If you’re new to cryptocurrencies or have been in the trading game for a while now, nothing beats good intel on what to trade at what time. Since the crypto market is volatile, it can be a bit tough to sort out the real news from all the noise in the virtual world. However, Coinbase has made this easier for their customers, by making trading data available to them for free.
What is Coinbase.com?
Coinbase is an all-purpose cryptocurrency wallet and platform that enables you to buy, sell and trade your cryptocurrencies. If you are in the US, Canada or the UK, Coinbase is an excellent platform for you to work on. Merchants and customers can use different kinds of digital currencies like Litecoin, Bitcoin and Ethereum to conduct transactions.
Thanks to the Coinbase customer support team, the platform has come up with an idea to make sure its clients can experience the fluidity of trading with their data. Unlike many trading platforms, Coinbase offers its clients with trading signals based on up-to-date, trusted and exclusive data. And the best part of it all is that it’s for free.
This data is exclusively available on Coinbase.com and can significantly help their customers deal and manage their cryptocurrency independently. The objective of this initiative is to provide accurate and unbiased measurements based on the average anonymized activity of millions of Coinbase customers. However, these insights will only be available to those customers that are signed in on Coinbase and own cryptocurrencies in their wallets.
In addition to the typical market data that Coinbase already provides, the Coinbase customer support team will also help power a superior understanding by juxtaposing cryptocurrencies against each other in the digital community. That way, the Coinbase customers can think above the price when building their crypto profile.
How is Coinbase’s Available Data Useful?
The data made available by Coinbase on their website comes in varied signals. Some of these include Top Holder Activity Signal, Typical Hold time, Popularity on Coinbase and Price Correlation.
Top Holder Activity: This signal is the percentage of Coinbase customers with large balances of an asset (top 10%). The data is an average of those who have not bought or sold their positions in the last 24 hours. The Coinbase customer support team updates the data approximately every two hours. The top holder activity signal is important because while the platform cannot know of the cryptocurrency prices, it can tell you how the largest holders have been trading recently.
Typical Hold Time: It is the average number of days an asset stays in a Coinbase customer’s e-wallet before it is sold or sent to another address or wallet.
Popularity on Coinbase: The popularity of Coinbase is a signal that ranks the number of customers that hold a particular cryptocurrency. The coinbase customer support team updates these signals every twenty-four hours.
Price Correlation: This signal accounts for how cryptocurrency prices have evolved in relation to each other. When there is high positive price correlation, it means that the digital currencies are moving in the same direction. However, high negative price correlation means that the currencies are moving in the opposite direction. The Coinbase support team updates this approximately every 24 hours.
The purpose of these trading signals is to aid the customers of Coinbase during their transactions and trading. However, individual assessment of assets should not be overlooked. Coinbase believes that trading signals can be utilised, backed with verified data, to raise trust in the crypto-economy. The customers can use these signals, along with their versatile Coinbase customer support team, to best suit needs and solve any cryptocurrency-related issues.