For someone who is new in the crypto world, it’s easy to get lost in different metrics that surround cryptocurrencies. Many investors only take a look at the prices and don’t pay attention to other important indicators. In this article, we are going to dive deep into how we can track cryptocurrency stats and what metrics are used for it.
What are crypto coins stats?
The most popular crypto metric is, of course, price. Let’s take a look at other crypto metrics and see why they’re important.
Market capitalization (or market cap) is the total dollar value of all the coins that have been mined. Market capitalization in crypto is calculated by multiplying the number of coins in circulation by the current price of a single coin. For example, if each coin is being traded at $2, and the circulating supply is 10,000,000 coins, the market cap for this cryptocurrency would be $20,000,000. Market cap changes on an hourly basis and can be very unstable just like the price of a cryptocurrency.
Trading volume in crypto is the number of coins that have been bought and sold during a specific period of time (usually 24 hours). Basically, volume indicates how actively people are buying and selling a certain cryptocurrency. Crypto traders consider trading volume one of the most important metrics because it shows the direction and movement of the cryptocurrency as well as a prediction of future price and its demand.
Circulating supply is the number of cryptocurrency coins or tokens that are publicly available and traded in the market.
Total Supply is the total amount of coins in existence right now (minus any coins that have been verifiably burned).
Network status is the number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
Development activity (Github activity) is based on a number of pure development-related ‘events’ in the project’s public Github repository.
Social engagement is another metric that is considered important in the crypto world. It is a set of crypto-related discussions from the internet that are collected in the form of text documents. It includes chat conversations, forum posts and comments, tweets and other pieces of text (usually pretty short). We should also mention Google trends, which are typically a good indicator for retail investors’ behavior.
What cryptocurrency metrics are used for?
Cryptocurrency stats are used to analyze the performance of different coins. The metrics you monitor depend largely on the purposes of your research. You can track crypto stats to foresee future trends and prices or to decide when it’s more profitable to sell or buy a certain cryptocurrency.
There are 3 ways to analyze crypto stats:
- Technical Analysis implies studying statistical trends and looking at historical volume and activity – including price movements and swings – to make educated predictions on where the price is going over the short-term and long-term. Using this method of analyzing fluctuations in value you have to act quickly. With so much volatility, support and resistance levels can experience major ups and downs.
- With fundamental analysis, you’re not looking where prices are going, per se. Instead, you’re trying to understand what’s causing the fluctuations. Using this analysis, you can determine whether the data says the crypto is underpriced or overpriced at the moment.
- With sentimental analysis, you’re looking beyond the numbers to see what key players think and feel. This may include journalists, influencers, investors, hedge fund managers, and economists. In other words, the sentimental analysis relies on social engagement metrics.
How to collect crypto stats?
There are numerous services and platforms where you can see and analyze crypto stats. It’s important to use trustworthy websites that show accurate current data.
You can track crypto stats on CoinSocialStory. CoinSocialStory is a crypto monitor which helps professional traders, media outlets, and even just the crypto curious on the slightest market movements in a visually engaging manner. This is one of the cryptocurrency monitoring tools home to all of the features that you will need to monitor all of the crypto prices and volume easily. CoinSocialStory aggregates information from exchanges, statistics providers, and social information.
On the main page you can find the list of 100+ cryptocurrencies. You can check their price charts, analyze how the price fluctuated at different periods of time. You can also analyze other metrics like social engagement, trading volume, Github activity, and others.
Crypto comparison tool allows you to compare crypto coins by different metrics: market cap, total supply, trading value, social engagement, and network status. These metrics are aggregated to a total score of one currency against another. What is more, a visually engaging and attractive comparison chart appears as the result of your comparison.
There’s also the infographics tool that allows you to share different crypto metrics to your social media directly from the CoinSocialStory website.
In conclusion, investing in crypto can be profitable only if you do your own research. To make your research more detailed and accurate, you should track different crypto metrics and correctly analyze stats.