Coinbase announced in a post on July 18 that they have released a new aggregated data platform that provides three different trading signals to customers. The American cryptocurrency exchange and wallet service explained that the three trading signals will focus on top holder activity, typical hold time and popularity, and price correlation.
By focusing on these three particular sets of data, the company hopes that this will allow investors to be able to create a more fully informed trading strategy that goes way beyond raw price metrics. The best part about this new system is that it will be offered for free.
In its press release, the company explained that “Our goal is to provide accurate, objective measurements of cryptocurrency usage based on the aggregated and anonymized activity of millions of Coinbase customers. These insights are only available to customers signed in to Coinbase—and they are the first of their kind in crypto.”
While offering new data that should help investors make better decisions, it does not mean that previous information will no longer be available. This newly aggregated data will be included with their typical market data, helping to provide a better understanding and allow customers to be able to compare cryptocurrencies across the market.
Coinbase has one of the largest user bases today. They currently offer 15 different cryptocurrencies for trade and exchange.
What makes this new information particularly useful is that is intended to address the needs and concerns of their user base. The company has looked at the top 10% of their user base in terms of assets and has determined how that base has increased or decreased their position in the last 24 hours. This signal is then updated every two hours, which should provide great benefits for all users.
Coinbase was already offering real-time price alerts for users of their mobile application. This was already aiding traders by providing real-time information. This was a new set of tools provided by the company, helping them to have better information in the top 50 cryptocurrencies on the market.
With these added tools, the client base should be one of the most well-informed in the world. The hope is that they will not only appeal to seasoned investors but also be able to assist those who are new to the digital currency world.
“The vision of an open financial system depends on people’s ability to understand, explore, and choose cryptocurrencies. We expect that millions of people will make their first cryptocurrency purchase in the coming years. But all too often, getting started can be overwhelming for people learning about crypto for the first time,” the company explained in a statement.
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