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Cryptocurrency. Chances are, you’ve heard that word more than you’ve wanted to over the past couple of years. Or maybe you haven’t - maybe you can’t get enough of it. Either way, and wherever you are on the novice to expert scale, this Ultimate Guide can offer you not only insights into what cryptocurrency actually is, but where it comes from, how it’s collected, how to buy it and more…
What is Cryptocurrency?
The easiest way to look at cryptocurrency is as a form of payment that can be exchanged online for goods and services. Online’s the operative word here - it’s fully virtual. Seems strange, I know, and it can be tricky to wrap your head around - but stay with me. Unlike the currency we’re all used to using in everyday life, cryptocurrency isn’t managed by banks. Instead, it works using a decentralised technology called blockchain to manage and record transactions across as many computers as people using cryptocurrency. This technology is a big part of the appeal of crypotcurrency, because it’s very secure and fraud is much less of a risk, which leads us onto our next point…
Why is Cryptocurrency so popular?
Well, as you already know, one reason cryptocurrency has skyrocketed in popularity across the last few years is because the blockchain system via which it operates is super-safe. This isn’t the only perk of blockchain, however - because banks don’t manage it, banks also can’t subject it to inflation and therefore decrease its value.
Most of all, however, cryptocurrency is popular because it can make you staggering amounts of profit. For instance, in December 2017, it traded at close to $20,000. But it’s also really important to know that these highs are by no means stable - a year later, its value dropped to as low as about $3,200, and by December 2020, it was trading at record levels again. While some revel in this high-risk, high-reward profile, some are deterred by it, preferring stability and doubting the viability of a currency that, because people are holding onto it and waiting for the next upwards swing to sell it, might not circulate and therefore just might not work.
What is Cryptocurrency Data?
Cryptocurrency data is a sub-category of currency data. It typically refers to information: on cryptocurrency, such as:
- Market performances
- Types of cryptocurrencies
- Projected market performances
The information cryptocurrency data providers is essential in the trading and investing activities in cryptocurrency. It consists of exchange rate, market and price data from cryptocurrency exchanges on a historical basis. Cryptocurrency data can be used to project future trends and trade facilitation in the cryptocurrency markets.
How is Cryptocurrency Data collected?
Much like any other instrument or security in a financial market, cryptocurrency data is collated through various sources. Primarily, cryptocurrency is collected through research from expert opinions and crypto market research firms. Information is also gotten from historical data on price rises, price falls, exchanges rates and financial data. There is also the source of online services and opinions from traders and other investors. Cryptocurrency data is also collected through the use of trade data which is then analyzed and normalized into patterns used by investors ad cryptocurrency traders. Cryptocurrency data is sometimes collected through open data contributions from traders.
What are the attributes of Cryptocurrency Data?
Cryptocurrency data is very much like any other financial market or currency data. Therefore, it must possess trading attributes, because these tell you about market conditions affecting or determining trading policies. Cryptocurrency data must supply intelligence on prices and exchange rates, as well as market conditions affecting these. Cryptocurrency data attributes can be either historical, real-time or forecasts. In other words, cryptocurrency datasets can supply information on past, current and future projections for crypto market trends. This helps to ensure correct decisions are made based on historical market information. Lastly, cryptocurrency data must possess ticker symbols, which are abbreviated names for items in the crypto-market being traded.
What is Cryptocurrency Data used for?
Cryptocurrency datasets and API are used in various use cases. Cryptocurrency data is used in trading, helping investors and trades to make informed decisions that yield profitable returns on investment and low risks. It is also essential in the creation of trading bots, as these automate the cryptocurrency trading process. Cryptocurrency data is also useful in the valuation of cryptocurrency portfolios, estimating the values and worth of combinations of cryptocurrency assets. Lastly, cryptocurrency is essential in the aspect of systematic trading, because it’s useful in defining risk controls, trade goal, and for making the decisions in trading run in a methodical manner.
What is Cryptocurrency Data visualization?
