A magnifying glass moves over the symbol of Bitcoin and lies on a white surface – 3D rendering
Retail in the world of cryptocurrencies is increasing – not least due to the impact of Robinhood, which is restricting trading in Gamestop and other popular stocks. This tumultuous event, combined with Bitcoin’s growth and an endorsement from Elon Musk, means more new traders are pouring into the market than ever before.
While the industry is well known to crypto veterans, it is not always the most recognizable to beginners. We often hear that transparency makes crypto a democratic, trustworthy system.
But newcomers to this field will ask – how exactly can they look into this transparent world? Where do they go to keep track of which token is doing what?
The role of the blockchain explorer
Having an easy-to-use window into the world of crypto is essential for a novice crypto to keep track of price movements. Blockchain explorers offer this service and one day could be how everyone takes advantage of developments in the new financial world.
A blockchain explorer is an online tool that allows you, among other things, to view all the transactions that have taken place on the blockchain, including crypto token trading, transaction growth, and activity related to blockchain addresses.
Several blockchain explorers serve the growing crypto trader market. Ethereum’s original blockchain explorer is Etherscan, which is best aimed at developers and seasoned crypto owners with nine APIs for users to use and a variety of tools to explore.
Ethplorer is another one that is primarily aimed at end users and offers easy access to the Ethereum network. Ethplorer emphasizes visual elements to simplify token information and gives users the ability to tag and monitor transactions. Ethplorer is also used by dozen of large blockchain projects, including My Ether Wallet, MetaMask, and Bancor.
Another popular option is Etherchain, which differs from others by providing information outside of Ethereum’s blockchain data. Ideal for Ethereum enthusiasts, the platform displays statistics on Ethereum’s economy, mining, and network usage.
Help for crypto newbies
All of these blockchain explorers can be used to keep track of any activity that prominent Ethereum tokens such as Tether, BAND, UNI, AAVE and NEXO are involved in.
Importantly, new users who have been incentivized by the Bitcoin hype to delve into the crypto world can use Blockchain Explorer to track the token price and know when to invest.
Users can also view the top tokens by capitalization, trading volume and operation, giving them insight into market movements.
All of this means that when a user wants to analyze market trends or check token movements and prices, they can do it all on one platform without searching the internet.
Closing the gap
As retailers flock to crypto, blockchain explorers prepare for an influx of users. With registrations opening in November, giving users even more access to tools, Ethplorer’s registered users alone have already exceeded 100,000 and the network has over 1 million organic sessions per week.
“The crypto market is receiving increasing attention and retailing is growing. Understandable trading tools are required for the industry to benefit from this new interest. We pride ourselves on creating a user-friendly platform at Ethplorer so that anyone interested in crypto has a friendly gateway into the world of Ethereum tokens, ”said Alexi Lane, Ethplorer spokesperson.
Cryptocurrency has the ability to bring financial power back to people, but for this to be a reality there needs to be an accessible starting point. Tools like Blockchain Explorers bridge the gap between the crypto market and traditional financial traders – and even those who have never traded before.