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How to Make Smart Crypto Investment Decisions Using Data Analytics

Investments

How to Make Smart Crypto Investment Decisions Using Data Analytics

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Most people fail to grasp the importance of when it comes to cryptocurrency. The phenomenal rise of Non-Fungible Tokens (NFTs), distributed ledgers and cryptocurrencies have had numerous advantages for the global marketplace.

At the same time, the sheer rate of growth is proving hard to keep up with. Even people at the cutting-edge of cryptocurrency are finding it problematic to deal with the rate of innovation. The NFT alone had a growth rate of 38,000% in 2021 as compared to 2020.

This is where Web3 data analytics comes into play. In the same manner that tools are available in the legacy trading arena of fiat currency products, similar tools need to be made available in the newly established cryptocurrency markets.

The following are some reasons why data analytics are actually essential to Web3 trading and investment — they are a pivotal key to the new global marketplace that is being built on distributed ledgers.

Related: What You Need to Know About Ethereum’s Role in Web 3.0 and the Metaverse

Reason #1: A rapid rate of change

Within legacy markets, change and innovation are less evident. This is due to stringent regulations that are in play around various industries like energy, housing, finance, healthcare, etc.

While this stabilizes the market, it stifles growth and prevents real change from occurring — ultimately leading to wealth centralization. The largest…

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