New tool will allow investors to better understand the cryptocurrency market and improve their investment decisions.
Financial analyst ranking service provider TipRanks has launched an analytics platform specifically for the cryptocurrency market. Dubbed CoinWatch, it’s designed to provide real-time analytics and insights and aggregates the latest values and historical data on over 1,000 different types of cryptocurrency. It also offers data from news and social media.
TipRanks said they hope it will help investors better understand the market and improve their investment decisions by providing a comprehensive view that includes hard numbers and sentiments from the news and social media. It assigns a score to media reports to create a new benchmark. This benchmark can be used to base investment decisions on, something the company says is crucial given how deeply recent news and emotions affect the cryptocurrency market.
See also: How cryptocurrencies and big data work together in real-time
“Out of the hundreds of websites around cryptocurrencies, only a few actually provide meaningful and actionable data. We’ve applied our proven technology and expertise in natural language processing and machine learning to create proprietary datasets, aimed at helping investors make better decisions,” said Uri Gruenbaum, CEO and Co-founder of TipRanks. “We saw the confusion and uncertainty of investors in the cryptocurrencies world and decided that a new technological tool is required to make this world more transparent.”
Key features of CoinWatch include a cryptocurrency exchange converter, a “Coin Screener” designed to discover new investment possibilities, heat maps of various currencies, and a portfolio tracker. In addition, news sentiment data, social media sentiment data and performance tracking will also be available. While the platform is available now, some of these features will roll out in Q2. CoinWatch uses machine learning and natural language processing to aggregate data from news sources around the world. To download the platform, visit TripRanks’ website.
Sue Walsh is News Writer for RTInsights, and a freelance writer and social media manager living in New York City. Her specialties include tech, security and e-commerce. You can follow her on Twitter at @girlfridaygeek.
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