Data stored on the blockchain is open to everyone with access to the network. However, accessing the required information for their specific purposes can be immensely challenging for individuals without sufficient knowledge of the right tools. One of these tools is crypto wallet trackers.
Wallet trackers were built to help individuals and organizations access information on the blockchain without worrying too much about complex data. They help to curate, retrieve, and streamline information extraction from blockchain data.
This article aims to educate you about crypto wallet trackers, how they work, and some of the popular ones currently available in the market.
What are Crypto Wallet Trackers?
Crypto wallet trackers primarily help users monitor their cryptocurrency holdings across various wallets and exchanges.
Crypto wallet trackers do more than just track the value of investments; they also provide in-depth analytics to help users understand their portfolio’s performance and make informed investment choices. This includes charts, risk analysis, and return calculations, and some even integrate news and social media to keep users informed about cryptocurrency trends and their investment impact.
How Do Wallet Trackers Operate?
Cryptocurrency wallet trackers function by connecting to different cryptocurrency exchanges and wallets. Users can input their coin types and amounts manually or sync with their wallets or exchange accounts. Once this information is entered, the tracker commences its operations.
These wallet trackers continuously monitor the current market value of each cryptocurrency in the portfolio, updating prices in real time. Subsequently, they calculate the overall portfolio value by summing up the current worth of each asset.
Additionally, many trackers provide historical data, allowing users to track the evolution of their asset values over time.
Features of Crypto Wallet Trackers
- Transaction History: Wallet trackers display transaction history, enabling users to review all incoming and outgoing transactions associated with their wallets.
- Market Data: Users can access real-time market information, including cryptocurrency prices, trading volume, and market capitalization, to make well-informed decisions regarding cryptocurrency purchases or sales.
- Security Features: Wallet trackers like Altrady, Coinigy, and others offer security measures like two-factor authentication (2FA) and encryption to protect user data and wallet information.
- Historical Data: Wallet trackers also provide historical price charts and data, allowing users to analyze price trends over time.
- Portfolio Analytics: Wallet trackers often include portfolio metrics, enabling users to assess their investments, track profit and loss trends, and adjust their strategies as necessary.
- Portfolio Tracking: Besides personal use, crypto wallet trackers can be used to analyze public data on a blockchain network. Just by knowing another user’s wallet address, one can access information on the wallet’s on-chain activity and the portfolio’s current value based on real-time market data.
Doing this enables the user to gain insights into the on-chain activities of other users, particularly those considered “crypto whales.” These “whales” are individuals or entities holding substantial cryptocurrency assets.
Why People Track Wallets
Tracking the wallets of crypto whales is quite a widespread practice in the sector. This is because their actions influence the market dynamics; an analysis of their buying and selling behaviours could aid in potentially predicting price shifts. Thus, investors try to be savvy to mine these insights and strengthen their portfolios.
The following are some of the insights and information tracking wallets, especially that of crypto whales, provide for investors.
1. Market Trends and Sentiment
Analyzing transactions of major market players or wallets provides valuable insights into various market trends and the prevailing sentiment among influential investors. Tracking crypto whale wallets can offer insights into which tokens influential investors are using or holding. This information helps other investors discover promising tokens for further exploration or potential investment and identify potential market shifts.
2. Network Health and Congestion
Examining transaction patterns can provide insights into a blockchain’s overall status and congestion. This information is valuable for anticipating potential scalability challenges or choosing the best times to conduct transactions.
3. Security and Risk Assessment
Observing wallets assists in recognizing suspicious activities, such as hacks, scams, or fraudulent transactions, enhancing the security of your holdings and keeping you vigilant about market risks.
4. Crypto Assets Flow
Tracking fund movements between crypto whale addresses provides insights into how capital flows within the cryptocurrency ecosystem, clarifying how value is transferred and stored within a given network.
5. Project and Team Credibility
Beyond crypto whales, studying the actions of project founders, developers, and team members can reveal the trustworthiness and reliability of a project For example, if a project’s team members frequently sell tokens, it may raise doubts about the project’s future success.
Top Crypto Wallet Trackers
There are several crypto wallet trackers in the market. However, the choice of which one to use depends on individual preferences and needs. Here are some widely used options:
Etherscan
Launched in 2015, Etherscan is a crypto wallet tracker designed for blockchain enthusiasts. It provides straightforward access to blockchain data, making it an excellent tool for those familiar with the technology.
Etherscan simplifies the visibility of all tokens in a wallet, including those received through airdrops, and calculates the total value of the wallet’s assets.
Etherscan also allows users to access past transactions, from the most recent to the wallet’s creation date. It offers the convenience of downloading transactions in CSV format, which is useful for specific transaction searches and in-depth data analysis.
