CoinAPI now provides CCi30 with real-time crypto data API. As a result, CCi30 can track cryptocurrency dynamics live, covering a wide range of digital currencies.
The key role of indices in cryptocurrency
Today, indices are crucial in monitoring crypto market trends. Despite their volatility and regulatory uncertainties, digital currencies have nonetheless attracted many investors. Consequently, the financial world can no longer ignore cryptocurrencies. Therefore, indices help launch and improve crypto-based products in traditional finance.
Read everything you need to know about crypto indexes
Simplifying market analysis
Crypto indices offer an easy way to overview crypto markets. Thus, this saves time for traders and analysts, who don’t need to search the entire market.
Risk diversification and market accessibility
Crypto indices spread risk by investing in multiple cryptocurrencies at once. While crypto mutual funds and ETFs are still rare, some investors see indices as a good alternative. Moreover, they allow portfolio diversification with a single investment. Additionally, indices make the crypto market more approachable and boost liquidity. Furthermore, their existence may encourage non-crypto investors to take the market more seriously.
Reliable data: key to successful crypto indices
Indices need reliable data to succeed. That’s why CCi30 chose CoinAPI. In order to understand this better, we talked to Carlo Scevola, CEO of CCi30, about how they use real-time crypto data API.
The challenge
The crypto market constantly changes, with new coins appearing and disappearing daily. As cryptocurrencies became tradable assets, the need for index products grew. Therefore, CCi30 sought a reliable, affordable real-time data stream. Ultimately, CoinAPI met their needs with a high-quality, always-available data feed and customizable APIs.
CCi30 faced these challenges:
Lack of real-time crypto data API
CCi30’s main challenge was finding a market data API offering instant access to real-time and historical cryptocurrency data. They needed streaming market data, rather than being restricted to minute or daily bar data pulls.
Time-consuming data collection
CCi30 struggled to gather crucial information from various sources, which was extremely time-consuming. They sought a partner who could quickly integrate and provide all essential data. Moreover, piecing together data from free sources was tedious and frustrating. This process was not only difficult but also required significant time and effort.
Poor data quality
Unreliable market data APIs pose a major problem for businesses needing dependable information for decision-making. These APIs often provide inaccurate pricing or outdated data. Additionally, they can be slow or have technical glitches, making them hard to use. Consequently, businesses end up with unreliable and challenging-to-use market data APIs. This situation hampers effective decision-making and operational efficiency.
The solution: real-time crypto data API
CCi30 needed a reliable real-time data feed to stay relevant. As a result, they chose CoinAPI’s feed, which allowed them to offer users an accurate, daily-updated index.
The CCi30 Cryptocurrency Indices use a methodical approach to bring more clarity to the ever-changing crypto market. To create these indices, CCi30 uses pricing data from CoinAPI, a trusted provider of cutting-edge market data API services for crypto assets.
CCi30 picked CoinAPI’s feed for two main reasons: its reliability and affordability. CoinAPI offers pricing information for over 16,000 digital assets, including many popular cryptocurrencies like Bitcoin, Ethereum, Tether, and Litecoin. Moreover, CoinAPI calculates costs from more than 300 digital exchanges, focusing on the largest and most reliable ones that form a significant part of market liquidity.
Results
CoinAPI delivers high-quality, real-time data on a wide range of cryptocurrencies. Furthermore, they create user-friendly APIs tailored for developers, analysts, and fintech companies.
By leveraging CoinAPI’s real-time crypto data API, CCi30 achieved several significant benefits:
- Faster data access: This allows for more timely analysis and decision-making.
- Reliable data source: Ensuring accuracy in their indices and reports.
- Deep cryptocurrency coverage: Providing a comprehensive view of the market.
- Reduced price volatility: Offering more stable and consistent data points.
These improvements have significantly enhanced CCi30’s service quality and reliability.
Are you interested in using CoinAPI for your own product? If so, we’ve prepared a detailed article that explains how our API works and highlights the top features of our Market Data API. This resource will help you understand how CoinAPI can add value to your cryptocurrency-related projects and services.
