How Axyon AI utilizes Market Data API for crypto anomaly detection

Cryptocurrencies have taken the world by storm, becoming a pivotal component of the global financial system. With the increasing number of individuals investing in these digital assets, the likelihood of encountering crypto anomalies escalates. These anomalies represent unusual or abnormal behaviors in the cryptocurrency market that deviate from expected norms. Detecting these anomalies is crucial and requires a deep understanding of market dynamics. Here’s how the Market Data API for Crypto Anomaly Detection from CoinAPI addressed Axyon AI’s challenges in navigating and identifying these irregularities in the crypto market.

Detecting crypto anomalies is essential for any investor looking to navigate the volatile cryptocurrency market. And to prove the power of analyzing crypto anomalies, today we spoke with Axyon AI, a fintech company with a mission to bring asset managers to the future with superior & accurate AI predictive solutions. Incorporating AI into crypto investment strategies has become increasingly critical, especially considering the unpredictability and rapid changes in the market. According to CoinStats research, AI has significantly affected the crypto market, providing tools to make better informed and timely investment decisions.

Today, Axyon AI is an experienced team of data scientists and software engineers, and quantitative finance researchers and analysts. We discuss with Jacopo Credi, Chief Technology Officer, how Axyon AI powers its AI investment platform with a crypto anomaly detection solution using the Market data API from the CoinAPI solution. 

The challenge

To detect any unusual activity in the cryptocurrency market and perform predictive analysis, Axyon AI was searching for a dependable API with accurate cryptocurrency data to identify irregularities in cryptocurrency assets with precision and in real time. Axyon AI uses machine learning algorithms and artificial intelligence to analyze vast amounts of data in real-time. This allows for the detection of even the slightest irregularities, which can then be flagged and investigated. 

Here are the challenges Axyon AI faced when building a crypto anomaly detection solution

1. Lack of reliable, high-quality sources of historical and real-time cryptocurrency data to run crypto anomaly detection solution

Axyon AI faced a challenge in obtaining dependable and superior sources of both historical and real-time data on cryptocurrency. This was crucial in enabling them to quickly detect any anomalies. Their difficulty lay in locating a single source that provided all the necessary cryptocurrency data, rather than having to integrate with multiple tools and manually research each source.

2. Lack of aggregated data

A problem that Axyon AI encountered was the lack of consolidated information. They had to collect data from multiple sources, which was a time-consuming task that involved researching each piece of data separately.

3. The manual process of getting data from multiple sources

Gathering data from various sources manually is a time-consuming task that requires expertise. Obtaining market and cryptocurrency data involves searching through numerous websites and vendors, making it challenging to find a single source of comprehensive data. Some APIs may specialize in certain cryptocurrencies or provide more data on certain ones than others.

The solution 

Axyon AI was on a mission to bring asset managers to the future with superior & accurate AI predictive solutions. Their goal was to provide their clients with an anomaly detection solution that would enable them to identify any anomalies in the cryptocurrency market. By quickly identifying and addressing any issues, investors have greater confidence in making the best investment decisions and managing their investment strategies better.

Axyon AI needed reliable crypto market data for its anomaly detection solution. After researching several options, Axyon AI chose CoinAPI as its source of data because of its comprehensive, reliable coverage of cryptocurrency markets. Axyon AI utilized CoinAPI’s dependable cryptocurrency information to create efficient machine-learning models that allowed the company to alert its clients promptly about possible disturbances or abnormal behavior. No information has been left out while paraphrasing the original text. 

Results

A partnership between CoinAPI and Axyon AI has allowed the fintech company to establish a solid bond with its cryptocurrency clients. The provision of top-notch market data by CoinAPI has enabled Axyon AI to save valuable time and resources, which they can now devote to enhancing their anomaly detection solution and AI models for business expansion. CoinAPI takes care of various minor details, allowing Axyon AI to concentrate solely on delivering value to its clients. 

Utilizing Market Data API for Crypto Anomaly Detection: CoinAPI’s Solution to Axyon AI’s Challenges

1. Get access to Market data API with historical and real-time streamlined to run crypto anomaly detection solution

CoinAPI can provide real-time data on cryptocurrency prices and trƒading volumes. Axyon AI is utilizing CoinAPI’s APIs to access cryptocurrency data, which helped them to develop machine-learning models for their AI-based anomaly detection service. This high-quality market data saved Axyon AI time and resources, enabling them to focus on the solution and AI model development for business growth.

2. Comprehensive coverage of cryptocurrency

CoinAPI specializes in cryptocurrency data and provides extensive coverage of various cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many others. Our API provides real-time prices, historical data, trading volumes, order book data, and other relevant metrics. Other market data APIs may have limited coverage of cryptocurrencies or may not cover them at all. It’s important to choose an API that provides the level of coverage required for your specific needs.

3. Save time and resources that would have otherwise been spent on data collection and processing

Using a Market data API can save time and resources that would have otherwise been spent on data collection and processing. Instead of manually collecting data from multiple sources, which can be time-consuming and error-prone, a Market data API can provide real-time data in a standardized format, which can be easily integrated into existing systems and workflows. 

4. Flexibility and ease of integration of the data API

Market data APIs are designed to be flexible and easy to integrate into existing systems using standard formats and protocols. They can be accessed through programming languages like Python, Java, or C#. SDKs and libraries are also available for popular programming languages to make integration easier. Market data APIs provide flexibility to customize data retrieval based on specific needs, with options like real-time streaming or batch downloads and different data sets or subsets. Market data APIs offer flexibility and convenience by working on desktop applications, mobile apps, and web-based platforms. They are a valuable tool for traders, investors, and developers to access and analyze market data tailored to their specific needs. 

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