Top Blockchain Analytics Tools for Investors
TL;DR: Blockchain analytics tools are web-based software platforms that help investors reduce risk and make informed investment decisions through in-depth analysis, real-time data tracking, and market insights. Here’s our list of the best tools we use ourselves!
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While most people buy crypto because “price go up,” we’re huge believers in looking at the data. Crypto investments are unique because they’re built on blockchain technology, which gives you real-time access to data like users, transactions, and fees: a huge improvement over traditional investments like stocks and bonds.
With that in mind, here’s our editor-curated list of the best blockchain analytics tools for investors. These can change your investing game in 2024.
What are Blockchain Analytics Tools?
Blockchain analytics tools allow investors to gather and analyze various metrics across blockchain networks. You can use these tools to analyze a token’s fundamentals, see the historical performance, and compare metrics between similar projects. They’re the smart investor’s secret weapon.
The Top Blockchain Analytics Tools
There is no shortage of blockchain analytics tools in the modern blockchain ecosystem. Investors, particularly newcomers, often face an embarrassment of riches. This shortlist of the most popular analytics tools will give you a concise overview of what we like about each tool (and how we use them ourselves).
1. CoinMarketCap
was launched in 2013 by Brandon Chez, a software engineer in the tech industry. CoinMarketCap quickly became one of the most popular websites for blockchain enthusiasts to keep track of crypto prices and market capitalizations.
Acquired by Binance in 2020, CoinMarketCap is the leading provider of blockchain data analytics tools. The website tracks real-time data on over 10,000 cryptocurrencies, with price tracking, market cap rankings, and historical data. A news section also keeps track of the latest developments in the cryptocurrency ecosystem.
The platform provides direct access to market data in a highly structured and programmed format through its API service. While this service is available free of cost, professional investors often rely on the paid “Pro” subscription plan, which provides more advanced features, key metrics, tools, and unrestricted access to real-time data.
BMJ Score: 4.0
We gave CoinMarketCap a score of 4.0 because its platform is completely free to use. The tool is great for looking at trade volume, price history, and other fundamental metrics.
2. DappRadar
As the name suggests, DappRadar is an online source of data and insights into DeFi and blockchain apps. Based in Vilnius, Lithuania, the platform was launched in 2018 by a small team of Lithuanian blockchain professionals.
DappRadar shares some DNA with DefiLlama since they both focus on decentralized finance. However, DappRadar gives more priority to the app side of the ecosystem. It has rankings of the most popular blockchain apps, with metrics like daily volumes, daily active wallets, and balance in smart contract apps.
There are separate analytics and visualization tools for NFTs and apps across various sectors. Subscribers can use an advanced API to gain real-time visibility and tracking capabilities across multiple blockchains, covering dapps, NFTs, and gaming.
BMJ Score: 3.5
We gave DappRadar a score of 3.5 because, like CoinMarketCap, it’s free to use. You can also get insight into NFTs, dApps, and gaming, as well as connect your Web3 wallets to track your investments.
3. DefiLlama
Decentralized Finance (DeFi) protocols rose to prominence in the blockchain space in early 2020. DefiLlama was created by a group of developers and enthusiasts actively involved in the burgeoning scene of decentralized finance.
The platform provides DeFi users and investors with dedicated analytics tools to better navigate this rapidly evolving market. The website’s main feature is a ranking page for DeFi protocols, sortable by various criteria.
Metrics include total value locked (TVL), liquidity, market performance, daily volume, and more. The charts facilitate quick and easy comparisons between various protocols.
A handy feature for potential investors is the yield farming calculator tool, which you can use to estimate your up-to-the-minute potential ROI from different DeFi protocols.
BMJ Score: 3.0
We gave DeFiLlama a score of 3.0 because it has many excellent filtering tabs. You can filter by governance rules, liquidity, and other criteria.
4. Glassnode
Glassnode is a highly popular on-chain data analytics platform among cryptocurrency investors, developers, and traders. The site was launched in 2018 by industry professionals with deep domain experience in blockchains.
The platform offers a free version of its Glassnode Studio for more casual investors and cryptocurrency newcomers. Here, you will find a decent selection of basic metrics and data analytics tools for daily on-chain transactions, network activity, active addresses, and more.
However, a subscription is necessary if you want more analytical tools with access to real-time data on cryptocurrencies and DeFi projects, plus a more comprehensive array of on-chain metrics for deeper insights.
BMJ Score: 3.0
While Glassnode doesn’t offer a free version like some of the other analytics tools on this list, we gave it a 3.0 because it provides an extensive range of over 3,500 on-chain metrics.
5. Messari
Ryan Selkis, the founder of the cryptocurrency news site CoinDesk, is the brains behind Messari.io. The platform was launched in 2018 to provide investors and institutions with high-quality research data on popular blockchains and cryptocurrency projects.
