Crypto Data Standardization – the Key to Making Insight-Based Decisions

Is crypto data standardization the key to the best market insights? When you use data from many exchanges you will notice some differences in naming or symbols. For instance, BTC could be listed as XBT. If that happens, no matter how well your analytical skills are, you won’t be able to compare the data. Plus, you can forget about drawing any accurate conclusions. Crypto data standardization is the key to the best cryptocurrency insights. This process makes the data consistent, accurate, and usable on various exchanges. The differences in data formats may cause real issues. That’s why data standardization is important in crypto market research, trading, and almost anything that happens around crypto.

Why would you need standardized data?

Without standardized data, it can be hard to make good market decisions. For example, data may be presented differently across platforms. Time rates can be measured with different levels of accuracy. This makes it difficult or even impossible to analyze data and make effective (and profitable) strategies or decisions.

Inline exporting

Inline exporting is an important way to make sure data is easily usable in real time. This is especially important in cryptocurrency, where prices can change quickly. It helps ensure that decisions are made based up-to-date information.

CoinAPI’s Market Data API inline exporting means that when you request the API for specific market data, the data is returned directly in response to that API call. It could be in JSON, CSV, or another format.

Why do we do inline exporting?

1. Speed:

The data is included directly in the API response, there’s no need to wait for a separate file to download or a separate resource to load. This makes inline exporting a faster option for getting data.

2. Real-time analysis:

Inline exporting allows for real-time or near-real-time analysis of data. As soon as the API response is received, the data can be processed and analyzed without delay.

3. Integration:

Inline exporting makes it easier to integrate the data with other systems or applications. Data is delivered in a standardized format directly within the API response. It can be easily parsed and used by your application.

Cryptocurrency Market Data API

Market Data APIs, like the one made by CoinAPI, are helpful because they offer real-time and historical data in a consistent format. They make it easier to analyze data from different sources by standardizing things like trading pair symbols and timestamps. This data is also checked by humans.

Choosing a Market Data API provider

When choosing a Market Data API, it’s important to consider things like reliability, speed, comprehensiveness, and ease of integration. Look for providers who use inline exporting and who prioritize data consistency and accuracy.

Data standardization is the key!

Data standardization is crucial for financial and cryptocurrency markets. It helps ensure that market analysis and decision-making are accurate and reliable. Companies like us make it easier to access, standardize, and use data in real time with our well-known Market Data API. As the market continues to evolve, demand for high-quality data will only grow, making these solutions even more important.