For users seeking information about a token in a tracked wallet, Etherscan provides comprehensive details, including token holders and distribution, which is particularly valuable for tokens with limited supply.
CoinMarketCap
Founded in 2013, CoinMarketCap is a user-friendly and free-to-use website for monitoring the prices of over 11,000 cryptocurrencies.
CoinMarketCap displays coin prices and provides links to various exchanges for buying and trading tokens, including regular exchanges, futures exchanges, and decentralized finance (DeFi) exchanges (DEXs).
CoinMarketCap’s crypto portfolio tracking feature allows users to monitor their profits, losses, and yield without hidden fees. It simplifies the process of importing portfolios and accessing real-time price data. Additionally, it offers a handy converter and calculator for estimating real-time currency conversion costs.
Debank
Launched in 2018, Debank supports nearly all Ethereum Virtual Machine (EVM) compatible chains, ensuring extensive coverage. The platform facilitates checking wallet holdings across various chains, with the Debank team consistently adding new chains and adopting new protocols to maintain the accuracy of wallet asset information.
Debank allows users to link their wallets and track individual transactions. It has a “Tokens” feature for tracking popular tokens and a dedicated “Whales” section for those unsure about locating significant whale wallets to follow, as well as the ability to view their top holdings for exploration in one place through customizable bundles.
Debank also supports messaging and live chat.
Nansen
Nansen is a blockchain analytics platform launched in 2019. It provides on-chain data with millions of wallet labels. Crypto investors use Nansen to find opportunities, conduct research, and protect their portfolios with real-time dashboards and alerts.
Though the platform is all about analysis, it has a wallet-tracking feature called Nansen Portfolio. It offers detailed charts that break down what each wallet holds, including information about tokens, chains, and whether the assets are stored in the wallet or various protocols.
A notable Nansen feature is “Smart Money,” a label for wallets because of their active and profitable on-chain history. Wallets with such labels often belong to experienced market participants with strong connections.
Arkham Intelligence
Arkham Intelligence, established in 2020, is a blockchain intelligence company that seeks to meet the rising demand for cryptocurrency information by offering specialized intelligence services designed for these markets.
One of its core offerings is a tool that connects a monitored wallet to the ones it interacts with, making it easier to understand its transactions and uncover links to other related wallets.
The platform has a unique feature that allows users to track significant entities like centralized exchanges, institutions, funds, notable traders, crypto whales, and influencers. This system allows users to monitor these entities’ holdings, transactions, interactions with exchanges, profit and loss, and other relevant data over time.
CoinStats
Launched in 2017, CoinStats is an all-in-one platform that boasts a set of tools, including real-time market data, portfolio tracking, customizable alerts for prices, volume, and market cap, multi-exchange synchronization, and access to cryptocurrency research and news. Users can access these tools through both Android and iOS mobile apps.
CoinStats makes portfolio tracking easy by supporting over 300 wallets and exchanges, simplifying the management of various holdings. It also offers portfolio analytics, providing insights into performance metrics like profit and loss data for specific timeframes, along with average purchase and sale prices.
The CoinStats Wallet is flexible, allowing users to purchase cryptocurrencies with bank cards, swap tokens between different chains, and explore staking options for potential earnings.
DexCheck
DexCheck is a new wallet tracker launched in 2023, and its many features are currently free.
DexCheck’s dashboard provides a comprehensive view of the digital asset market, featuring key metrics, trends, and real-time data on cryptocurrencies, DEXs, and NFTs. It also monitors top NFT market players, tracking their transactions and collections to identify valuable insights and opportunities.
DexCheck’s wallet analysis tool allows users to track token transactions on 10 supported blockchain networks like BNB Chain, Polygon, Base, Avalanche, Arbitrum, Cronos, and more. It also calculates profits and losses for specific tokens within a chosen time period. These functions are further subdivided to provide detailed insights into the various blockchain networks where the wallet is actively engaged.
In Conclusion
- Crypto Wallet trackers are invaluable tools for DYOR in crypto, and you need them one or the other to make wise cryptocurrency investments.
- However, tracking wallets, especially for major decisions, can be tricky and an unsustainable practice. It’s not just about knowing what’s in a wallet; investors also need to understand how long they have held those assets and why.
- Although some investors may hold assets for non-profit-oriented reasons, potentially missing out on earning opportunities. Additionally, be wary of scam tokens that manipulate wallet tracking to attract unsuspecting investors.
- Remember, cryptocurrency investments carry inherent risks, so always conduct thorough research before investing in any project. Also, don’t base investing decisions solely on monitoring crypto whale wallets or crypto wallet trackers.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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