The cryptocurrency market is notoriously complex and highly volatile, making it essential to have a mechanism to understand its behavior. To address this need, blockchain analytics tools provide investors with various metrics and statistics to decipher market patterns.
These tools allow investors to navigate the complex data that blockchain networks generate and make informed decisions. We have seven of the best free blockchain analytics tools to help you interpret data and make good investment choices.
1. DeFi Calls
DeFi Llama is a top-level tool for analyzing decentralized finance (DeFi) projects. It provides aggregated data for various market statistics, allowing you to track the performance of a project. With the platform’s sorted list of trading pairs, you can easily find high-performing liquidity pools. Additionally, DeFi Llama’s user-friendly dashboard allows you to keep track of staking, borrowing, lending, liquidity and other activities in DeFi.
The platform is known for providing accurate total value locked (TVL) data for a protocol. TVL is one of the most important indicators for DeFi, as it shows the total amount of tokens deposited in a protocol. A higher TVL generally indicates that investors trust the project. You can also use the value to compare it to a token’s market cap and check its prices.
DeFi Llama is an open source platform with a decentralized system supported by a team of contributors who provide data analytics. The platform currently supports around 150 blockchains and 1,500+ DeFi protocols.
2. Etherscan
If you are an Ethereum user, you may have heard of Etherscan. So what is Etherscan, and how does it work?
It is a specialized blockchain analysis tool designed for the Ethereum community. The search bar, blockchain explorer and API simplify data tracking for Ethereum users. With Etherscan’s tools, you can easily check various metrics such as transaction volumes, addresses, gas prices and more.
However, the platform’s most prominent feature is its ability to verify smart contracts. Etherscan allows you to track any pending Ethereum transaction in real time. The platform’s search bar allows you to enter the transaction ID or the wallet address of the sender or receiver. Once you start the search, Etherscan immediately displays the transaction history and other related details.
3. DappRadar
DappRadar is a free website that provides data related to decentralized applications including DeFi, blockchain games and NFTs. With access to more than 10,000 different DApps in the crypto market, the platform covers DApps from around 50 protocols and provides an easy way to discover new innovative projects.
DappRadar introduces features such as coin tracking, coin analysis, industry overview, latest market reports and tracking of NFT collections. In addition, the platform ranks DApps based on three metrics: balance, volume and unique active wallets (UAW).
In addition to providing an explorer for decentralized applications, DappRadar offers several exclusive features. Using the platform, you can manage your wallets, participate in giveaways and airdrops, and exchange tokens between some of the supported blockchains.
4. Glass knot
Glassnode is a powerful blockchain analytics tool that provides in-depth market research. The site’s market intelligence includes unique wallet addresses, OTC firms, exchanges, miners and others. All the crypto firms are listed on the Glassnode platform, where you can easily track their live data. In addition, each metric has several other functions, allowing you to build a detailed analysis. The platform’s metric library contains more than 200 items and takes into account more than ten years of data to provide accurate insights.
Furthermore, you can make your analysis more professional by using TradingView. Glassnode allows integration with TradingView charts, so you can get better insights.
5. Dune analysis
Dune Analytics is a popular tool for analyzing cryptocurrency markets. This free platform offers insightful charts that help you keep track of market trends. Dune Analytics provides a user-friendly platform where anyone can explore, create or share their market knowledge. In addition, the technical analysis charts are easy to understand, making them useful even for those who are new to the world of cryptocurrency.
These visualized technical analysis charts can help you spot short- and long-term trends and compare the performance of different networks. By giving you valuable insights, they can help you make informed decisions.
One of the standout features of Dune Analytics is the ability to create custom charts and dashboards through SQL. You can easily create maps to suit your needs with human-readable SQL queries.
6. Knife
Messari is also recognized as one of the top-rated on-chain analytics tools. It allows users to track the performance of a trading pair across multiple exchanges on a single platform. It covers a wide range of decentralized applications such as DeFi, NFTs and Web3. The platform also features a customizable list of trading pairs, allowing users to generate data-rich charts.
Additionally, Messari makes it possible to compare different digital tokens and offers numerous time metrics that allow users to evaluate cryptocurrencies over a given period of time. Additionally, it provides a way to efficiently manage a team’s resources.
7. CryptoSlam
CryptoSlam is a blockchain analysis tool designed to track and discover NFTs. It serves as an excellent platform for investors to explore newly launched NFT projects across more than 15 blockchains.
Using CryptoSlam, users can determine which NFT projects best suit their investment goals. The website provides valuable insights into the buying and selling behavior of top NFT traders, which can help investors create their own investment strategy in the NFT market.
Use Blockchain Analytics to make informed decisions
Given the volatility and complexity of the emerging crypto market, investing in cryptocurrencies is challenging and complicated. Thus, blockchain analysis is crucial for monitoring and understanding the crypto market’s workings. In addition, data insights are essential to improve investment decisions.
Fortunately, several tools are available to help investors learn about market trends, allowing them to make more informed decisions about whether to buy, hold, or sell. These tools provide a framework for understanding market patterns, ultimately helping investors achieve better profits. Therefore, integrating crypto analysis tools into your investment strategy can be extremely beneficial.
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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