The cryptocurrency market is notoriously complex and highly volatile, making it crucial to have a mechanism to understand its behavior. To address this need, blockchain analysis tools offer investors different metrics and statistics to decipher market patterns.

With these tools, investors can navigate the complex data blockchain networks generate and make informed decisions. We have seven of the best free blockchain analytics tools to help you interpret data and make sound investment choices.

1. DeFi Llama

DeFi Llama interface

DeFi Llama is a top-tier tool for analyzing decentralized finance (DeFi) projects. It offers aggregated data for different market statistics, allowing you to track the performance of a project. With the platform's sorted list of trading pairs, you can easily find high-performing liquidity pools. In addition, DeFi Llama's user-friendly dashboard enables you to keep track of staking, borrowing, lending, liquidity, and other activities in DeFi.

The platform is renowned for providing accurate total value locked (TVL) data for a protocol. TVL is one of the most significant indicators for DeFi, as it shows the total amount of tokens deposited in a protocol. A higher TVL generally indicates that investors trust the project. You can also use the value to compare it with a token's market cap and check its pricing.

DeFi Llama is an open-source platform with a decentralized system supported by a team of contributors who provide data analytics. The platform currently supports around 150 blockchains and 1,500+ DeFi protocols.

2. Etherscan

Etherscan interface

If you're an Ethereum user, you might have heard of Etherscan. So, what is Etherscan, and how does it work?

It's a specialized blockchain analysis tool designed for the Ethereum community. Its search bar, blockchain explorer, and API simplify data tracking for Ethereum users. With Etherscan's tools, you can easily check various metrics such as transaction volumes, addresses, gas prices, and more.

However, the platform's most prominent feature is its ability to verify smart contracts. With Etherscan, you can track any pending Ethereum transaction in real-time. The platform's search bar allows you to enter the transaction ID or the wallet address of the sender or receiver. Once you initiate the search, Etherscan instantly displays the transaction history and other related details.

3. DappRadar

DAppRadar interface

DappRadar is a free website that provides data related to decentralized apps, including DeFi, blockchain games, and NFTs. With access to over 10,000 different DApps in the crypto market, the platform covers DApps from around 50 protocols and offers an easy way to discover new innovative projects.

DappRadar introduces features such as coin tracking, coin analysis, industry overview, the latest market reports, and tracking NFT collections. In addition, the platform ranks DApps based on three metrics: Balance, Volume, and Unique Active Wallets (UAW).

In addition to providing an explorer for decentralized apps, DappRadar offers several exclusive features. Using the platform, you can manage your wallets, participate in giveaways and airdrops, and swap tokens between some of the supported blockchains.

4. Glassnode

Glassnode interface

Glassnode is a powerful blockchain analysis tool that offers in-depth market research. The website's market intelligence includes unique wallet addresses, OTC firms, exchanges, miners, and others. All the crypto firms are listed on the Glassnode platform, where you can easily track their live data. Additionally, each metric has several other functions, allowing you to build a detailed analysis. The platform's metrics library includes over 200 items and takes into account more than ten years of data to present accurate insights.

Furthermore, you can make your analysis more professional using TradingView. Glassnode allows integration with TradingView charts, so you can get better insights.

5. Dune Analytics

Dune Analytics interface

Dune Analytics is a popular tool for analyzing cryptocurrency markets. This free platform provides insightful charts that help you keep up with market trends. Dune Analytics offers a user-friendly platform where anyone can explore, create, or share their market knowledge. In addition, the technical analysis charts are easy to understand, making them useful even for those new to the world of cryptocurrency.

These visualized technical analysis charts can help you track short- and long-term trends and compare the performance of different networks. By providing you with valuable insights, they can help you make informed decisions.

One of the standout features of Dune Analytics is its ability to create custom charts and dashboards through SQL. You can easily create charts to suit your needs with human-readable SQL queries.

6. Messari

Messari interface

Messari is also recognized as one of the top-rated on-chain analysis tools. It enables users to track the performance of a trading pair across various exchanges in a single platform. It covers a wide range of decentralized applications such as DeFi, NFTs, and Web3. The platform also features a customizable list of trading pairs, allowing users to generate data-rich charts.

Furthermore, Messari allows for comparing different digital tokens and provides numerous time metrics that enable users to evaluate cryptocurrencies over a given period. Additionally, it offers a way to manage a team's resources efficiently.

7. CryptoSlam

CryptoSlam interface

CryptoSlam is a blockchain analysis tool designed to trace and discover NFTs. It serves as an excellent platform for investors to explore newly-launched NFT projects across over 15 blockchains.

Using CryptoSlam, users can determine which NFT projects best suit their investment objectives. The website provides valuable insights into the buying and selling behaviors of top NFT traders, which may help investors create their own investment strategy in the NFT market.

Using Blockchain Analytics to Make Informed Decisions

Given the volatility and complexity of the emerging crypto market, investing in cryptocurrencies is challenging and complicated. So, blockchain analytics is crucial to monitoring and understanding the crypto market's operation. In addition, data insights are vital in improving investment decisions.

Thankfully, various tools are available to help investors learn about market trends, enabling them to make more informed decisions on whether to buy, hold or sell. These tools provide a framework to understand market patterns, ultimately helping investors achieve better profits. Therefore, integrating crypto analysis tools into your investment strategy can prove to be immensely beneficial.