Cryptocurrency data visualization refers to the intuitive ways that have been designed to give pictorial representation of data for easier interpretation. Through this technique, cryptographers are able to obtain a clear picture of what the information means by giving it a visual context through maps or graphs. When this is done, the crypto data obtains a more natural feel for the human mind to understand hence making it easier to identify trends, patterns, and outliers within large datasets. The ability of a given crypto database to offer additional data visualization technology has a direct influence on the cost/price of cryptocurrency data. When they shop for cryptocurrency data, crypto traders take into account the data level of visualization for the purpose of better understanding the complex data.
How can a user assess the quality of Cryptocurrency Data?
Assessing the quality of cryptocurrency data relies on verifying the sources it originated from. To verify these sources, you need to consider a few factors:
- Reliability - this means that cryptocurrency data users can rely on the data to make informed decisions.
- Impartiality - cryptocurrency data should not enrich one section of the market at the expense of others.
- Accuracy - cryptocurrency datasets must contain correct facts and figures.
- Relevance - cryptocurrency data must match the purposes it is intended for. Finally, timeliness: only buy data which matches the period it is intended for.
How can I analyze Cryptocurrency Data?
Crypto traders are faced with the problem of knowing what causes price fluctuations for cryptocurrencies. However, while it is hard to ascertain the market predictability, sound analysis can go a long way in giving informed insights about the most probable scenarios most likely to happen in a market event. Good analytical skills are what differentiate a successful crypto trader from the rest of the pack. Therefore, the analysis of cryptodata is made up of two core methods; fundamental analysis and technical analysis. Technical analysis is the study of historical price action to predict future price action of cryptocurrencies, while fundamental analysis involves a study of the fundamentals of an asset, where every aspect of the asset that has a direct bearing to its overall value is assessed.
What is a Crypto API?
API is an acronym for Application Programming Interface, which technically describes a set of rules and instructions that explain how two applications interact with each other. In blockchain crytocurrency trading, an API gives users the opportunity to connect with their exchange, giving them an access to real time market data, to aid in the making of trades and manage the crypo account remotely.
Where can I get live Cryptocurrency prices?
As blockchain trading continues to gain more traction in the cryptocurrency world, more providers of cryto data have been cropping up online and offering data in this field. There are thousands of crypto data providers whose systems are defined by advanced algorithmic notations that are able to convey real time information about the changes in prices of the most traded cryptocurrencies. From these online based systems of cryptocurrency data vendors, crypto traders can purchase crypto data through data subscription.
What is an altcoin?
An altcoin refers to any digital cryptocurrency that is similar to Bitcoin. The term is simply used to stand for “alternative to Bitcoin” and every case, it describes any cryptocurrency that is not a Bitcoin. Altcoins can be described as Bitcoin derivatives because they are made by diverging from Bitcoin consensus rules and regulations (which is the primary ruleof the cryptocurrency network). They are also created by developing a new cryptocurrency from the most basic operational level. In most cases, altcoins are made by use of similar fundamental building blocks just like Bitcoin. However, quite a number of these altcoins have differing monetary policy rules that are incorporated into the blockchain currency to foster different uses and treatment.
Where can I download Cryptocurrency Data?
Downloading of cryptocurrency data has been eased so much so that with the right amount of money, crypto traders can access this data. For the purpose of crypto data analysis, crypto traders have exclusive access to premium data marketplace where they buy crypto data online. Commercial crypto dataset providers provide historical cryptocurrency data as well as real-time data and intraday cryptocurrency financial data feeds for download purposes. Some of the most prominent crypto data providers include, Cryptodatadownload, Cryptodatum, Coinmetrics, Kaiko, and Kaggle.
Where can I buy Cryptocurrency Data?
Data providers and vendors listed on Datarade sell Cryptocurrency Data products and samples. Popular Cryptocurrency Data products and datasets available on our platform are RDA Pricing: Fundamental Pricing Data for Cryptoassets by RDA Index, NCFX Cryptocurrencies - Live Cryptocurrency Data, Global Coverage by New Change FX, and Finage Real-Time & Historical Cryptocurrency Market Feed - Global Cryptocurrency Data by Finage.
How can I get Cryptocurrency Data?
You can get Cryptocurrency Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Cryptocurrency Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Cryptocurrency Data APIs, feeds and streams to download the most up-to-date intelligence.