To many in the crypto market, charts are boring representations of price movements, which people analyze to generate crypto signals. You will agree that not everyone can bear to sit in front of the system all day to search for market anomalies that would inform them of possible price movements. And so, a majority of crypto participants leave technical analysis to the experts, while they opt for readymade signals. Although this is the norm, crypto practitioners must, however, find a way of analyzing market trends to grasp the fundamentals of the crypto world. This is where FiatLeak enters the fray. This platform is a fun-looking crypto chart website, which takes a different approach to crypto market tracking.
In this article, we will explore the workings of fiatleak.com, introduce you to some of its features, and assess its strengths and weaknesses.
What is FiatLeak?
FiatLeak is a platform that provides visual representations of trading activities emanating from the crypto market. Unlike other market trackers, FiatLeak focuses on the transactions involving the exchange of fiat currencies for cryptocurrencies. What FiatLeak does is that it shows the map of the world and the live streaming of cryptocurrencies from a panel of local currencies to various locations on the map. And so, if the latest sales of bitcoin were facilitated using the USD in maybe New York, a bitcoin would, hence, move from the USD icon to the United States.
In essence, we can say that FiatLeak offers a fun way of tracking the exchange of funds between the crypto market and the traditional financial industry. While this functionality is enough to convince people of FiatLeak’s viability, the platform, nonetheless, goes the extra mile to incorporate other mouth-watering features, which spurred us at Cryptolinks to mention it on our list of top blockchain visualization sites.
What are the features of FiatLeak?
An animated chart for fiat to cryptocurrencies exchanges
As mentioned earlier, FiatLeak’s most striking feature is its charts, showing the live crypto transactions involving the exchange of traditional currencies to cryptocurrencies. FiatLeaks logs the data generated on several crypto exchanges to ensure that its charts indicate the live status of the interaction between the crypto market and the global financial system. Some of the exchanges, which FiatLeak pools data from, include Localbitcoin, Luno, Huobi, Bitstamp, Binance, CEX.io, Bitflyer, and Bitcoin.com. Also, you can choose to base your chart on the data generated on all the supported exchanges or decide to streamline the chart to data from just one trading platform. Similarly, you can pick one of the several fiat currencies listed on the platform and set it as the default currency, which would reflect across the website.
That said, FiatLeaks does not restrict its resources to bitcoin alone. The platform lists various cryptocurrencies in ascending order. You can track each with the charting tool available on the site. All you need to do is scroll through the list of cryptocurrencies and click the one you want to track, and in a matter of seconds, you will access live trades and where they were executed. Needless to say, this feature provides users insights like the country that is championing a crypto’s current market run.
A news aggregator
Apart from offering charting tools to users, FiatLeak also functions as a news aggregator. Hence, the platform provides a section where you can access all the top news relating to crypto and blockchain. Moreover, it is impressive how FiatLeak has gone about segregating its news section. FiatLeak only submits news articles relating to the cryptocurrency that you are currently tracking. For example, when you are tracking Ethereum-to-fiat trades, all of the news you would access at that particular time are Ethereum-related news. More impressive is how FiatLeak chose to let popular news scroll across its website.
A price tracker
As expected, FiatLeak offers a price tracking tool for all of its supported coins. This tool goes beyond the crypto-to-USD conversion algorithm that is commonly found on other sites. Here, users can pick local currencies, apart from the USD, as the default conversion metric for the price tracker. Besides, FiatLeak also ensured that users access updated crypto prices, regardless of where they are on the website. To do this, it incorporates the same automated scrolling layout it used for news aggregation for the price tracker.
What are the pros of FiatLeaks?
Fun to view animated chart
FiatLeak transcends the complexities that are normally attributed to crypto-related products by relying on a visually captivating charting system. Watching cryptocurrencies stream into different locations on the map, in itself, evokes a feeling of being a part of a truly functional ecosystem. We believe that this is one of the motivations that brought about this website.
It supports a wide array of crypto exchanges, cryptocurrencies, and fiat currencies
A majority of crypto websites fixate on bitcoin and maybe a few of the top 10 cryptocurrencies. FiatLeak, on the other hand, takes price tracking and charting to new heights, as it supports a wide array of cryptocurrencies – even the not-too-popular ones. Likewise, it ensures that it does not rely solely on the USD for price conversion, which, in turn, establishes it as an ideal tool for the global crypto community. Then, its move to pool data from several crypto exchanges ensures that the charts are not lopsided
It is a useful tool for fundamental analysis
FiatLeak goes beyond charting and price tracking to become an integral enabler of fundamental analysis of the crypto market. And so, users can relate many things to the surge or decline of crypto trading activities. For instance, you could see the effect of breaking news on price movements and trading volumes. If a piece of news spurs people to sell or buy cryptocurrency, it will reflect in the volume of fiat-to-crypto transactions executed on exchanges.
What are the cons of FiatLeak?
Focusing on fiat-to-cryptocurrency trades is a limitation
While tracking fiat-to-crypto trade offers users a glimpse of the prevailing trends in the crypto market, it does not, however, provide the full representation of the current state of the market. Remember that participants also execute crypto-to-crypto exchanges. And there is no way you would generate quality signals if you do not consider data depicting the volume of trades involving the exchange of one coin for another.