- CRYPTO TRADING TOOLS AND WEBSITES TYPE 3: WEBSITES FOR CRYPTO NEWS AND INFORMATION
- CRYPTO TRADING TOOLS AND WEBSITES TYPE 4: CRYPTO WALLETS
- CONCLUSION
- FAQS
- DISCLAIMER
- WRITER’S INTRO
CONTENT
Discover four categories of crucial crypto trading tools, including market data platforms, research websites, news sources, and wallets. Enhance your trading strategy with these essential resources.
CATEGORIES OF CRYPTO TRADING TOOLS AND WEBSITES
The cryptocurrency market is constantly changing, and it’s impossible for one person to perfectly handle every detail. This is where the importance of crypto trading tools becomes evident.
Like traditional financial products, crypto trading tools come in various forms, and knowing how to use them effectively to maximize benefits is also a skill.
Below, CoinRank will categorize crypto trading tools into four main types and introduce websites and related tools under each category that may be useful for readers or investors.
We hope this article about crypto trading tools will be helpful for your crypto trading.
Four Categories of Crypto Trading Tools and Websites:
- Websites for observing crypto market data
- Websites for analysis reports and research data
- Websites for crypto news and information
- Crypto wallets
CRYPTO TRADING TOOLS AND WEBSITES TYPE 1: CRYPTO MARKET DATA OBSERVATION WEBSITES
The first category of crypto trading tools is cryptocurrency market data observation websites. These websites mainly conduct observational analysis through various on-chain data, predicting market trends and measuring market sentiment by monitoring transaction flows on the blockchain, and providing accurate trading strategy advice.
On-chain data refers to transaction records and related information stored on the blockchain. Unlike traditional financial markets, this data is transparent and immutable on the blockchain, thus considered a reliable and secure source of information. Common on-chain data includes the amount of assets deposited into centralized exchanges or withdrawn to decentralized wallets, as well as the number of long-term and short-term holders.
Here are two cryptocurrency market data observation websites:
Dune Analytics is an on-chain data research and analysis tool open to everyone. Users can use SQL-like language to retrieve, extract, aggregate, and visualize data from a vast blockchain database, ultimately forming unique Dashboard panels (many community user-created Dashboards are freely available on the official website).
(Source: Dune)
Glassnode is known for its extensive coverage of various data indicators for mainstream coins such as Bitcoin (BTC) and Ethereum (ETH). Examples include Lightning Network addresses, supply on exchanges, daily active addresses, changes in whale holdings, etc. For users wanting to precisely analyze Bitcoin or Ethereum, it can provide very comprehensive analysis data. However, some features of the platform require payment to unlock, and users can choose according to their individual needs.
(Source: glassnode)
Read More:
2024 Crypto Market Predictions Backed by Technical Analysis
4 Trusted Crypto Market Live Trackers for Staying on Trend
CRYPTO TRADING TOOLS AND WEBSITES TYPE 2: WEBSITES FOR ANALYSIS REPORTS AND RESEARCH DATA
Some readers may be too busy with regular work to collect and research various materials at all times. In this case, you might consider crypto analysis report and research data websites.
On these websites, you can find weekly reports or retrospective articles that usually summarize important events, trends, and market movements from the past week. If you really don’t have time to research on your own, by reading these weekly reports and analyses, we can effectively obtain information such as market trend probabilities, review the performance of various coins, and analysts’ predictions and recommendations for the future, making your crypto trading more effortless and efficient.
Here are two websites that provide crypto market reports and data summaries:
Decentral Park Research is an analysis website updated on Substack (Substack is a mini-blog site similar to Medium), mainly sharing weekly trading ideas and analyses. Decentral Park Research is divided into two themes each week: “In the Weeds” and “The Weekly.”
- In the Weeds Content: Introduces the development and themes of key Web3 technologies each week. The direction and data are comprehensive and clear, especially suitable for readers interested in Web3 technology.
- The Weekly Content: As the name suggests, it reviews the market performance of the week, from the impact of major events to the global economic conditions of the week, BTC and ETH strength transitions, changes in various sector market caps, liquidity, options data, and order books. The content is very rich.
Coin Metrics’ State of the Network is officially operated by the cryptocurrency company CoinMetric and is also updated on Substack.
Different from the park research mentioned above, Coin Metrics’ articles mainly focus on sharing fundamental on-chain data, such as coin burning mechanisms, on-chain fees, staking quantity changes, token unlocks, circulating supply, etc. Occasionally, they also introduce very hardcore blockchain underlying technology knowledge, which is somewhat similar to the “In the Weeds” section of park research.
