Leading the landscape of cryptocurrency exchanges, Coinbase will soon be sharing its day-to-day trade data with the fellow platform users. Coinbase is about to follow a data aggregation model which will allow the Coinbase traders to access the platform with exclusive trading data.
The focus is to make the traders aware of the insider trade and cryptocurrency movement data. Coinbase will be the first platform to make the anonymized trading data accessible to users. The data-driven trading signals will help a new and seasoned crypto trader make decisions based on price movement as well as take lead from the major players.
The new trading signals
According to Coinbase spokesperson, the traders need to look at other perspectives of crypto trades apart from price to build a strong portfolio. Considering these aspects, below trading signals, will be added to the Coinbase platform
Top holder activity
Coinbase will identify the top 10% of the asset traders every 24 hours and share it across so that the fellow users know how the players are moving their crypto assets. The platform ensures to make the data available in a user anonymous manner.
These movements will help the other traders in strengthening their portfolio as per the whale movements. This field will receive data updates every two hours.
Typical Hold time
The data gives an average idea of how long a cryptocurrency is held by traders on Coinbase. It is also the median of how soon the asset is moved outside off Coinbase. This the field will also receive an update every 24 hours.
Third and the last trading signal gives the traders a price correlation between the digital assets. The price will be correlated every 24 hours and traders can check whether the assets they hold are showing positive, negative or 0 correlation to a particular asset.
The positive correlation indicates the price movement is same, the negative correlation indicates the price movement is opposite and the 0 correlation means there is no correlation. This historical data will be stored in Coinbase so that the traders can predict the price movement of their asset-based on how the other asset is performing.