Coinalytics, — billed by the Business Insider as one of “The 25 most exciting Bitcoin startups” — just concluded a seed round that raised $1.1 million in funding, assisted by The Hive (a Silicon Valley incubator that bills itself as a “co-creation studio).
What Does Coinalytics Do?
“Coinalytics wanted to answer this simple question, basically. Why is the price going up, and why is the price going down?”
Coinalytics founder, Fabio Federici.
According to their marketing materials, traditional data analysis approaches come up short when they’re applied to decentralized applications such as the blockchain. Coinalytics purports to succeed in this field through an application of advanced pattern recognition to discover patterns in the blockchain. This