TipsRanks To Launch Cryptocurrency Analysis Tool CoinWatch

Pratik Makadiya
  • TipRanks is set to launch a cryptocurrency analysis tool dubbed CoinWatch.
  • The tool will gather market sentiment to give traders and investors a proper overview. It may, for a brief period of time, enjoy being a monopoly.

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”

Gruenbum

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.

Nexo Co-Founder: Bitcoin Doubters Are Running Out Of Reasons

Michael LaVere
  • Nexo exec says bitcoin doubters are running out of reasons. 
  • The price of BTC broke $12,600 for the first time in over a year. 

Bitcoin doubters are running out of steam in 2019, especially as the price of BTC trends towards new highs. 

No Longer Doubting Bitcoin

Antoni Trenchev, co-founder and managing partner of cryptocurrency lending startup Nexo, appeared on CNBC  onJune 25 to take aim at bitcoin detractors. In the interview, Trenchev explained that bitcoin has been declared dead more than 300 times, with 90 occasions occurring in the past year. 

Nexo Antoni Trenchev Bitcoin DoubtersAntoni Trenchev appeared on CNBC to discuss bitcoin's price rally | Source: CNBC

Crypto bears such as Warren Buffett and Peter Schiff have continued to call for the demise of bitcoin, despite the price trading above $11,000. Trenchev declared that bitcoin “has risen from the ashes yet again.”

He continued, 

“I think, you know, the doubters are having a really hard time continuing their cause.”

Institutional Interest In Cryptocurrency

Trenchev gave his reasons for the increased rise in bitcoin price. He highlighted institutional participation, including the launch of JP Morgan’s JPMCoin pilot at the end of the year. Geopolitical turmoil has also been favorable for the price of bitcoin. 

In early April, concerns over Brexit sparked the initial rally which saw bitcoin jump above $4,000. More recently, deteriorating US-China and US-Mexico trade relations have led to anxiety in the stock market. With President Trump now threatening sanctions against Iran, bitcoin is becoming a favorable digital asset for investors fleeing traditional markets. 

Set For New Heights in 2019

Despite crypto proponents losing confidence during last year’s bear market, Trenchev believes skepticism is shifting towards current bitcoin detractors. 

He told CNBC, 

“[During] the bear market of 2018, we’ve seen even the harshest proponents turning skeptical at some point, and this usually is the inflection point from which, you know, assets start rallying again, but I think it is really about institutional support and implications that it has in terms of mass adoption.”

Trenchev also gave a nod to Facebook’s Libra. While Facebook has created a storm of global regulatory concern over Libra, the digital currency has driven new interest into cryptoassets -- even if bitcoin's price was already on the rise. 

In all, Nexo’s co-founder believes it is more difficult to doubt bitcoin in 2019. The landscape for crypto has shifted since last year’s market collapse, which will provide a springboard for adoption and price.