Crypto screeners, just like stock screeners in the traditional stock market, are tools utilized by crypto investors and traders to enable them to enhance their trading decisions. It is a web interface that helps traders find an easier way to identify cryptocurrency trading opportunities.
In using crypto screeners you will have to set specific parameters such as market price, market cap, average daily trading volume or specific charting patterns. After setting the specific parameters, the crypto screener will filter out thousands of cryptocurrency projects and will show you which ones match what you seek.
Examples of criteria for crypto screeners
Different crypto screeners use different approaches to generate results and rankings of cryptocurrencies. The following are the most frequently used search parameters:
How do I use crypto screeners?
Using a crypto screener is relatively easy as you toggle values for certain criteria.
To get started, you would select which criteria you are interested in filtering such as price, volume, circulating supply or many others. For instance, you can check whether you want to see coins with a specific market cap or volume or coins added to the exchange within a specific time frame.
If we look at the example below using CoinMarketCap, we are able to create a filter for cryptos that have a market capitalization between $1 billion and $2 billion.
Once you've entered your criteria, the site will show you all of the cryptocurrencies that meet the requirements you have entered. You can filter them by market cap and volume to see only highly liquid coins or sort them by price (ascending or descending).
Continuing with the example we stated above, we now have a list of cryptos with market capitalization between $1 billion and $2 billion:
Benefits of using crypto screeners
Let's look at the advantages of using a crypto screener before initiating a transaction.
Crypto trading can be an emotional rollercoaster. To counter that, you can leverage crypto screeners to make decisions based on facts and data. By eliminating emotions, you can also eliminate biased decisions which can affect your return on investment.
For instance, let’s look at a common investing trap. You have seen people hyping ZXYZ crypto on Twitter and Facebook and you decide to buy, fueled by FOMO. Three days later, the price has plummeted as the chatter died down and people who bought early cashed out.
Imagine manually sifting through thousands of cryptos only to find only one crypto to your liking. There’s no point overwhelming yourself with data when you can simplify the search process. All crypto screeners allow you to input numerical ranges for different criteria as well as input minimum and maximum values to further narrow cryptos into a list, quickly and easily.
Real-time data updates
Crypto screeners update their prices and other criteria regularly. For example, if you wanted to find the top 5 cryptos with the largest price movement in the last seven days, screeners will have up-to-date info for that.
Some crypto screeners such as Coin360 provide a heatmap that tells you how the overall market is doing in a single glance. Some cryptocurrency screeners may even let you customize the display to include your portfolio and show you how your top holdings have performed in the previous 24 hours.
New investment opportunities
In addition to screeners with typical price and volatility features, crypto screeners may be used to rapidly discover coins and tokens that are generating charting patterns that may indicate an investment opportunity. For instance, you may recognize a bullish flag signaling a major breakout in a cryptocurrency’s chart and target that for further research to confirm the indicator and buy it.
Read more: 4 Tips to Maximize Your Crypto Investment
Popular crypto screeners
Here are five popular cryptocurrency screener tools to add to your arsenal:
This is one of the most popular crypto screeners on the market. The site also has a news feed and other information about the top 100 cryptocurrencies. It is an excellent tool for finding cryptocurrency prices, market caps and the allocation of cryptocurrencies.
CoinGecko is another great crypto screener to use when looking for information on your favorite cryptocurrencies. They have more than 1,500 coins listed on their site with price charts and other helpful information about each coin's trading volume and price changes over time.
Messari aims to provide up-to-date data. It's robust, giving you a complete view of all the data you need to make an informed decision in just one click. It also comes with several valuable features that make it easy to use, like its cryptocurrency directory which lets you see all of your holdings at once. There is also a subscription plan for advanced features such as screener customizations and real-time alerts.
DappRadar is another useful crypto screener because it has all of the same features as Messari, plus some extra ones that make it easier to keep track of your portfolio. For example, DappRadar lets you see how much each token is worth in U.S. dollars, bitcoin (BTC) or another denomination, making it easier for newcomers who are just getting started with cryptocurrencies. It is also really useful to see data on other digital assets including non-fungible tokens (NFTs) and Web3 projects like decentralized apps (Dapps) and play-to-earn games.
Read more: The Crypto Fear and Greed Index, Explained