Apart from providing data analytics tools for tracking and visualizing blockchain data, Messari.io has an in-house team of analysts. Their main job is to publish in-depth market research reports and provide insights into various aspects of blockchain technology.
Users can rely on the platform for market analysis, risk management, and tools that track trading volumes, market cap, and other essential metrics. There is also a community forum where you can collaborate with other users of Messari.io.
BMJ Score: 3.0
We gave Messari a score of 3.0 because of its collaborative community forum. Additionally, we like that the platform has an in-house team of blockchain analysts.
6. The Block
The Block is a high-quality news and research platform specializing in the blockchain market space. It was launched in 2018 by journalist and crypto entrepreneur Mike Dudas to create a comprehensive online news and research platform for blockchain investors and developers.
Regarding features and services, The Block shares some features with Messari.io and CoinMarketCap. It has the former’s focus on research data and reports while retaining the news and current affairs focus pioneered by CoinMarketCap.
While many other blockchain data analytics platforms share the common traits of graphs, metrics, and dashboards, The Block looks more like an online news. It reports platform for cryptocurrency users and investors.
BMJ Score: 3.0
We gave TheBlock a score of 3.0 because it gives you access to thousands of data sets organized by a team of crypto-native analysts.
7. altFINS
altFINS is a data analytics platform with a broad approach that looks at everything from on-chain analytics to market trends, trading patterns, and investment research. The platform was launched in 2018 by a team of blockchain technology and finance professionals.
You can get real-time token pricing data, trading patterns, and technical analysis of the top 55 cryptocurrencies in the market. A research hub provides quick access to a wide array of in-depth reports created by the AltFins team.
While some of the more advanced features on the platform require a subscription, AltFINS does offer a competent array of data analytics and market highlights free of cost to visitors. The platform is an excellent information source for investors seeking data on trading signals, market patterns, and other technical analyses.
BMJ Score: 2.5
We gave AltFINS a score of 2.5 because while it is affordable, the platform relies heavily on technical analysis, which may only sometimes accurately predict market movements.
8. Dune Analytics
Dune Analytics is a popular data analytics platform that allows users to set up and share their reports, pulling from live blockchain data. The platform was launched in 2018 by three individuals – data scientist Frederick Haga, software engineer Mats Julian Olsen, and business development expert Simen Øygard.
The platform’s standout feature is its flexibility and extensibility – users can create custom dashboards and analytic tools that focus on specific metrics of popular blockchain networks. Dune also offers users an extensive set of pre-built templates that investors can use as a baseline to develop their custom dashboards.
Dune’s data analytics tools focus on popular blockchains like Ethereum, Polygon, and BSC. But users can use these tools to look at any network not natively supported by Dune – you can connect to the network’s public API or load any available data directly to the Dune platform.
BMJ Score: 2.0
We gave Dune a score of 2.0 because while it’s user-friendly, it’s also largely crowdsourced, so the accuracy of many reports is questionable.
9. Delphi Digital
Delphi Digital is a blockchain research and consulting firm launched in 2018 by financial analyst Anil Lulla and cryptocurrency expert Tom Shaughnessy. The delphidigital.io platform primarily caters to investors and businesses interested in venturing into the blockchain markets.
While a few free services exist on the platform, like weekly newsletters, podcasts, and blogs, access to premium reports and market insights is locked behind a paywall. Besides reports and analytics, Delphi Digital also offers consultancy services for organizations looking to integrate blockchain technology into their operations.
BMJ Score: 2.0
We gave Delphi Digital a score of 2.0 because it’s a bit pricier than other analytics tools on this list. However, its site provides some free services, like podcasts and blogs.
10. Nansen
Nansen was initially launched in 2019 as a data analytics platform focusing on the Ethereum blockchain. It was founded by blockchain professionals Alex Svavenik and Lars Krogvig. Since its inception, Nansen has expanded to include data and insights on other major blockchains.
The platform caters to the data analytics needs of crypto investors, VCs, development teams, and significant crypto funds. Although individual investors are welcome to use the platform, Nansen focuses more on B2B services and blockchain developers.
Apart from portfolio analytics and market sentiment analysis, Nansen focuses heavily on wallet activity on major blockchains, giving deep insight into the movement of crypto whales and other influential investors. If you want to identify emerging trends quickly, Nansen is an excellent option.
BMJ Score: 2.0
We gave Nansen a score of 2.0 because of its higher price point. However, it’s an excellent tool for identifying emerging trends.
11. Chainalysis
Unlike the other platforms listed, Chainalysis does not cater to individual investors. The data analytics tools on this platform are geared toward other businesses, banks, and government agencies. Chainalysis was launched in 2014, focusing on blockchain data analytics and compliance.