CRYPTO TRADING TOOLS AND WEBSITES TYPE 3: WEBSITES FOR CRYPTO NEWS AND INFORMATION
To become a successful crypto trader, it’s impossible not to constantly pay attention to the latest news and current events in the crypto market to adjust investment strategies. At the same time, it’s crucial to ensure that the information received is reliable and accurate, so selecting qualified news websites is particularly important.
Here are two cryptocurrency news websites with good reputations:
CoinDesk is an American company founded in 2013, headquartered in New York, aiming to become the world’s leading cryptocurrency and blockchain media platform, providing high-quality content and services to millions of readers, viewers, listeners, and participants.
CoinDesk provides news on markets, finance, technology, policy, community, as well as data, podcasts, and video services. If you want to grasp first-hand information about the crypto market, CoinDesk is definitely one of the most useful crypto trading tools.
Founded in 2013, Cointelegraph is one of the most prestigious independent crypto media outlets.
Cointelegraph brings original content provided globally on topics such as crypto assets, the metaverse, emerging technologies, and the future use of assets. Currently, Cointelegraph offers services in 12 languages including English.
Like CoinDesk, in addition to news, Cointelegraph also provides diverse services such as education, multimedia, and consulting.
If you want to understand the latest market dynamics, then Cointelegraph is also a source that readers can consider referencing.
Read More:
2024 Top 5 Crypto Market News Websites
CRYPTO TRADING TOOLS AND WEBSITES TYPE 4: CRYPTO WALLETS
As the name suggests, virtual currency wallets are used to manage “virtual currencies.” Cryptocurrency wallets are actually very similar to the bank accounts we use regularly, just transforming the concept of storing and managing fiat currency into “cryptocurrency.”
Crypto wallets come in various forms, including hardware and software wallets. Hardware wallets look like USB flash drives and are only plugged into a computer when needed. Software wallets like Binance’s Trust Wallet offer superior convenience as they are easier to manage.
Crypto wallets have three main advantages:
- Extremely Strong Security: In addition to other security mechanisms, crypto wallets involve highly secure login procedures and encrypted login details to ensure no one else can access your cryptocurrency.
- Portfolio Management: Crypto wallets allow you to track your crypto portfolio more comprehensively. You can view the value of your holdings in real-time and access charts and analysis tools to help you make informed financial decisions, reduce risk, and increase the possibility of earning income.
- Ease of Use: Another benefit of using a crypto wallet is its simplicity. Most crypto wallets offer multiple user interface (UI) options. Users can choose the interface that suits them best.
Here are two well-known cryptocurrency wallets for readers’ reference:
- MetaMask
MetaMask is a cryptocurrency wallet service that can be easily used on iOS/Android and major browsers, and is the most well-known hot wallet in the crypto world.
MetaMask is currently one of the best Ethereum wallets, providing easy access to decentralized exchanges (DEXs), gaming platforms, staking websites, and many other decentralized applications.
This wallet is compatible with most browsers on the market, such as Chrome, Firefox, Brave, and Microsoft Edge. In addition to storing Ethereum’s native currency ETH, it can also hold ERC-20 and ERC-721 (NFT) tokens built on the protocol.
- Binance
Binance is the largest cryptocurrency exchange by trading volume globally. The exchange provides each trader with a crypto wallet to store their electronic funds. This is one of the reasons why Binance is so popular among investors — it makes it very easy to convert cryptocurrencies, removing cumbersome steps in the trading process, which is very convenient.
Additionally, Binance does not charge any deposit fees (only transaction fees for withdrawals); and trading fees are discounted based on different conditions, exchange levels, or trading methods.
Read More:
Crypto Cold Wallet vs. Hot Wallet: What’s the Difference
Top 4 Popular Crypto Hot Wallets In 2024
CONCLUSION
In this article, we introduced four types of crypto trading tools to readers, as well as websites and tools that can be referenced.
Of course, due to space limitations, we cannot cover all the tools, but we believe that through this article, readers can understand the importance of choosing suitable crypto trading tools to make your investment more efficient.
In subsequent articles, CoinRank will continue to introduce various new crypto investment tools or related content. If interested, please pay close attention to CoinRank so you don’t miss out!
FAQS
- What are the four main categories of crypto trading tools and websites?
Crypto trading tools and websites can be divided into :
- Websites for observing crypto market data
- Websites for analysis reports and research data
- Websites for crypto news and information
- Crypto wallets
- Why do we need crypto trading tools and websites?
The crypto market is constantly changing, and it’s impossible for one person to perfectly handle every detail. This is where the importance of crypto trading tools and websites becomes evident.
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