US-based financial analyst ranking service TipRanks is launching an innovative tool dubbed CoinWatch, to serve the cryptocurrency space. The new tool provides investors historical data and real-time analytics on more than a thousand digital coins with data provided by CryptoCompare. The software also offers market sentiments that influence the crypto market. CoinWatch is expected to be launched early in the second quarter of this year.
Cryptocurrency Data Tool's Features
CoinWatch has a range of diverse features that includes a cryptocurrency exchange converter, heat maps of digital currencies, and a portfolio tracker for investors. Additionally, the software provides investment ideas, data on overall sentiments in the crypto market and social media analytics. The software uses advanced natural language processing (NLP) tools that present investors with the out-and-out sentiment of the market.
CoinWatch scans over the entire crypto market to ensure that investors can make smarter decisions before trading in the volatile crypto market. It also analyses data from millions of news articles and social media threads to find the interest of the masses.
CoinWatch May Briefly Enjoy A Monopoly
According to Uri Gruenbaum, CEO of TipRanks, cryptocurrencies are high in demand and there are only a few analytics tools in the market that take into consideration a large number of factors to help investors make the right decision.
“Out of the hundreds of websites around cryptocurrencies, only a few 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. We saw the confusion and uncertainty of investors in the cryptocurrency world and decided that a new technological tool is required to make this world more transparent”
Recently, the Thomson Reuters Corporation - a Toronto-headquartered multinational mass media and information firm - also announced the launch f a bitcoin sentiment indicator that will track sentiments on bitcoin from over 400 websites to provide investors a better market overview, so they can gain an advantage in trading cryptocurrencies. However, Reuters' indicator is limited to bitcoin and recording sentiments.
TipRanks is currently expanding its offerings to serve the cryptocurrency space. The company already provides stock analysis services. Its clients include the likes of Nasdaq and Santander, as it is known to be one of the leading financial analyst ranking services. Since last year, many individuals have also come up with amateur analysis tools that intend to give a perspective of the market.