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Track Cryptocurrencies with This Statistics Tool

If we take a look at Bitcoin’s 2017 in review, we will se that its value skyrocketed every month. In fact, Bitcoin rose by 88 percent and then fell by 23 percent just this past month. This shows us that the cryptocurrency market is highly volatile and that’s is quite difficult to keep track of everything that is going on.

Tracking Cryptocurrency

Right now, there are more than 3,000 Cryptocurrencies, assets and tokens. Things get even more hard to track since all these cryptocurrencies have their own communities and tokens which usually overlap. The worst thing about this is that neither of those communities use traditional financial metrics.

The Factor Analysis

We think we made it pretty clear that it’s nearly impossible to track all cryptocurrencies and their upswings or downswings. Fortunately, there is a tool that makes his possible. We are talking about the Factor analysis which can be used to monitor supply control, block size and even hashing power. The tool presents all data in form of statistics and ignores the price in dollars.

The chart everyone can see in the feature image shows the four factors that the Factor Analysis tool is based on. Every factor is basically a portfolio which presents short and long positions of cryptocurrencies.

Four Factors

The name of the four factors are speed, ease, mainstream and community. As an example, the mainstream factor shows positive upswings on Cardano, Stellar and Ripple while presenting negative statistics about Zcash, Dash and Monero. The reason behind this is that Cardano, Stellar and Ripple are designed for regulations and institutions while Zcash, Dash and Monero are focused more on user privacy.

Another interesting factor is the community one. This factor is based on showing the size, developer interest and the community’s support. Cryptocurrencies require lots of coding and this is why what the developers and community’s morale matter so much.

The post Track Cryptocurrencies with This Statistics Tool appeared first on News4C.

This post first appeared on News4c, please read the originial post: here

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Track Cryptocurrencies with This Statistics Tool


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