5 tools for onchain crypto analysis

5 tools for onchain crypto analysis

Learn about tools that aggregate different information and data for onchain analysis of cryptomorphs.

The crypto market is developing rapidly and several platforms for transactions and investment are emerging in the wake of innovation from sectors such as DeFi and centralized exchanges increasingly create internal tools to keep investors operating within their borders. However, the market does not have a ‚killer‘ tool such as Bloomberg Terminal that concentrates all analysis resources and live price indices.

Many analysts use a variety of tools to perform the difficult task of networked asset analytics, some use typical traditional financial market tools, but these are inadequate to analyse correlated assets and are basically a flow of information over a network.

Classic logical network analysis tools such as Wireshark or Nmap are closer to crypto analysis than classical financial market tools from a technical point of view. Because cryptoactives work uniquely and exclusively on a network, they soon work as data packets transiting over a TCP/IP network. By the way, Paul Buchheit, who is none other than the creator of Gmail, believes that Bitcoin is like ‚TCP/IP of money‘.

That said, one must keep in mind that cryptoactives are a class of networked assets and need tools for that purpose. Therefore, even if there is no single tool to deal with the complexity of the crypto market, there are powerful platforms to deal with that complexity.

From a tweet recently, Jack Purdy, one of Messari Crypto’s analysts, described the tools he uses to create the famous Messari Crypto reports, one of the most influential analysis houses for the crypto market in the world.

The main tools for crypto analysis

1 – DuneAnalytics

It has the most integrated panel for onchain analysis of all crypto markets, including DeFi.  DuneAnalytics has a number of pre-defined dashboards that are vital to keep track of the industry and get the most insight from it.

DuneAnalytics works with SQL syntax, so some knowledge of this search language for relational tables is important. However, there are ready-made dashboards that meet virtually all analysis needs.

2- Hegic

Hegic is a more complex platform than DuneAnalytics, as it performs analysis of transactions within the Ethereum network by DeFi tokens. Its insights are accurate and serve to monitor the entire market that works on the Ethereum blockchain.

Hegic is not only a platform for analysis, but also works as a trading protocol for crypto options. It even has its own token, HEGIC, which is traded on Uniswap DEX for example.

3- Nansen

Nansen is a similar platform to DuneAnalytics, but with more resources for panel creation. Nansen is an analytical platform for blockchain, combining onchain data with a huge and constantly growing database containing millions of tags for portfolio analysis.

Nansen analyses Ethereum portfolios and their activities. Therefore, you can separate the signal from the noise in the blockchain data.

4- Terminal Token

Token Terminal analyzes cryptoactives through the lenses of traditional financial and business metrics and applies these metrics to the transparency of blockchains. The platform was launched in July 2020 and currently has over 10,000 active users per month. Due to its ability to deliver increasingly granular data.

5- Glassnode

Glassnode is a blockchain intelligence and data provider that generates innovative metrics and tools for digital asset stakeholders.

Glassnode, like IntoTheBlock, uses data science and machine learning intensively to create blockchain data analysis by providing market intelligence based on transactional data.

With an emphasis on user-centric interfaces, it provides intelligible, manipulable and unique insights into blockchain data, helping investors make informed decisions in an overly emotional and irrational market.

6- IntoTheBlock

IntoTheBlock is a platform that makes intensive use of Machine Learning to deliver ever deeper analytical results on onchain data with a series of tools that granulate virtually all of the cryptoactives and related markets around it.

IntoTheBlock is a tool created by and for data scientists, but its scope is such that it can be used by any crypto market analyst.