Exchange platform Coinbase are further assisting users with day-to-day trading via new data which will be an addition to their existing typical data and provide exclusive market analysis.
These new data will be made of their own users anonymized and aggregated data on the Coinbase platform, which will be shared with fellow users of the platform. Giving users an insight into how crypto is being moved elsewhere on their platform and allowing them to base decisions on this.
This new service from Coinbase will be an industry first and only available to users on Coinbase. According to the platform, the option was built with the concept in mind to help users, gaining a “deeper understanding and comparison of cryptocurrencies and their communities so Coinbase customers can think beyond price when building their crypto portfolio.”
These new data will be comprised of three main trading signals. Which are as follows:
Top Holder Activity – this data will show the behaviours of the top 10% of traders on the platform who hold the largest share of a crypto asset, aka whales on the platform. It will show their activity, in terms of whether or not they have increased or decreased their holdings over the past 24 hours. With the stats updated every two hours, it always stays up to date. As they are the largest traders of that asset on the platform, it provides an insight into what the main players are doing at any given time, which would likely be representative of the market. As such, wise traders should opt to follow their lead.
Typical hold time & Popularity on Coinbase – These are data made up of a wider range of customers and give a bigger general overview of trading activity. Hold time will dictate to you the average time that a user keeps hold of an asset before it is sold or moved elsewhere outside of the platform. While popularity is how many users hold a particular asset in question compared to all the other tradable options on the platform. These will be updated every 24 hours. As opposed to top holder activity, this gives you an insight into the market at large rather than just the top players.
Price Correlation- This will compare the prices of different cryptocurrency against one another over the course of 24 hours. High positive correlation indicates asset’s prices going in the same direction, while high negative correlation, indicates they have gone opposite ways. While low or no correlation, around 0%, means those assets have little or no relation. This provides you with historical data on your assets, which will benefit you in the future by helping you assess the risk exposure of these coins. By judging how your crypto has moved in relation to another crypto in the past, you will know if you see the other crypto in question move a certain way again there is a chance your crypto will do the same and you can react accordingly.
As you can see, useful data which can suit all Coinbase user’s needs. However, make sure you don’t rely too much on these as they are not investment advice and all transactions still require your own independent assessment.
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