On-chain data analytics studies the movement of funds on the blockchain to help predict market trends. Consider the accuracy and reliability of the data provided on the platform before choosing to use it. Santiment is the best emerging chain analytics platform in 2024
Crypto analytics platforms have become a popular phenomenon in 2024. With the rise of token launch platforms like Pump.fun and Sun Pump, there is a need to understand where the markets are headed through the underlying factors that determine the sentiment, to study.
Moreover, 2024 and possibly the years that follow will not be normal for crypto, as this year was the first time that Bitcoin hit an all-time high before its halving date. These and other market anomalies further highlight the need for deeper research beyond the superficial day-to-day indicators. Here are crypto analytics platforms to explore in 2024 and beyond.
What is On-Chain Data Analysis?
On-chain data analysis is the study of the movement of funds on the blockchain to help predict a range of different things, including potential market manipulation, the behavior of investors, whale movements, price movements and investment risks and rewards.
There are many key chain analysis statistics to study the markets at a deeper level. Some of them include daily active addresses (DAA), network to transaction volume ratio (NVT), market value to realized value ratio (MVRV), and age consumption. These and many other indicators help filter the noise of the price action and reveal hidden market sentiment that can help traders make informed decisions.
On-chain analysis differs from traditional market analysis in that it does not rely solely on the price action on the charts. It uses real blockchain data, such as transaction volumes and behavior of major token holders that influence price movements. Hence, on-chain analysis can complement technical analysis (TA) to help traders become more accurate.
Criteria for Evaluating Crypto Analytics Platforms
In the advent of unpredictable markets that only use TA to predict the direction and after the launch of many scams and meme coins, a horde of crypto analysis platforms flooded the crypto space.
While they all contribute to revealing hidden market patterns, not all are beneficial. Before choosing an on-chain data platform, consider the accuracy and reliability of the data provided on the platform, as some will offer outdated or inaccurate data that could mislead investors.
Second, given the complexity of the on-chain data, an easy-to-use user interface can come in handy. Some of the crypto analytics platforms are clumsy, with data splattered all over the place.
Third, a platform that covers a wide range of crypto-assets is more beneficial than one with only a few. Santiment excels in this, seconded by IntoTheBlock. More on them later.
Finally, if a platform has a wide variety of types of analysis, it can be a good one to use for analyzing on-chain data, since the more metrics and data points, the more accurate the conclusion will be.
Top Crypto Analytics Platforms of 2024
1. Glass button
Glassnode is one of the top-ranking crypto analytics platforms in 2024. Co-founded by Jan Happel in 2018, Glassnode has continued to provide on-chain intelligence that enables institutions to discover different market perspectives and stay ahead of the curve .
Glassnode has accurate data and supports a wide variety of assets. The platform has more than 3,500 on-chain metrics and serves more than 1 million people. The only downside to Glassnode is that it lacks a personal watch list to track specific crypto assets and is designed more for institutions than individuals.
2. CryptoQuant
CryptoQuant also offers competitive and powerful features for its users, such as the ease of setting alerts via email, Telegram or browser notification. The platform has many features, but is limited to only the top crypto-assets, namely Bitcoin, Ethereum, XRP, and a handful of others.
Nevertheless, it is a powerful platform that can shed light on the deeper workings of the market and investor behavior. A CryptoQuant user writes this on the Trust Pilot review page:
“Used it now for 5 months in the advanced plan, really happy with it, perfect for daily analysis. Thanks for all the information at a very reasonable rate”
3. Sentiment
Santiment goes above and beyond just chain analysis – it also offers a social media analysis, bringing context to crypto. The platform is coin agnostic, meaning it works with multiple blockchains regardless of their architecture. The project has its token, SAN, to stake, get rewards, access real-time analytics and get discounts.
The platform has other features such as SanBase, a tool that provides real-time information on significant changes, and Sansheets, an extension that can be automatically added to your Google Sheets page to track and calculate relevant cryptocurrency information. Santiment was designed with the individual trader in mind, and as one testimonial says,
“Great insights. Love the tools you provide. The on-chain metrics were instrumental in turning 850usd to 39k usd in only 4 weeks.
4. IntoTheBlock
IntoTheBlock (ITB) is another powerful on-chain analysis tool packed with features that provide actionable market insights. The platform supports nine blockchains and covers more than 10 DeFi protocols, although they are working to improve these numbers. ITB has more than 260 indicators to help traders make the best possible decision before investing their hard earned money.
The platform also recently added a new feature that harnesses the power of artificial intelligence (AI) to unearth new perspectives delivered by chain data. ITB is designed with both the individual and the institution in mind.
Deduction
As previously mentioned, there are many other analytics platforms; maybe better ones are coming. But for now it represents the top of the cream. They are accessible to both individuals and institutions in terms of subscriptions and are actively working to include new networks and crypto-assets.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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