Today, for the first time in history, we have access to round the clock news right at our fingertips. The internet has created a new environment which never sleeps, and there’s a vast array of news and social sources at our disposal.
When it comes to cryptocurrency trading, markets which are moved dramatically by sentiment every day, how do professional traders separate the credible and worthy news, from the unimportant?
Blokt spoke to Tomasz Przybycień, Co-Founder of the Algory.io crypto news aggregator project, to find out how their solution curates the very best content for high volume cryptocurrency traders who need news fast.
What is Algory and its Cryptoscanner?
Algory and its proprietary platform Cryptoscanner is a multifunctional tool for cryptocurrency traders. Established in 2017 in Poland, Algory is the most actionable crypto news aggregator ever built for individual traders.
The Cryptoscanner News Aggregator allows users to scan over 1,000 unique news sources to inform their trades. Additionally, Cryptoscanner allows its traders to analyze market data from 18 different cryptocurrency exchanges, and implement over 100 combinations of different filters and alerts to enhance their trading experience.
The Algory team has over 25 years of combined experience in U.S. stock market trading and has been involved in the cryptocurrency markets since 2013.
“The Algory team have seen how the cryptocurrency markets have grown in last few years, but up until now, there has been a lack of cryptocurrency trading tools. Based on our experience and needs, there is a huge requirement to analyze data from exchanges and news, which is why we decided to create the Cryptoscanner suite of tools.”
The Algory team deliver a platform which analyzes data much faster than possible manually, scans and filters data to provide users with accurate trading signals, and filters and prioritizes the most important news sources.
Most importantly, Algory’s solution delivers this service all in real time, to make sure its users always stay one step ahead of the crypto markets.
Why is a Crypto News Aggregator Needed?
The cryptocurrency market, more so than other traditional markets, is subject to high volatility, and can move drastically sometimes even on insignificant news. During the dizzying heights towards the end of 2017 and throughout the bear market of 2018, this was particularly prevalent.
Sharing how this affected the trading experience, Przybycień explained:
“The cryptocurrency market has changed since 2017 and 2018. Back then, even seemingly unimportant news drastically affected the prices of certain cryptocurrencies. Personally, I remember cryptocurrencies which moved over 100% in a flash, just because someone from the team posted a video update for example, which was a ridiculous overreaction to news.”
Instead, Przybycień continues, the cryptocurrency markets are now maturing and beginning to resemble the equities markets more closely. As markets mature, so too is the crypto news quality and the ways in which traders access it.
As major news is still a catalyst for price swings, Algory’s news streamer solution allows traders to access and make informed decisions on the latest news before the majority of the market does.
Price Alerts and Filters
The Algory platform allows users to take advantage of 41 filters and 22 different news and trading alerts, which can be set according to specific traders needs. Likewise, Algory users can combine different filters and alerts, to create one single seamless news scanner which meets all necessary criteria.
Some examples of metrics which users can include in their filters are price changes, volume ratios, technical analysis, candlestick patterns, bid and ask spread, transactions and trade analysis, the spread on a particular trading pair, volatility and overall market cap.
Additionally, users can specify a range of time intervals for price alerts and filters from as little as 1 minute to 1 day.
Algore’s Unique News Sources
Critical to any good news aggregator is the quality and quantity of its sources, and Algory draws on a vast array of crypto news websites, social media sites, blogs, and more to locate and curate the best and most relevant content for its clients.
Expanding on Algory’s range of sources, Przybycień says:
“At the moment Algory has over 1,000 unique sources which feed into our Cryptocurrency News Aggregator. Of these sources, some of the major contributors are crypto news websites, industry leading blogs, and the social media channels of industry influencers, including Reddit, Twitter, and YouTube channels.”
On Cryptoscanner alone, Przybycień adds, the Algory team has been scanning 18 unique exchange operators, over 30 separate markets, and over 1,250 individual cryptocurrencies to track and interpret trends and market shifts as they occur.
“We are constantly adding new improvements and new sources. Regarding Cryptoscanner specifically, we will soon be implementing a brand new integrated payments system, offering around 50 different candlestick patterns to give traders maximum flexibility, and adding more filters and alerts accordingly.”
