Interview with Data Analyst and Advisor at Bitdataset
Dmitry why are you interested in cryptocurrency data?
Crypto market is a promising area where you can find investors, crypto traders, startups with ICO and analytics access. Cryptocurrency is a brand-new paradigm. You should analyse trends at crypto market to handle crypto currencies. And we speak about not only crypto traders, but also investors and blockchain specialists. Price analysis and bidding volume for specific token allows to understand profound changes within ICO and development prospects.
What is the role of your company at coin data market?
We collect cryptocurrency data from crypto exchange bidding and sell to our clients. Though it’s more complicated in practice. But the point is, how well you can collect data. There is a lot of public coin data — why should we buy it? But if you check it you’ll see incomplete data or you can’t find necessary or relevant data type. We can see that data gaps are filled up with irrelevant data and grant it for complete data.
Why do you have complete data?
It’s our competitive advantage. We have multi-layered and multithreaded process of collecting data. We make duplications and check for compete data. Completeness of our data is more than 96%. That’s enough both for analysts and training algorithms for trading robots. We provide Cryptocurrency Historical Data API service — for some reasons it’s a good alternative.
You said that anyone can find an appropriate data type. What did you mean?
Situation at crypto market is described at any given moment by many factors. Let’s take bitcoin data, for example. At any given moment we have price of assets, volume of transactions (purchases/sells). But it’s not enough for analysis. It’s important to know requests for sale and purchase at every moment. It allows to assess dynamism of the markets and traders expectations, and to understand sustainability of the price at the moment. But not everyone wants to know all market parameters, we sell tick by tick trade data or Top of Book Quotes data. But this issue deserves a special article.
Can I collect data by myself?
Yes, you can. But it’s very expensive. It’s easier just to by it. We collect cryptocurrency data from 8 exchanges (binance, bitfinex, bitmex, bitstamp, coinbase pro, hitbtc, okex, poloniex). It’s enough to have just one exchange to train a trading robot. But traders are rarely working on only one exchange that’s why you should have both binance historical data, and bitfinex data. Data should be accumulated — the more coin data you have, the better pattern is revealed for traders. Trading strategies should be tested on cryptocurrency historical data — it allows to identify strategic mistakes in the early stages and avoid major losses. There are more than 1800 cryptocurrencies and tokens all over the world. But bitcoin historical data is not the only one used in bidding and analysis, there are a lot of tokens that are popular among traders. We provide every accessible data. If we have a request, we can collect data on specific token.
How much does coin data cost?
Data is selling on an every exchange. Buying Top of Book Quotes data on Binance you get 40 currency pairs. There are bitcoin historical data, ethereum historical data, eos data, xrp data and other cryptocurrency historical data. That forms the price. Also you can subscribe to coin data — for 3, 6, 12 months.
Thank you for the interview.
You’re welcome. If you have questions — contact us via firstname.lastname@example.org