The platform’s data analytics tools are widely used by government regulators, law enforcement agencies, and financial institutions to keep track of the flow of funds across blockchain networks. This is primarily a paid service for B2B and B2G sectors – it doesn’t have any free offerings aimed at individual investors.
Its tools are geared toward security, compliance, and consumer protection. These include transaction monitoring for AML/CFT, screening of high-risk users, customer intelligence reports, and dedicated blockchain analytics for Web3.
BMJ Score: 1.5
We gave Chainalysis a score of 1.5 because the platform does not cater to individual investors and is more security-focused.
12. Token Terminal
Token Terminal was launched in 2020 by two venture capitalists, Joonas Saloranta and Dmitriy Berenzon, focusing on delivering more data-driven insights into major blockchain projects.
Token Terminal is great for showing “tokenomics” (the economics behind a token) and its rich collection of crypto financial reports. See our companion piece on How to Read Crypto Financial Reports, which is based on this feature of Token Terminal.
BMJ Score: 1.5
We gave Token Terminal a score of 1.5 because it doesn’t offer as comprehensive data as other platforms (though that has been improving recently) and mainly focuses on tokenomics. That said, it is our top pick for Blockchain Analysis.
13. Coin Metrics
Launched in 2017 by a team of blockchain experts and other industry insiders, Coin Metrics is cut from the same cloth as Glassnode and Token Terminal. The range of data analytics tools offered for blockchain investors and traders is quite similar across all three platforms.
Atlas Search is a feature-packed blockchain explorer tool unique to Coin Metrics. Other notable features include network data feeds, crypto market data feeds with historical and real-time data, asset benchmarks, and risk management tools.
While the platform offers a robust array of free charts, historical blockchain data, and market insights, access to more advanced blockchain analytics and real-time data is limited to paid customers. However, Coin Metrics does provide free access to a constant stream of in-depth research reports on its website.
BMJ Score: 1.5
We gave Coin Metrics a score of 1.5 because real-time data is only available to customers who pay for a subscription.
How To Use Crypto Analytics Tools
Intelligent investing has two parts: quantitative and qualitative (or numbers and judgment).
While qualitative analysis can be done using our industry-leading Blockchain Investor Scorecard, you need tools like these to do the quantitative analysis.
This segment will quickly summarize how you can utilize these crypto analytics tools best. We will also identify the best platforms that provide these tools.
Market Analysis
In the blockchain space, market analysis involves looking at things like token trading volumes, price movements, and changes in market capitalization.
Insights gained from the market analysis can be used to decide whether a token is undervalued or undervalued. Ultimately, we want to look for quality long-term investments that are undervalued or “on sale.”
Best platform for Market Analysis: CoinMarketCap
Blockchain Analysis
Instead of price, blockchain analysis involves looking at the data recorded on a blockchain. This gives you a deeper understanding of how specific cryptocurrencies are being used by their holders.
Also called on-chain analytics involves looking at transaction volumes, mining rewards, wallet balances, token supply, and block times. The single most important metric we look for is user growth.
Best platform for Blockchain Analysis: Token Terminal
Portfolio Management
Blockchain portfolios can include a variety of assets like mined tokens, staked tokens, NFTs, governance tokens, and DeFi investments. Balancing and managing a portfolio requires real-time tracking of all your investments.
Ideally, you shouldn’t rely on a single platform for your portfolio management needs, especially if you have a highly diversified crypto portfolio. Choosing premium portfolio management services might be a good idea for high-value investments.
Best platforms for Portfolio Management: Glassnode, Messari
DeFi Analysis
Decentralized finance offers investors dynamic new ways to put their assets to work beyond the traditional concept of HODLing. But since DeFi projects are quite distinct from regular blockchain networks, you need dedicated data analytics tools.
This involves looking at metrics like TVL, trading volumes, liquidity, yield farming, market capitalization, and protocol governance. Thankfully, this is quite easy since the blockchain ecosystem has several platforms dedicated solely to tracking DeFi projects.
Best platforms for DeFi Analysis: DefiLlama and DappRadar
Risk Management
Blockchain markets are notoriously sensitive to the actions of whales – crypto wallets that hold significant chunks of a token’s supply. Any sudden movements in these wallet addresses can trigger wider ripples in the pricing of a token.
Many platforms provide specialized data tracking tools and services to focus exclusively on known whale addresses and large transactions on the blockchain. Real-time alerts from these tools can help you avoid major losses and identify promising investment options.
Best platforms for Risk Management: Nansen, Coin Metrics
Investor Takeaway
Investing in blockchain can be risky, but so can the potential rewards. Intelligent investors will diversify well, using strategies like our Blockchain Believers Portfolio.
Within that tiny slice of crypto, we can use qualitative and quantitative analysis to choose quality long-term projects. Blockchain analytics tools can help us with the quantitative side.
The crypto industry is maturing. Thanks to data analytics tools, risk management and informed decision-making are very much possible in blockchain investing.
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