Cryptocurrencies have taken the world by storm and have become an integral part of the global financial system. As more and more people invest in these digital assets, the chances of encountering crypto anomalies increase. This refers to any unusual or abnormal behavior in the cryptocurrency market that deviates from the expected norms. To detect these anomalies, one needs to have a thorough understanding of the market and its dynamics.
Detecting crypto anomalies is essential for any investor looking to navigate the volatile cryptocurrency market. And to prove the power of analyzing crypto anomalies, today we spoke with Axyon AI, a fintech company with a mission to bring asset managers to the future with superior & accurate AI predictive solutions. Today, Axyon AI is an experienced team of data scientists and software engineers, and quantitative finance researchers and analysts. We discuss with Jacopo Credi, Chief Technology Officer, how Axyon AI powers its AI investment platform with a crypto anomaly detection solution using the Market data API from the CoinAPI solution.
In order to detect any unusual activity in the cryptocurrency market and perform predictive analysis, Axyon AI was searching for a dependable API with accurate cryptocurrency data in order to identify irregularities in cryptocurrency assets with precision and in-real time. Axyon AI uses machine learning algorithms and artificial intelligence to analyze vast amounts of data in real time. This allows for the detection of even the slightest irregularities, which can then be flagged and investigated.
Here are the challenges Axyon AI faced when building a crypto anomaly detection solution
1. Lack of reliable, high-quality sources of historical and real-time cryptocurrency data to run crypto anomaly detection solution
Axyon AI faced a challenge in obtaining dependable and superior sources of both historical and real-time data on cryptocurrency. This was crucial in enabling them to quickly detect any anomalies. Their difficulty lay in locating a single source that provided all the necessary cryptocurrency data, rather than having to integrate with multiple tools and manually research each source.
2. Lack of aggregated data
A problem that Axyon AI encountered was the lack of consolidated information. They had to collect data from multiple sources, which was a time-consuming task that involved researching each piece of data separately.
3. The manual process of getting data from multiple sources
Gathering data from various sources manually is a time-consuming task that requires expertise. Obtaining market and cryptocurrency data involves searching through numerous websites and vendors, making it challenging to find a single source of comprehensive data. Some APIs may specialize in certain cryptocurrencies or provide more data on certain ones than others.
Axyon AI was on a mission to bring asset managers to the future with superior & accurate AI predictive solutions. Their goal was to provide their clients with an anomaly detection solution that would enable them to identify any anomalies in the cryptocurrency market. By quickly identifying and addressing any issues, investors have greater confidence in taking the best investment decisions and managing their investment strategies better.
Axyon AI was in need of reliable crypto market data for its anomaly detection solution. After researching several options, Axyon AI chose CoinAPI as its source of data because of its comprehensive, reliable coverage of cryptocurrency markets. Axyon AI utilized CoinAPI’s dependable cryptocurrency information to create efficient machine-learning models that allowed the company to alert its clients promptly about possible disturbances or abnormal behavior. No information has been left out while paraphrasing the original text.
A partnership between CoinAPI and Axyon AI has allowed the fintech company to establish a solid bond with its cryptocurrency clients. The provision of top-notch market data by CoinAPI has enabled Axyon AI to save valuable time and resources, which they can now devote to enhancing their anomaly detection solution and AI models for business expansion. CoinAPI takes care of various minor details, allowing Axyon AI to concentrate solely on delivering value to its clients.
Here’s how Market data API from CoinAPI solved Axyon AI’s challenges in running a crypto anomaly detection solution
1. Get access to Market data API with historical and real-time streamlined to run crypto anomaly detection solution
CoinAPI can provide real-time data on cryptocurrency prices and trƒading volumes. Axyon AI is utilizing CoinAPI’s APIs to access cryptocurrency data, which helped them to develop machine-learning models for their AI-based anomaly detection service. This high-quality market data saved Axyon AI time and resources, enabling them to focus on the solution and AI model development for business growth.
2. Comprehensive coverage of cryptocurrency
CoinAPI specializes in cryptocurrency data and provides extensive coverage of various cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many others. Our API provides real-time prices, historical data, trading volumes, order book data, and other relevant metrics. Other market data APIs may have limited coverage of cryptocurrencies or may not cover them at all. It’s important to choose an API that provides the level of coverage required for your specific needs.
3. Save time and resources that would have otherwise been spent on data collection and processing
Using a Market data API can save time and resources that would have otherwise been spent on data collection and processing. Instead of manually collecting data from multiple sources, which can be time-consuming and error-prone, a Market data API can provide real-time data in a standardized format, which can be easily integrated into existing systems and workflows.
4. Flexibility and ease of integration of the data API
Market data APIs are designed to be flexible and easy to integrate into existing systems using standard formats and protocols. They can be accessed through programming languages like Python, Java, or C#. SDKs and libraries are also available for popular programming languages to make integration easier. Market data APIs provide flexibility to customize data retrieval based on specific needs, with options like real-time streaming or batch downloads and different data sets or subsets. Market data APIs offer flexibility and convenience by working on desktop applications, mobile apps, and web-based platforms. They are a valuable tool for traders, investors, and developers to access and analyze market data tailored to their specific needs.
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