Allowing cryptocurrency enthusiasts to obtain the market information they need at all times is not that easy. Numerous coin tracking websites exist, yet it seems most of them mimic one another first and foremost. The LiveCoinWatch team has taken a big step in changing that aspect. Its main page, as well as individual coin pages, have received very intriguing upgrades.
An Improved LiveCoinWatch
When opening the new LiveCoinWatch website, it quickly becomes apparent there is a lot more information available compared to all other coin tracking websites. While not everyone needs all of these details right away, it is still nice to see some additional data sources being displayed. Noteworthy changes include the listing of overall market liquidity, and market depth, two key aspects of any cryptocurrency’s popularity which are often overlooked by enthusiasts and traders.
When looking at these extra statistics, it quickly becomes apparent the correlation between trading volume and market liquidity is very different from what most people would expect. Bitcoin, for example, has – in this case – $275.238m in liquidity, yet notes a trading volume of over $10.5bn. That is rather interesting, primarily because one would expect there to be more liquidity that isn’t traded back-and-forth every day. The market depth also shows how the buying and selling pressure of different currencies shapes up, which can be valuable in terms of determining the overall industry sentiment at any given time.
Individual Coin Improvements
When selecting one’s cryptocurrency of interest on LiveCoinWatch, the individual statistics dashboard has also received some big improvements. The price chart looks a lot more dynamic and less “flat” compared to other sites. Users will also note the individual statistics that are presented on the main page, but in slightly further detail. The liquidity, bids, and asks for every currency are vital pieces of information that cannot be overlooked. All of the individual trading pairs sorted by trading volume display the depth chart at that moment. It should make it easier to spot potential dips occurring on one platform, assuming those will materialize over time.
When looking at the actual trading volume per currency and pair, there are some interesting platforms that begin to show up. Ethereum is vastly more popular on Bitfinex than Bitcoin is, as Bitfinex makes up the four top pairs based on overall liquidity. Compared to their trading volume, however, none of these pairs make it into the top five. The platforms where ETH is traded the most – right now – include LBANK, LAToken, Bilaxy, and HotBit. Not necessarily the platforms one would expect to see in this list.
Competition is Good
Although it will take a lot of time and effort before LiveCoinWatch can even rival CoinmarketCap in popularity, these changes are quite noteworthy in their own way. Cryptocurrency enthusiasts deserve access to all relevant data sources in a convenient manner. In that regard, LCW has a major advantage over CoinMarketCap and most other tracking platforms on the market today. That doesn’t mean they won’t catch up over time, though. That is what makes the industry so exciting, as efforts like these bring more legitimacy to individual markets.