Though most cryptocurrency investors are familiar with major projects like Bitcoin and Ethereum, new investors may not be aware that there are thousands of cryptocurrencies trading 24 hours a day and 7 days a week.
Though manually sorting through all of these investment opportunities is next to impossible, a comprehensive crypto screener can make finding your next portfolio addition easier. Our guide to the best crypto screeners will help you choose the best tool for your skill level and investing needs.
Best for New Users: CoinMarketCap
No matter if you’re a new cryptocurrency investor or an experienced professional, you’ve probably used CoinMarketCap to check on the prices of varying cryptocurrencies at least once. However, many users aren’t aware that they can also create a free portfolio to access more advanced screening tools through CoinMarketCap. Sort by industry, platform, price, algorithm and more with a single click.
In addition to screening the market for new investment opportunities, CoinMarketCap also provides a complete explanation of the technology behind all of the most popular coins and tokens on its scanner.
Simply click on an asset to learn more about it and add it to your watchlist. This feature can be both convenient and exceptionally useful for investors who are still familiarizing themselves with crypto technology.
1. Best for Heatmaps: Yahoo! Finance
A heatmap is a tool that you can use to instantly analyze how an entire sector of the market is doing as a whole. While heatmaps are common tools for stock screeners and other types of investments, Yahoo Finance is among the only crypto screeners we’ve encountered that offers a holistic view of the cryptocurrency market using its tile heatmap.
Yahoo Finance’s heatmap allows you to instantly see how the crypto market’s top players are doing each day.
In addition to heatmap views, Yahoo Finance also offers users a straightforward and simple screener ideal for new investors. Sort by price, market capitalization, volume and more with a single click.
Though Yahoo Finance doesn’t offer any of the advanced charting options as other platforms, it does provide a free and easy-to-operate choice that anyone can use.
3. Best for Asset Choice: TradingView
If you’re searching for the most comprehensive cryptocurrency screening tool, look no further than TradingView. The platform’s all-inclusive crypto screener includes more than 7,700 individual asset pairs, which ranges from crypto/crypto pairs (for example, LINK/BTC) to crypto/fiat pairs.
In addition to one of the most comprehensive screeners we’ve encountered, TradingView also offers real-time data and browser-based charting options. These features can allow more advanced users to access the charting tools that they need without downloading specialized software.
4. Best for Professionals: Cryptolume
If you’re a professional or very experienced cryptocurrency investor and you’re searching for an all-in-1 platform to enhance your trading, Cryptolume might be the right choice for you.
With power screening and scanning features, more than 1,000 algorithmic alerts are produced every 5 minutes. You can even set custom alerts, which are fed to your desktop when a particular volume change or movement is triggered.
Though Cryptolume only offers paid account options at this time, its wealth of tools and up-to-the-minute data might be worth the price for advanced investors.
What is a Crypto Screener?
A cryptocurrency screener is a specialized tool that can help you sort through investment opportunities in the crypto sphere. When you use a crypto screener, you’ll set specific parameters that you’ll use to narrow down and sort through investments.
Some examples of categories you may want to search by include:
- Total market capitalization
- Average daily trading volume
- Percentage price change in the last 24 hours
- Specific charting patterns and formations
After setting your search criteria, your crypto screener will filter through thousands of cryptocurrency projects and show you only those that match what you’re looking for. This can help save time and effort when looking for new opportunities.
Benefits of Crypto Screeners
Working with the right crypto screener can enhance your trading and help you narrow down cryptocurrency investment opportunities. Let’s take a look at a few of the benefits you’ll gain when you use a crypto screener before making a trade.
Crypto Screeners Help You Identify New Crypto Projects
There are thousands of cryptocurrency projects, coins and tokens available to buy and sell on major exchanges. New projects are also being introduced to the market on a daily basis. It’s impossible to manually sort through every coin and token available for trading on your own — especially if you’re a short-term investor who needs to do recurring due diligence on a daily basis.
When you use a crypto screener, you can narrow down investments based on specific factors and entry points. For example, if you’re a frequent trader, you might look at which projects are showing unusual volatility that day to plan where and how you want to earn incremental returns on your investment.
Crypto Screeners Instantly Identify Charting Patterns
In addition to the types of standard price and volatility screeners, you can also use crypto screeners to instantly identify coins and tokens that are forming charting patterns that may signify an entry position.
For example, you might want to look for investment opportunities that are showing a MACD crossover or which has a SMA that is starting to trend upward. If you’re still learning about how to chart and you’re looking for AI-powered assistance, a comprehensive crypto screener with support for charting identification can be a time-efficient way to find the patterns that coordinate with your trading strategy.
Your Crypto Screener May Provide You With a Holistic View of the Market
Select crypto screeners (like the Yahoo Finance crypto screener) provide you with a heatmap that shows you how the overall market is doing with just a single glance. Some crypto screeners might even allow you to customize your tiles to show you how your largest holdings are performing in the last 24 hours.
This can be a major benefit for frequent cryptocurrency investors, as an instant oversight of the market can help you decide which coins and tokens are undervalued and when the ideal time to enter the market is.
How do Crypto Screeners Work?
If you’ve ever used a stock screener in the past, you’re likely already familiar with the basic way that cryptocurrency screeners work. Crypto screeners use AI-powered technology to provide you with an easier way to identify cryptocurrency trading opportunities.
After specifying what types of coins and tokens you’re interested in viewing, your crypto screener will search through the market and show you only crypto pairs that match what you’re searching for. This means that you’ll no longer need to endlessly scroll through pages of thousands of unique coins and tokens to locate your next trading opportunity or investment.
The way that you’ll use your crypto screener will vary depending on your unique trading strategy and the parameters offered by the company that issues your screener. For example, if you’re a long-term trader, you might use your cryptocurrency screener to narrow down investments by its volume or total market capitalization growth over a period of months or years. If you’re a short-term investor, scalper or swing trader, you may want to search for cryptocurrencies that are available on exchanges with the lowest fees and which show unusual volume or price activity.
Don’t be afraid to spend some time cultivating your trading strategy before you select the ideal screener for your needs. Even the best cryptocurrency screener won’t include every scanning criteria that can possibly be used to detect trading opportunities. Knowing what you’re looking for before you start your search and utilizing demo accounts can ensure that you don’t end up paying for a screener that doesn’t fit your trading needs.
Using a Crypto Screener to Enhance Your Trading
If you’re familiar with the use of stock screeners, you probably already know that you’ll need to set your search parameters before you can begin using your crypto screener to its fullest extent.
You might want to take some time monitoring the current market and using a crypto charting platform before you invest in a screening tool. Becoming more familiar with market volatility and how the coins and tokens that you want to trade frequently move can be crucial when it comes to selecting the right screener for your unique trading style and preferences.
Frequently Asked Questions
Q. How can I detect crypto opportunities with a crypto screener?
Before you can use a cryptocurrency screener to detect trading opportunities, you’ll need to know which characteristics you’re searching for when you compare trading opportunities. After you’ve defined the technical indicators that you’re searching for, use your screener to apply them and filter through trading opportunities in less time.
Your screener will only show you cryptocurrencies that match your pre-specified conditions, and you can apply multiple filters to narrow down your search to an even more specific level.
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