Algory’s Speed Edge
As cryptocurrency markets are seeing widespread maturation, and more professional traders are entering the industry to make frequent trades, the number of service providers offering trading tools and cryptocurrency news aggregators has likewise increased.
Similarly, Algory has implemented a suite of tools, which allow users to optimize their workspaces for maximum speed and efficiency while making trading decisions.
Sharing how Algory has remained agile in the face of competition, Przybycień says:
“Yes, there are now a few different cryptocurrency news aggregators and trading tool providers around. However, at Algory, we have always provided a much quicker news aggregation service than our competitors. Our tests have shown we can provide traders with the most important curated news in between 2 and 120 minutes, depending on the news source.”
The ALG Token
The ALG token is an Ethereum based ERC-20 token, which was first offered through a successful token sale which concluded in Q4 2017. As a utility token, ALG will be used to pay for services within the Algory platform ecosystem.
On the functionality of the ALG token, Przybycień says:
“At this moment we have been working on an integrated payment system for the Algory suite of services. Users will get access to premium features only by using and paying with their ALG token balance. We can’t give too much away at this point, but the ALG token will be listed on one of the biggest European exchanges in next few weeks!”
At the moment, ALG is currently trading on decentralized exchanges Etherdelta and Forkdelta.
Algory Premium Features and Benefits
As the ALG token isn’t yet listed on a major exchange, the Algory platform is offering all of its premium features free of charge, for all users to take full advantage of ahead of launch. Once ALG is listed and is trading with good liquidity, Algory will implement a payment program for premium access.
Explaining what features Algory Premium users will have access to, Przybycień comments:
“Standard and Pro account users will have exclusive access to Cryptoscanner. So, users will be able to create Cryptoscanner accounts on 4 to 8 different workspaces based on a traders specific needs. This will allow users to scan 18 different exchanges, 30 unique markets over 1,250 cryptocurrencies, based on over a 100 combinations of filters and alerts.”
Whilst free users will receive aggregated news after a 15-minute delay, Premium users will be able to access a real-time news feed, and also have the possibility to filter important news sources and data from Cryptocurrency News Aggregator.
Credibility and Sentiment
In the era of fake news and unreliable articles, the need for credible sources, especially for trading, is more important than ever.
Discussing the credibility of sources, Przybycień says:
“We have been working on ‘credibility rating’ for users, in the range of 0-100% credible. The most reliable, quick and trustworthy sources push the rate higher. All official project websites have 100% credibility at the moment. This rating should be live by the end of Q2 2019.”
Additionally, Algory has implemented sentiment management on the platform, which lets users select the most interesting news, or the most read news stories for example. Users can view sentiment scores for articles, and judge whether the news is worth reading.
The Algory Partnership Program
Algory is currently looking for exchanges and wallets that want to provide additional services to their traders and earn commission whilst doing so.
Of the benefits of the Algory partner program, Przybycień says:
“Our partners can earn commission through their referrals, receive special discount on premium version access, link to their website from our Cryptocurrency scanner, take advantage of prominent placements in our app, make press releases, and reach out to our wider community.”
Likewise, Algory has been working on integrating with leading cryptocurrency exchanges and wallets, including the number one European exchange BitBay, alongside several other partners which they will be releasing the details of soon.
The Road Ahead
During 2019, the Algory team launched the first version of Cryptoscanner, in line with its roadmap.
Discussing the launch Cryptoscanner, Przybycień says:
“At this point Cryptoscanner is the biggest and quickest cryptocurrency scanner in the industry. Our team have also been working on a payment system which is almost ready to ship, and likewise, we’re getting ready to list ALG on a major European exchange.”
For the rest of 2019, Przybycień adds, the Algory team will be working on adding more alerts and filters, creating more credibility ratings in its crypto news feed, and expanding out with partnerships with exchanges and crypto wallets to grow the business.
Blokt would like to thank Tomasz Przybycień and the Algory team for sharing their expert opinion and insight.