TipRanks To Release New Cryptocurrency Data Tool ‘CoinWatch’
U.S. financial analyst ranking service TipRanks is releasing a product it’s calling CoinWatch. With the software on hand, investors will be able to examine the data and “real-time analytics” of over 1,000 digital currencies.
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It’s All Designed to Help Traders
Among CoinWatch’s key features will be a cryptocurrency exchange converter; alerts; advanced analysis; investment ideas; heat maps; social media analytics; pricing data; sentiment analytics and portfolio performance trackers.
The idea is to cover as much of the cryptocurrency market as possible to give investors – both experienced and new – a stronger idea of current market trends so they can make smarter and more applicable trading decisions.
According to TipRanks‘ team, CoinWatch will employ several “machine-learning tools” and “advanced natural language processing (NLP)” to calculate an asset’s current figures. Additionally, it will search through several social media threads and news platforms to gather data and history regarding where coins are expected to land in the immediate future.
It will then “assign a score” to these stories and the sentiment surrounding them to potentially help investors understand which ones warrant further attention based on the coins they have or wish to add to their portfolios.
Very Few Products Like CoinWatch?
CEO and co-founder of TipRanks Uri Gruenbaum explained that the product’s necessity is at an all-time high, and added there are few competing items on the market providing similar or measurable information on virtual currencies:
“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.”
A Few Past Accomplishments
Executives say they will release the product sometime between April and June of 2018. The company had previous released a stock analysis tool kit that was later implemented into the platforms and service features of both Nasdaq and Santander, a popular bank based in Spain. This gave TipRanks access to some of the largest customer databases available.
Last February, the company released a mobile app that brought investing advice directly to traders’ phones. The app searched through analyst predictions online and measured their respective performances to provide a “comprehensive list” of what it felt would be solid predictions investors should examine and study further.
Is TipRank’s new product one you would want to use? Post your comments below.
Images via TipRanks, Etrade