July 18, 2019 | AtoZ Markets - One of the very useful features the Cryptocurrency exchange Coinbase provides its traders with today is that it tells them which digital currency is trending most, gauging that based on the movement data it records among the 15 cryptos it lists for trading.
Definitely, the new tool lets users see the data referred to anonymously. However, this does not change the beneficial result that will help users build their trading strategy, based how the top 10 percent of users move, showing a buy/sell percentage for each asset.
Updating the signal every two hours, the exchange calculates as well the average hold time and the popularity of each asset, for telling the user how long people keep a specific asset before selling it or sending it to another address.
Another important factor the exchange keeps an open eye on is the price data to find out if prices of multiple assets are correlated.
Coinbase’s new tool powers deeper understanding of cryptos
The automation here still has a con, where the system deems the user no longer holds an asset on the exchange if they transfer it to a hardware wallet or another wallet of the users’ choice.
“These new signals, which are in addition to the typical market data we already provide, will power a deeper understanding and comparison of cryptocurrencies and their communities so Coinbase customers can think beyond price when building their crypto portfolio,” as Coinbase said in a blog post.
In a connected news, AtoZ Markets had recently reported that the exchange was up to issue its own debit card in the U.S.A upon they did in the United Kingdome.
The Coinbase Card that was first released in the UK market and Europe, enables users to convert their crypto assets into fiat currency, like GBP during a POS purchase or through an ATM. Users need to download the corresponding mobile app to access information about their card, which also links with their crypto account.