How crypto-traders can set up a simple and free spreadsheet to track the technicals, fundamentals and sentiment of 900+ cryptocurrencies.
With the rise of cryptocurrencies, leads to a wealth of data. Sometimes the data is in different places or limited by the number of crypto-assets supported.
One useful tool for cryptocurrency traders is Sanbase, which aggregates data from various sources: the blockchain itself, exchanges and social media. In this article, we'll talk about SANsheets, a plug-in for Google Sheets that allows you to pull data from Sanbase.
Using SANsheet to Analyse Technicals, Fundamentals and Sentiment
First, you have to download the SANsheets plug-in. Open a new Google Sheet, go the Add-ons toolbar, select 'Get Add-ons' and enter SANsheets in the search box. Click on install.
Once installed, you willl have to activate the add-on to pull data from Sanbase. To activate, go the the Add-ons toolbar and you should see SANsheet from the dropdown list. Click on 'SANsheets' and click on 'Activate'.
Now we are ready to pull data from Sanbase. You could choose to create a spreadsheet for each cryptocurrency individually, detailing technicals, fundamentals and sentiment. Or you can create a single sheet for various cryptocurrencies to compare them.
Working with the formulas listed here, I've pulled various metrics for different crypto-assets into separate Google sheets for each one. The metrics I've included have full data if you have a free membership on Sanbase:
- Price: The daily closing price of a crypto-asset,
- Volume: Trading volume (read more about why volume is important here),
- Market capitalisation: A measure of the network value of a crypto-asset, calculated as price multipled by the number of circulating coins,
- Price-volume difference: Difference between the change in price and change in volume,
- Active addresses: The number of active addresses on the network (read more about this on-chain fundamental here),
- Developer activity: The developer activity for a cryptocurrency,
- GitHub activity: Activity on GitHub for a cryptocurrency (needs to be interpreted with caution across cryptocurrencies. E.g., Bitcoin is digital gold while Ethereum is a smart contract platform, so GitHub activity might be higher. Litecoin is based on Bitcoin's codebase and using GitHub activity, it may seem as if development is stagnant),
- Mentions in professional trader chats: The number of mentions a cryptocurrency has in professional trading chats,
- Mentions in Telegram chats: The number of mentions a cryptocurrency has in Telegram chats, and
- Mentions in Discord chats: The number of mentions a cryptocurrency has in Discord chats.
For instance, you can use the following command to pull price/volume data for bitcoin:
=SAN_PRICES("bitcoin", DATE(2020,1,1), DATE(2020,8,17)) The data for BTC-USD between January 1, 2020 and August 17, 2020, will be pulled and arranged in columns - as shown below:
To analyse other crypto-assets, you can replace the first argument of the formula ("bitcoin") with the name of the asset you want to analyse, e.g., "ethereum" for ETH, "litecoin" for LTC, "chainlink" for LINK, and so on.
A few fundamental metrics also have full data availability for free: the number of active addresses, GitHub activity, and development activity. If a coin is rising in value, we want to see improving on-chain fundamentals to justify the higher valuation. One of the most important on-chain metrics is active addresses, which can be used to assess whether a coin is under or overvalued.
For instance, if a coin is rising very fast in terms of price but active addresses are stagnant, then it suggests that the number of new users isn't growing which may mean that the higher price is not justified. Of course, you want to look at a wide range of on-chain indicators and assess them in conjunction with one another.
To pull active address data for bitcoin Year-to-Date, use the formula:
=SAN_ACTIVE_ADDRESSES("bitcoin", DATE(2020,1,1), DATE(2020,8,17))Development activity is another vital indicator for cryptocurrencies, since it shows the dedication to the project and is a proxy measure (although not perfect) for the innovation potential of a cryptocurrency. The development activity can flag projects that have unsustainable rallies - i.e., a coin that is rising in value but development is stagnant. While in the short-term, a trader may make money from such a coin, in the long-term the coin may be a riskier bet if development activity is negligible.
All of the free sentiment metrics are included the sheets I've prepared: these are number of mentions in professional trader chats as well as mentions in Discord and Telegram chats. If there is a spike in the number of mentions of a cryptocurrency, it could indicate that a top or bottom in the price is forming or will form.
To pull data for the number of bitcoin mentions in professional trader chats, the following formula is used:
=SAN_SOCIAL_VOLUME("bitcoin", DATE(2020,1,1), DATE(2020,8,17), "PROFESSIONAL_TRADERS_CHAT_OVERVIEW")SANsheet Templates
To provide an overview of different crypto-assets with ease, I've created some templates (including all of the free metrics from Sanbase) for the most popular cryptocurrencies:
You can then update the sheet daily to get the latest data by changing the second DATE term in the formulas (they are always in row 3).
One downside is that each time you use a command in the SANsheets plug-in, the date is returned for each metric. Therefore, in the templates, only the first date column is shown and the rest are hidden for clarity.
You can format them as you want or amend them to anlayse different cryptocurrencies by changing the formulas (replace "bitcoin" with the name of the coin of your choice).
These templates can be enhanced if you have a premium membership with Sanbase, which gives you access to many more indicators and metrics. With a free account, certain metrics (such as realised capitalisation or net exchange flows) are delayed by one month.
Nevertheless, these templates are a useful tool providing an overview of the price action, network health, and sentiment of more than 900 crypto-assets.
Disclaimer: I am not a financial advisor and you should always do your own research. I do not take responsibility for any trading decisions you make. These sheets are for informational purposes and there is not guarantee that it will enhance your trading decisions. I do not work for Sanbase and have not received any compensation for this article from them.