The world of cryptocurrency is extraordinarily overcrowded and diverse. According to Statista, the number of cryptocurrencies has grown from 66 in 2013 to 10,000 in 2022. Further, blockchain technology enables crypto entrepreneurs to launch their cryptocurrency all across the globe.
This cut-throat competition makes it challenging for crypto entrepreneurs to attract investors. Therefore, like other businesses, competitor analysis is crucial to outpace the competition in the cryptocurrency market.
While there are many crypto trackers available, manual tracking of all is merely impossible. Moreover, unlike traders, a crypto marketer has to monitor other aspects like news mentions and social media activity of crypto competitors.
You can easily overcome these challenges with the right strategy and tools. To make things simple for you, here is a step-by-step guide to crypto competitor analysis.
As mentioned, crypto marketers weigh several options and adopt strategies to beat the competition. The following steps, paired with a good marketing strategy, are crucial for assessing market trends, opportunities, and threats.
It is rightly said by the Chinese philosopher Sun Tzu, "If you know the enemy and know yourself, you need not fear the result of a hundred battles." So, first, know who your competitors are.
Moreover, due to the diverse nature of the crypto market, you can't track all currencies. So, to create a well-defined road map, it is vital to filter your competitors.
To identify your competitor from a league of thousands of cryptocurrencies, you must know how to analyze each one. Here are some indicators to take into account when defining whom you're competing against:
Thanks to blockchain technology transparency, you can easily find this valuable information on leading crypto exchanges and crypto tracker websites.
Here are some of our tracker recommendations you can consider for your competitor analysis:
CoinTree: This top Australian cryptocurrency exchange hosts over 160 cryptocurrencies. On their site, you can get vital data about a cryptocurrency, like current trading price, market cap, traded volume, supply, and many more. Additionally, you can also compare two assets on this website.
Binance: An international crypto exchange with more than 360 cryptocurrency listings. The dedicated Binance market site offers detailed information about the assets' last prices, market cap, token price charts, etc. Additionally, the news and latest announcement section keep investors updated.
CoinMarketCap: This crypto tracker is the favorite destination for investors to get coin stats, crypto news, and live crypto prices. You can refine your search based on different criteria. For instance, you can get a list of coins added in the past 24 hours.
Similarly, you can search other top crypto tracker websites to find your crypto alternatives.
Once you've compiled the list of competing coins you'll monitor, head out to their websites and look out for:
Suppose your crypto competitors are significant or relevant enough to be discussed or commented on by the media. In that case, you must search for expert opinions on each coin and different points of view. With the help of specialized media tracking tools, you can keep a complete record of your competitor's press mentions on various platforms.
Here are some of the top crypto news websites you can monitor through a press clipping:
With the help of a press clipping, you can keep track of these news sites' homepages and stay updated on the hottest coins and topics. Similarly, you can search for your competitors on these sites and keep an eye on the results.
The relationship between social media and cryptocurrency is strong. Like traditional finance, cryptocurrencies have sudden drops and highs, leading investors to sell or buy quickly. Suppose someone is deeply invested in this environment. In that case, most likely, they're referring to Twitter or Telegram to get the latest updates.
That is why you need to run queries for your competitors: to see what others are saying and how it is perceived. Besides the metrics you analyzed, how people perceive the project and their trust in it are also crucial. You can also analyze your competitors' brand tone, content, and messaging by following them on their social profiles.
Social media is also key to getting first-hand opinions and experiences from other users. For example, you can follow the latest trend by following hashtags, such as #crypto #cryptonews or #cryptotips. Similarly, you can follow top experts in the crypto industry on Twitter, Facebook, or telegram.
Once you have decided on the accounts you want to track, you can keep them all together and at hand by adding them to a Twitter list. To know how to automate the monitoring of all vital feeds, check out how to use Twitter lists as a tracking tool.
No matter what other enthusiasts recommend, doing your share of research is advisable. Several tools can give you an idea of a particular coin's validity. With these tools, you can also check their background to look for fraud or scams.
Tools like Poocoincharts or Tokensniffer can be tracked for a few days to see if anything weird comes up. You can also use blockchain tracking tools like TRM labs, Coinpath, and Elliptic to mitigate risks involved in crypto markets.
Now that we know all the steps to crypto competitor analysis, it is time to ask the most critical question - how do I juggle it all? Of course, you could field a professional team to perform all processes effectively, but this comes with a cost in terms of resources, time, and money. So, why not trust automation?
With Stillio's automated screenshotting tool, you can easily assign the URLs you want to monitor and get all the information on your competitors from your desired sources directly into your account to analyze when needed. Set the frequency and interval for the screenshot to be taken, be it daily, weekly, monthly — even up to 5 minutes with the best plan. Now, sit back and relax; you will get a notification when these screenshots get delivered to your drive.
You can access and compare these compiled data at your comfort. To know more about crypto tracking with Stillio, read our Crypto Snapshot Guide.
One of the keys to succeeding with your crypto project (or any project!) is to always keep an eye on your competitors. Knowing what they're up to on different platforms does not have to be always complex or costly.
Our screenshotting tool can easily outperform advanced tools in crypto competitor analysis. You can assign URLs of crypto news sites, social media accounts, or competitors' websites to get automated screenshots at a frequency of your liking. Experts at Stillio are ready to answer your questions; book a free demo!